According to the latest report by IMARC Group, titled “Online Corporate Meeting Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global online corporate meeting services market size reached US$ 4.5 Billion in 2018. Online corporate meeting services are utilized to facilitate online meetings between an enterprise and its employees or stakeholders over the internet. Consisting of video conferencing systems and camera-embedded devices, such as mobile phones, tablets and laptops, these services are utilized for effective communication through live meetings, conferences, presentations and training sessions in an organization. These services are affordable while being easily accessible to the majority of the employees, especially for those who reside at faraway locations, as it enables them to communicate with their team members conveniently. These meeting services are, therefore, gaining widespread popularity among corporations, owing to the convenience offered by them while providing a transparent interaction between the participants.
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Global Online Corporate Meeting Services Market Trends:
The global market is primarily driven by the emergence of virtual workspaces. A virtual workspace is equipped with collaboration and communication tools to replicate a physical office space and connect with remotely located teams on a regular basis. These workspaces are continually integrating cloud-based services with their communication tools to enhance the overall experience of the participants. This, along with a significant rise in internet penetration rates, is providing a boost to the sales of online corporate meeting services. Moreover, online meetings aid employees as well as employers to communicate with their team members in a fast and secure way, irrespective of physical location. Features, such as audio conferencing, screen sharing, meeting recording and event live streaming, not only enhance an organization’s ability to collaborate on a global level but also assist in speeding their decision making process while offering work-time flexibility and reducing travel expenses. Furthermore, constant advancements are also projected to provide a thrust to the market growth. For instance, Zoom Video Communications, Inc., a California-based company, has facilitated the participation of up to 1,000 participants at the same time and up to 49 videos on a single screen. Such initiatives by various corporate organizations across the globe are expected to create a positive outlook for the market. On account of the aforementioned factors, the market is expected to reach a value of US$ 7.1 Billion by 2024, registering a CAGR of around 8% during 2019-2024.
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Key Market Segmentation:
- On the basis of the service type, the market has been bifurcated into online corporate video conferencing services (VCS) and online corporate web conferencing services (WCS).
- Based on the meeting type, the market has been divided into small size, medium size and large size meetings.
- On the geographical front, the market has been categorized into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape has been studied, along with the detailed profiles of the key players operating in the market. Some of these include Adobe Inc., Avaya, Blue Jeans Network, Inc., Citrix Systems, Inc., AT&T Inc., Bridgit Inc., Zoho Corporation, newrow_ Inc., Vidyo, Inc., BT Group, ClickMeeting, Communiqué Conferencing, Inc., EyeNetwork, Fuze, Inc., and Cisco WebEx.
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