The overall global conferencing services market worldwide was valued at US$ 13.99 Bn in 2018 and is set to grow with 5.6% CAGR during the forecast period.
Market Insights
Globalization of businesses and penetration of smartphones worldwide are driving the conferencing services market growth globally. Need for flexibility at workplaces, development in technology, and adoption of conferencing services in small & medium enterprises are some other major growth drivers for the market. Communication between two or more people sitting at different locations via telephone, web or video are known as conferencing services. Conferencing services have numerous benefits such as reduced travel time and costs, increased productivity, improved communication reliability and others. Due to aforementioned benefits conferencing services are being adopted at various sectors such as government offices, healthcare industry, manufacturing and others, thereby driving the market growth. As a result of these factors, we are expecting that the global conferencing services market will show continued growth throughout the forecast period.
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Based on type, the global conferencing services market is segmented into audio -conferencing, video conferencing and web conferencing. Audio conferencing segment was the largest value contributor in 2018 with over 45% of the revenue share in the same year. Audio conferencing is the most commonly used service due to its benefits such as mobility, low cost, security, reliability and others. On the other hand, we expect that the video conferencing segment will be the fastest growing segment during the forecast period. Falling video conferencing products pricing, new & advanced technological innovations and adoption of video conferencing at workplaces are the major growth drivers for the segment. Therefore, we expect that the video conferencing market will be the fastest growing segment throughout the forecast period.
Based on geography, in 2018, North America was the largest region backed by Europe and Asia Pacific. North America accounted for around 40% of the overall market revenue in the same year. The dominance can be largely credited due to early adoption of advanced technology and well-established businesses in the region. On the other side, Asia Pacific will be the fastest growing region owing to rapid business growth and increased urbanization in the region. Growth of technology-based startups in developing countries such as India and China is the other major growth factor for the region. As a consequence, we expect that the Asia Pacific region will be the fastest growing region throughout the forecast period.
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Some of the major players profiled in the report include 8×8 Inc., Plantronics, Inc., Logitech International S.A., Microsoft Corporation, Aastra Technologies, Cisco Webex, LogMeIn, Inc. (GoToWebinar), Zoom Video Communications, Damovo, Avaya, Google LLC, Adobe Inc., IBM Corporation, AnyMeeting, Inc., Juniper Networks, Inc. among others.
Video Conferencing to be the Fastest Growing Segment
Based on type, the global conferencing services market was led by audio conferencing segment in 2018. Audio conferencing segment accounted for over 45% of the market revenue in the same year. Low cost, easy setup and reliability are some of the features driving the growth for the segment. On the other flip of the coin, we expect that video conferencing segment will be the fastest growing segment due to benefits of video conferencing over audio conferencing. Video conferencing provides visuals, attention of the person, flexibility and other additional features such as document sharing, application sharing and others. As a result, we presumed that video conferencing segment will be the fastest growing segment throughout the forecast period.
Asia Pacific will be the Fastest Growing Region throughout the Forecast Period
North America was the largest market for global conferencing services in 2018. The region accounts for more than 1/3rd of the market share in the same year. The dominance is due to developed economy, established businesses and adoption of technology. Furthermore, we expect that Asia Pacific will be the fastest growing region owing to growing startup businesses, rapid shift from rural area to urban area and globalization of businesses. Developing economies of Asia Pacific such as China and India will be the major value contributors for the global conferencing market. Therefore, we expect that Asia Pacific region will be the fastest growing region throughout the forecast period 2019- 2027.
Unique data points of this report
- Recent trends across different regions in terms of adoption of global conferencing services
- Notable on-going developments in the global conferencing services industry
- Attractive investment proposition for different segments of global conferencing services market
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
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