In these times of the pandemic, everyone is hooked to their computer, not in the office, but at home. This is because almost the entire corporate sector has shifted to the work-from-home (WFH) model since the lockdowns were first implemented in March last year. Not being in the office created a severe communication problem, which was instantly solved by web conferencing software, which can accommodate up to 200 people in a single meeting!
People are having office meetings, appreciation meetings, product launches, birthday celebrations, and even condolence meetings on such computer programs and mobile applications. Thus, with the growing adoption of such software, the web conferencing market value, as claimed by P&S Intelligence, is expected to increase monumentally from $2,109.3 million in 2019 at a 39.3% CAGR between 2020 and 2030.
Moreover, even after the pandemic officially ends, many companies are expected to continue to WFH policy, as it has been found to decrease operating costs and increase productivity. Presently, the highest usage of these solutions is being witnessed in the information technology (IT) & telecom sector. Corporate firms around the world are using these solutions to help their team members interact remotely and boost productivity.
Companies have shifted a great part of their workflow on the cloud, which is allowing employees to work from wherever they are. The increasing adoption of the bring-your-own-device (BYOD) policy is also playing an important role in this regard. This policy allows employees to use their smartphones and laptops for office work from anywhere, which creates a need for web conferencing solutions.
The usage of such solutions has been the highest in North America till now because of the availability of high-speed internet, presence of numerous IT companies offering such solutions, and existence of a huge number of multinationals. In the coming years, the fastest web conferencing market growth will be seen in the Asia-Pacific (APAC) region on account of the widespread implementation of the WFH policy. For instance, Tata Consulting Services Limited aims to shift 75% of its entire workforce to this model by 2025.
Thus, web conferencing solutions will continue seeing wide adoption as they are instrumental in helping companies save on operational costs.
Market Street 