Online video conferencing software
companies are giving it all they’ve got to get to the top. Based on numbers by Transparency Market Research, the global video conferencing market is set to reach a valuation of $11.56 billion by the end of 2027. According to Transparency’s Video Conferencing Report, cloud-based online video conferencing software
will influence this segment of technology.
What has influenced the overall rise of top video conferencing platforms in the global market?
• Augmented adoption of free video conference software
by small & medium enterprises
• Enhanced progress of outsourcing services
• Growing “Work from home trend” or “Remote Working”
• Better cost & time savings
• Quicker results based on global collaboration
It has been observed that the global video conferencing scenario has been compartmentalized into 5 regions viz. Europe, APAC, North-America, SAM, and MEA. Speaking of the North-American section, the US and Canada influence the video conference sector. With the impact of COVID-19, the video conferencing market witnessed a significant upcurve, the APAC is set to witness the highest Compound Annual Growth Rate (CAGR) during 2020 – 2027. Even other sectors like SAM and MEA will exhibit significant adoption of video conferencing software and its subsequent market players.
What are the factors that favor such an upcurve on the global level?
• Favorable ecosystem for global collaboration
• Simplifying the virtual meeting experience
• Quick information sharing
• Flexible working environment
• Dynamic, engaging, and productive outcomes
• Presence of greater numbers of education, corporate, healthcare, government, and other sectors in North America, Europe, and other regions
• Availability of ideal infrastructure and resources in the US, UK, and other regions
• Augmented adoption of online video conferencing software & online meetings
• A new concept of “Bring-your-own-devices(BYOD)”
• Rapid industrialization on a global level
• Several key players like Zoom, iFMeets, Cisco Webex, etc.
• COVID-19 lockdown
Online video conferencing service providers are experiencing a great demand for numerous users that are playing the role of a catalyst in the video conferencing market.
Vendors winning the market shareThe global video conferencing market is extremely competitive; a few players that dominate the video conferencing market are Zoom, Cisco Webex, GoTo Meeting, etc. But, iFMeets, a US-based video conferencing software vendor has witnessed a significant upcurve in its user base since the COVID-19 outbreak.
When it comes to communication and collaboration, every sector has a different purview on how they want to adopt online video conferencing software. There are various features users want to leverage out of an online meeting, but there are some factors that users consider more crucial than others viz. user-experience and security. Greater focus will be put on integrating AI with video conferencing applications to make it more secure, user-friendly, efficient, and productive for a larger audience.