The global web conferencing software market is projected a steady growth rate over the forecast period (2017 to 2022), finds a report added on Radiant Insights, Inc. Web conferencing software enables communication via chat, audio, and video mediums. It can be a vital collaboration medium for long-distance chats and can minimize business travel expenses. It also allows for sharing of files and videos through a secure medium.
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The web conferencing software market is driven by technological advancements in various collaboration software tools encouraging enterprises to adopt them into their business models. The adoption of the software by small and medium enterprises and rising mobile workforce are other factors expected to influence market growth over the forecast period. The emergence of low-cost mobile and cloud services is expected to spur innovation in the market driven by high penetration of smartphones globally. However, next-generation collaboration software may pose a challenge to market growth.
Innovations in the market are focused on the types of consumers and their behavior. Recent updates in the software have included assistance for consumers with disabilities to actively participate in online meetings. For instance, Adobe Connect provides subtitles or closed captions in preferred font sizes and colors and facility to download the chat as a file for later use. Companies are jumping on the cloud bandwagon to provide seamless services to their clients. The C-View web conferencing software developed by Conversant enables up to 25 people to simultaneously chat with each other and edit documents on a virtual whiteboard. It can reduce expenses and improve collaboration between teams working at diverse locations.
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The global web conferencing software market is segmented by end user and region. Major market end users are categorized into education, pharmaceutical/healthcare, banking and financial services, government, information technology, and manufacturing.
Regions covered in the market report include India, Japan, China, Southeast Asia, European Union (EU), and United States (U.S.). The U.S. web conferencing software market is anticipated to enjoy a healthy growth rate due to presence of major software giants and high demand for collaboration software. Improvements in hardware by these companies are expected to resolve any message distortion issues and augment market in near future. Integration of new tools and technology to provide a seamless consumer experience is predicted to positively impact the market. The recent acquisition of MindMeld by Cisco to introduce voice recognition in its proprietary software, Cisco Spark is one of the examples of this trend.
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The India and China markets are poised for tremendous growth through 2022 due to the demand for web conferencing software by business process outsourcing (BPO) companies. The EU market can display a significant CAGR over the forecast period due to the growing service sector in France, Sweden, and Ireland. The integration of the software with social media platforms and secure mobile versions are expected to entice clients in the region. Demand for high video quality for meeting and collaborations is another factor that can affect regional demand in a positive manner.
Key participants in the global web conferencing software market include Zoho Corporation; Citrix Systems, Inc.; Cisco WebEx; LogMeIn, Inc.; and IBM Corporation. Acquisitions and new product launches are some of the major strategies adopted by these players to sustain their market hold. This is evident by the acquisition of Applicable Limited by Arkadin, one of the fastest providers of conferencing solutions, in 2016.
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