Global web conferencing market is expected to grow at a high rate on account increasing trade and business activities worldwide. The market is projected to grow at an approximate CAGR of 10% from 2016 to 2024.
Web conferencing software is designed for real-time communications. Through this activity, multiple computer users with an Internet subscription can view a conventional screen in their browsers.
It has a provision for conferencing events to be shared with the distant localities, which is also used for the purpose of online workshop interactive conferences. Such service allows the user to conduct a business meeting, seminars, presentations, and demonstrations.
It also helps in rendering customer support and deliver online education. The Web Conferencing makes use of internet technologies, mostly TCP and IP linkage. Services may allow real-time as well as point-to-point communication coupled with multicast communications from one transmitter to multiple receivers.
Applications have the capability to offer data streaming of text messages, voice sharing and video chat across distant geographies and widespread locations. The Web Connect majorly used for professional gatherings and training events across multiple internets connected computers.
The Web Connect is an effective way to exhibit products online. It displays information and team up with vendors and customers. In a web conference, every member from their workstation is linked to another user with the help of the internet.
It is the most innovative technique implemented by companies to reach their clients or vendors at flexible times, therefore creating a digital workplace and reducing overall travel cost. These conferencing solutions require high-speed internet connections at the user location for smooth and efficient functioning.
Full-motion video, voice over IP and texting are some of the most traditional linkage services used globally. Web conferencing techniques reduce geographic barriers for commercial teams. Easy access to connect with the world drives the overall market growth.
This technology offers many advantages to organizations in different ways. It helps in cutting down expenses by reducing expenditures which mainly include travel cost. Physical meeting and seminars require real estate infrastructure.
Online workshops assist in reducing costs related to conference rooms renting. This technology has become quite popular over travelling, and other traditional communication approaches on account of global economic trends.
The Web conferencing facilitates ease of training activities for professionals in different locations. Enterprises benefit from engaging with external stakeholders including customers and business partners to build associations using web conferencing tools.
Information technology, web cameras, and internet services development have made communication effective and efficient. The Web conferencing is mainly driven by broad distributions and larger application users base.
Potential cost savings and productivity enhancements are expected to increase the services adoption. Requirement for flexible work culture, rapid speed of technology change and ongoing workplace revolution are other factors expected to drive the global web conferencing market growth in near future
An ideal conferencing application consists of separate communication for broad subject groups, access control and search tools for readers. Service providers offer these applications suites mostly on the subscription basis.
Some of the leading packages available in the market are Microsoft Office Live Meeting, Citrix GO To Meeting, Acrobat Connect Professional, WebEx, and IBM Same time. Message distortion acts as a major challenge for the overall market growth.
Messages passed over these applications get distorted on account of noise which leads to miscommunication. Information security is another factor which is expected to hamper the overall industry demand in near future.
Critical negotiations are avoided over these suites as users doubt the safety. Information floated on these applications can be misused on account of fraud activities which in turn is expected to impact global product demand adversely
Segmentation is done by communication type which includes text, voice and video. Text communication covered the significant usage share in the global industry on account of its easy use and affordability.
Voice and video communication demand is increasing owing to the superior cameras development. North America dominated the global web conferencing market, and the trend is expected to continue due to the presence of a vast number of multinational organizations.
The U.S market has many financial institution headquarters where they need to connect to various countries for the purpose of trade exchange. Such factor is expected to impact the overall product demand positively.
Regional demand was followed by Asia Pacific and is anticipated to show a high growth in near future. Outsourcing industries development has facilitated the need to establish technologies for connecting with the western world.
Countries including India, Philippines, China, Indonesia and Vietnam are expected to show significant growth in business process outsourcing sector. Europe is expected to show a steady growth mainly on account of growing service sector in countries including the UK, Ireland, France and Sweden.
South America and Africa is anticipated to witness slow growth owing to developing internet facilities. Key players in the global industry include Cisco, IBM Same time, Skype, Oracle Beehive, Adobe Connect, Cauliflower, Genesys Meeting Center, PowWow365.
Other companies are WebEx, Elluminate, GoToWebinar, Epiphan Systems, ACT Conferencing, RHUB Communications, VeriShow and Starlight Networks.
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