Penetration of Mobile Workforces to Boost the Demand for Global Conferencing Services Worldwide

In 2020, the global conferencing services market was valued at US$ 16.42 Bn and is expected to grow at a CAGR of 5.6% during the forecast period from 2023 to 2030. Expansion of mobile workforces, globalization of businesses, and flexibility at workplaces are the major factors driving the global conferencing services market growth. Conferencing services have several benefits comprises cost-effective, saves time, increases efficiency and productivity and others. Adoption of conferencing services at small and medium enterprises is the other major growth factor for the market. Consequently, we expect that the global conferencing services market will show substantial growth during the forecast period.    

Video Conferencing to be the Fastest Growing Segment

Based on type, the global conferencing services market was led by audio conferencing segment in 2021. Audio conferencing segment accounted for over 45% of the market revenue in the same year. Low cost, easy setup and reliability are some of the features driving the growth for the segment. On the other flip of the coin, we expect that video conferencing segment will be the fastest growing segment due to benefits of video conferencing over audio conferencing. Video conferencing provides visuals, attention of the person, flexibility and other additional features such as document sharing, application sharing and others. As a result, we presumed that video conferencing segment will be the fastest growing segment throughout the forecast period.

Asia Pacific will be the Fastest Growing Region throughout the Forecast Period

North America was the largest market for global conferencing services in 2021. The region accounts for more than 1/3rd of the market share in the same year. The dominance is due to developed economy, established businesses and adoption of technology. Furthermore, we expect that Asia Pacific will be the fastest growing region owing to growing startup businesses, rapid shift from rural area to urban area and globalization of businesses. Developing economies of Asia Pacific such as China and India will be the major value contributors for the global conferencing market. Therefore, we expect that Asia Pacific region will be the fastest growing region throughout the forecast period 2023- 2030.

Some of the prominent players operating in the global conferencing services market include 8x8 Inc., Plantronics, Inc., Logitech International S.A., Microsoft Corporation, Aastra Technologies, Cisco Webex, LogMeIn, Inc. (GoToWebinar), Zoom Video Communications, Damovo, Avaya, Google LLC, Adobe Inc., IBM Corporation, AnyMeeting, Inc., Juniper Networks, Inc. among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Conferencing Services market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Conferencing Services market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Conferencing Services market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Conferencing Services market?
• Which is the largest regional market for Conferencing Services market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Conferencing Services market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Conferencing Services market worldwide?