Explosive Growth Expected in Global Web Conferencing Market Between 2020 and 2030

The global web conferencing market attained a valuation of $2,109.3 million in 2019 and is predicted to generate a revenue of $78,547.9 million by 2030. According to the forecast of P&S Intelligence, a market research company based in India, the market will progress at a CAGR of 39.3% between 2020 and 2030.

The factors fueling the progress of the market are the surging utilization of web conferencing solutions these days because of the ongoing COVID-19 pandemic. Because of the pandemic, the governments of many countries have imposed strict partial or full nationwide lockdowns for restricting the movement of people and goods and mitigating the spread of the infection.

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This is making many organizations adopt web conferencing solutions for maintaining their employee engagement levels, conducting business meetings, and enabling team collaborations during the work-from-home period. This is allowing companies to increase the employee productivity and efficiency and attain high revenue growth.

Besides the above-mentioned factor, the rising adoption of the remote working policy by companies is also propelling the advancement of the web conferencing market across the world. Currently, various organizations are re-thinking their operational strategies and devising methods for improving their productivity and reducing their operational expenditure. As per various surveys and reports, the employees who are working remotely can work 1.4 days more per month than the ones working from office.

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