Source: ReprtLinker Survey
COVID-19 Helps Video Calls Find a Place in the New Normal. Global Market to Spike by 110.3% in 2020
The pandemic is helping humans conquer the constraints of space and time in lightning speeds. The global Web & Video Conferencing SaaS market is expected to witness growth spike by 110.3% in the year 2020. As the world becomes physically disconnected under social distancing norms, it is also rapidly becoming a virtual neighborhood supported by digital connectivity, communication and collaboration. With normal life disrupted and employees separated from their offices, video conferencing has emerged into a social and enterprise lifeline. The accelerated pace of digital transformation and the massive forced migration to work from home (WFH) models represent the two major factors driving growth in the market. Home offices, remote networking, cloud computing, remote communication and collaboration, have all stormed into the spotlight as the world scrambles to find digital alternatives to being physically present. With no meaningful exit strategy available until a vaccine arrives, social distancing and remote working and operations will be the new normal going forwards. 88% of IT companies worldwide have migrated their employees to WFH during the pandemic.92% of teams in Asia-Pacific have implemented WFH since the outbreak highlighting the need to flatten the curve in countries with less than adequate healthcare resources. 45% of employees cite COVID-19 as the trigger for rapid adoption of remote working strategies. 72% of companies plan to shift a portion of their staff permanently to a WFH model. Virtual interactions will be the new normal and will be used extensively used to enhance real-world operational abilities of remote teams. Remote and virtual collaboration and communications has become the priority for businesses of all sizes as an essential tool to manage remote & virtual teams. Virtual meetings are taking off in the corporate world, highlighting this growing importance of professional communications. The global market for Web and Video Conferencing SaaS.
Global Market to Reach US$13.1Billion by 2027. Virtual Events to Emerge as the New Battlefield
The global market for Web and Video Conferencing SaaS is projected to reach a revised size of US$13.1 billion by 2027, growing at a CAGR of 18.2% over the analysis period 2020-2027.Close on the heels of corporate end-use applications, is professional conferences which is projected to grow at a 17.4% CAGR to reach US$3.4 billion by the end of the analysis period. As digital transformation gains momentum, webinars/live streaming will converge with video conferencing. Events virtualization is a major trend in the market. As the public health crisis continues to affect outdoor entertainment, event, conferences, and exhibitions, event organizers, exhibitors and sponsors are adopting videoconferencing to convert physical events to virtual. Several companies including Sales force are embracing the digital platform for organizing events. Sales force recently announced its decision to virtualized all 2020 events such as Dream force, World Tours, TrailheaDX India, Tableau Conference Europe, and Tableau Conference, and re-imagine physical events by the end of the year. As conventions, corporate events, trade shows fairs and conferences turn into virtual events, new revenue streams are emerging adding to demand growth and intensified competition in the market.