Enterprises across the globe are using web conferencing solutions and services as they are shifting toward the remote working policy, to reduce operational expenditure (OPEX) and enhance productivity. According to a 2020 study by the Harvard Business School, people are spending 9% more time on externally focused work and 12% less time managing through meetings, thus becoming more productive. Another study has shown that remotely working employees can work an additional 1.4 days per month than employees working from an office, which accounts for around 17 additional workdays in a year.

Moreover, the lockdown due to the COVID-19 pandemic has increased the number of remote employees, because of which several companies are adopting web conferencing solutions to ensure business continuity. Such solutions enable a company to conduct meetings through video feed and instant messaging from anywhere at any time, to enhance team collaboration. According to P&S Intelligence, these factors will lead to a rise in the web conferencing market size from $2,109.3 million in 2019 to $78,547.9 million in 2030, at an explosive CAGR of 39.3% during 2020–2030.

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Business organizations use web conferencing for messaging and file sharing, video calling and conference, and voice calling and conference. The adoption of these solutions has increased significantly in recent years to amplify collaboration and improve communication. Further, with the rising implementation of the work-from-home (WFH) model, companies are using web conferencing to channelize collaboration among several departments. With the ongoing pandemic, the demand for these solutions will increase manifold.

To increase their productivity, entities operating in industries such as media and entertainment, information technology (IT) and telecom, banking, financial services, and insurance (BFSI), transportation and logistics, healthcare, retail, government, and education are increasingly adopting web conference solutions. These companies have begun to prefer cloud-based solutions over on-premise solutions, as the former offer higher speed, greater scalability, 24/7 service, and better management capabilities for application deployment. Moreover, the lower cost of IT infrastructure that comes with the cloud will amplify the application of web conference solutions in the coming years.

To cater to the increasing demand for these solutions, Avaya Inc., IBM Corporation, Dialogic Corporation, Zoom Video Communications Inc., 8X8 Inc., Microsoft Corporation, Cafex Communications Inc., LogMeIn Inc., and Cisco Systems Inc. are introducing new and better products. Recently, in April 2020, 8X8 Inc. introduced 8X8 Video MeetingsPro, an enterprise video meeting solution powered by Jitsi, which is an open-source community, to secure video meetings. The solution offers features including password protection, 60 days of cloud storage for recorded meetings, and real-time closed-captioning with post-call transcription.

Globally, North America employs web conferencing solutions the most widely due to the increasing expenditure on IT development, early adoption of novel technologies, and presence of technologically inclined people. Additionally, the rising number of large enterprises, increasing penetration of high-speed internet, and growing popularity of the bring-your-own-device (BYOD) policy is boosting the application of web conferencing in the region. Further, the Asia-Pacific (APAC) web conferencing market will witness a rapid adoption of these solutions in the coming years due to the increasing internet penetration, rising IT expenditure, and growing focus on online education and e-learning courses.

Thus, the shift toward remote working due to the COVID-19 outbreak has increased the demand for web conferencing solutions.