The coronavirus pandemic is accelerating the use of online collaboration platforms, a Valuates report found.
The web conferencing market size is now worth $12.5 billion but is expected to reach $19 billion by 2025, with a CAGR of 8.6%, a Valuates report found. Web conferencing refers to forms of online collaboration including webinars, webcasts, and web meetings.
With the coronavirus pandemic making remote work the norm, web collaboration tools have become a necessary part of daily business operations. Meetings have moved to video calls, conferences have transitioned to virtual, and employee trainings have become webinars.
SEE: The tech pro’s guide to video conferencing (free PDF) (TechRepublic)
This growth is predicted to only continue, with the video conferencing market projected to reach $11.56 billion by 2027, according to a Transparency report.
Trends influencing growth
Remote work is a clear driver of web conferencing growth, with COVID-19 being a significant catalyst. Private businesses and government agencies have sought out web conferencing as their mode of communication with telecommuters, according to the Valuates report.
However, this isn’t the only consideration.
The coronavirus accelerated the trend toward remote work, but organizations were already moving in that direction. Many companies were starting to shift employees to remote work to provide flexible work options and reduce employee travel costs, the report found.
The popularity of web conferencing platforms is also dependent on its functionality. An enhanced user interface, as well as simplified and smart workflow integrations are some of those key factors, the report found.
North America is projected to hold the largest web conferencing market share due to early technology adoption, according to the report.
Europe, however, followed close behind North America. The growth in that area can be attributed to the increased demand for web conferences across various industries.
The Asia Pacific region is expected to see rapid development over the next five years, as developing economies start adopting web conferencing systems. This region is expected to even dominate in the market after some time, the report added.
For more, check out Top 10 Zoom alternatives for video conferencing on TechRepublic.