Working remotely is making in-person meetings impossible or inconvenient. Web conferencing platforms are enabling collaboration and communication so that people from remote locations can connect interactively and also have a face to face meeting.
The COVID-19 outbreak has forced millions of companies worldwide to carry out work from their home. Due to this, the demand for web conferencing is rising exponentially, wherein the platform is adopted by millions of large and small enterprises. Almost all education systems have also adopted web conferencing tools to conduct interactive lectures contributing to the web conferencing platform market growth.
Key players are strategically collaborating to expand their product and business portfolio across the world. For instance, in May 2017, Zoom Video Communications and Polycom, Inc. collaborated to offer cloud-based HD quality video conferencing solutions. Although, many companies are enhancing their product portfolio and offer their products at low cost to increase adoption of web conferencing. In December 2019, LIFESIZE, INC. launched room as a service platform in lower upfront costs. The platform offers affordable video conferencing service and video meeting room devices to the customers.
The North American region is adopting web conferencing for collaborative workspaces. Additionally, a large number of financial institutions are headquartered in the U.S. which is also expected to surge the demand for web conferencing. With a large number of developing countries and growing penetration of broadband internet services, Asia Pacific (APAC) is anticipated to see the large adoption of web conferencing services in the upcoming years. The presence of a large number of outsourcing industries led APAC to adopt web conferencing for better interaction with clients and customers.
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