How Is COVID-19 Fueling Web Conferencing Solution Demand?

According to P&S Intelligence, the North American region was the largest user of web conferencing solutions and services in the recent past. This was due to the presence of technologically inclined people, hefty IT expenditure, and early adoption of state-of-the-art technologies in the region.

Moreover, the surging penetration of high-speed internet, presence of several large enterprises, and booming popularity of the bring-your-own-device (BYOD) culture will create a huge requirement for web conferencing solutions and services. Whereas, the APAC web conferencing market will likely grow the fastest during the forecast period.

This will be due to the rising internet penetration, accelerating smartphone and tablet adoption rate, improving economic conditions, and mounting IT spending in the region. Additionally, the escalating public focus on e-learning courses and online education and shift toward the remote working policy will contribute to the market growth in the foreseeable future.

The vertical segment of the web conferencing market is categorized into media and entertainment, transportation and logistics, information technology (IT) and telecom, government, healthcare, education, retail, banking, financial services, and insurance (BFSI), and others, such as manufacturing, oil and gas, and energy and utilities.

Among these, the IT and telecom category generated the highest revenue in 2019, and it is expected to continue this trend throughout the forecast period. This can be attributed to the surging deployment of web conferencing solutions by IT companies for reducing travel costs, by conducting external meetings through such solutions.

Thus, the escalating emphasis of enterprises on the reduction of OPEX and surging popularity of the remote working culture will fuel the adoption of web conferencing solutions and services.

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