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  • 33 Basic Video and Web Conferencing Statistics: 2020 Analysis of Data & Market Share

33 Basic Video and Web Conferencing Statistics: 2020 Analysis of Data & Market Share

Category: B2B News

The way people meet and work has changed tremendously. Businesses are no longer limited to the conventional, planned conference room meetings. They are getting more dependent on web conferencing software in conducting both internal and external meetings. So much has changed in the workplace, but what remains the same, though, is that effective meetings continue to be crucial to business success. These changes are reflected in this compilation of video conferencing statistics and web conferencing statistics.

The video conferencing software statistics we’ve gathered below indicate that technology-powered meetings have increased in value to businesses because they do not only provide convenience and efficiency but also help them gain relevance and competitive advantage.

In this guide, you’ll find the latest video conferencing research data for 2019 on video and web conferencing software market size, web conferencing statistics, benefits of these technologies to organizations, deployment, and expert predictions on the future of video and web conferencing technology.

key video and web conferencing statistics

Benefits of Web Conferencing Technology Statistics

With video and web conferencing solutions, executives can make powerful sales strategies with company stakeholders, while customer support reps can provide more engaging, face-to-face conversations with clients. And there are more to this list of compelling benefits to businesses, including the following:

  • With video conferencing, businesses can cut travel costs by 30%, while 92% of B2B marketers use these tools in their core marketing tasks. [1]
  • 66% of executives view mobile video and real-time data-sharing as crucial parts of their day-to-day communication. [2]
  • 56% of CFOs worldwide plan to invest in video conferencing systems to lessen the need to travel. [1]
  • 77.2% of business users are looking to support meetings with remote employees, while 75.7% have multiple offices. [3]
  • 75% of savings are gained when using cloud-based video services versus traditional hardware multipoint control units. [4]
  • 75% of CEOs forecast that video conferencing will eventually replace conference calls. [1]
  • 54% of the US workforce frequently take part in video conferences. [5]
  • 58% of businesses utilize video conferencing for their everyday operations. [2]
  • 83% of large enterprises and 27.6% of small businesses are most likely to purchase video collaboration applications for their operations. [6]
  • Inadequate work conferencing practices can result in up to $34 billion in losses annually due to low productivity and lost time. [7]
  • About 50% of employees worldwide are expected to telecommute within a decade or so.

Source: Frost & Sullivan

Clearly, the benefits of video conferencing tools will spill over to businesses of all sizes. Businesses typically adopt these communications platforms because of the essential features that they provide, especially their ability to share apps and files, video chat, audio calls, and text messaging/chat. On the other hand, dynamic organizations have already integrated the best video conferencing tools as part of their core business arsenal.

Video Conferencing Software Market Size Statistics

In today’s business world, defined by scattered workforces and global communication, video and web conferencing has become the collaborative tool of choice by organizations everywhere. With video and web conferencing platforms, remote employees and mobile staff can easily collaborate and communicate with their colleagues and business partners in a more immersive way. By helping transform how people in almost all types of endeavor better communicate and operate, video and web conferencing software have been growing fast. They will likely continue its rapid expansion in the coming years.

  • The global video conferencing market size is predicted to reach a total value of $6.4 billion by 2020. [8]
  • By 2023, the video conferencing market share is projected to expand further to reach $13.82 billion. [9]
  • The following year, the web conferencing software market size will go beyond $20 billion by 2024. [10]
  • Worldwide, the voice and text messaging communications platform-as-a-service (CPaaS) market, which is a significant part of the broader web and video conferencing technology sector, is expected to grow up to $10.9 billion by 2022. [11]
  • By 2021, over 80% of global internet traffic will be video. [12]
  • The enterprise virtual reality market, another exciting, fast-growing segment of web/video conferencing, is predicted to expand to $5.5 billion by 2023. [13]
  • From 2017 to 2022, both worldwide IP video traffic and internet video traffic are expected to increase 4X. [14]
  • 20% of meeting room budgetary allocations are now being used for collaborative technologies as businesses further expand support for remote team meetings and other related new work setups. [15]

Global web conferencing market

By all indications, the global web conferencing market is one of the most dynamic in the entire technology world today. The ever increasing demand for the best cloud-based communications solutions and mobile applications among businesses is a significant driver of this growth. The growing appreciation of business mobility and the implementation of Bring-Your-Own-Device policies also advance the web conferencing market share for these tools. The plunging prices of video and web conferencing products, both software and hardware, are also helping boost this market growth.

Most Popular Video Conferencing Software

  1. Lifesize. This is a video conferencing suite that delivers enhanced communication for team collaboration and productivity. If you want to know more about this platform, check out this Lifesize review.
  2. Skype. A simple, yet powerful video conferencing tool for individual and organizational users. This Skype review will orient you more about this efficient Microsoft product.
  3. Zoom. Another widely-used video conferencing tool that’s user-friendly. Best for businesses that need frequent group messaging, online meetings, and web conferencing. For more details, read this Zoom review.
  4. Cisco WebEx. A web conferencing tool that facilitates online events and functions as a workspace for project teams. Know more about it by checking out our Cisco WebEx review.
  5. GoToMeeting. This video conferencing platform helps businesses to bring their dispersed workforce and mobile staff together in a single virtual location. Read our GoToMeeting review for more details.

Evolution of Video Conferencing Technology Statistics

A web conferencing software, in its basic form, provides the capability to directly access meetings using a web browser, eliminating the need to download another application. As web conferencing continues to further become aligned with collaboration apps—which involves opening a web browser, initiating sharing of videos, desktop screens, etc. with co-workers—more and more businesses are starting to integrate these software solutions in their day-to-day tasks. This emerging use of video and web conferencing technology, along with other current deployments, helps significantly in further cementing the critical role of video and web conferencing in the workplace.

  • Increasing use of chatbots and eventbots. A chatbot is designed to respond to questions using a conversational tone. Businesses spend almost $1.3 trillion to address 265 billion customer requests annually. Those that use chatbots can save as much as 30% of this cost and up to 60% on insurance services contact reps. [16]
  • In numerous external corporate events, such as the recent MPI 2018 World Education Congress Tech Showcase, chatbots were deployed to attend to participants’ queries about the event, and they performed quite well. [17]
  • In the near future, 56% of technology and multimedia firms are planning to invest in contact center AI. [18]
  • By 2022, chatbots and NLP will give businesses up to $8 billion savings in customer support costs annually. [19]
  • Multi-touch conferencing. A multi-touch model provides businesses with the convenience of enabling teams to access meetings in various ways using different solutions—in ways that best suit their goals—effectively enhances the speed and efficiency of all work collaborators. [20]
  • Facial Recognition check-in. FR is used by numerous onsite registration vendors to significantly lessen event check-in duration. More integrated options for FR are already in test mode to further enhance its use in events. [17]
  • Wearable technology for attendees. Work teams and event attendees are increasingly using wearable tools like badges, wristbands, and smartwatches to further aid interaction and collaboration. [17]
  • Real-time data access and integration + analytics. Businesses and events organizers are also tapping into the power of big data and analytics accessible in real-time, for live conference corrections, polling, etc. and even for enhancing the planning of future events. [21]

Source: BI Intelligence

From being a tool only for experts, video has become part of mainstream communications among work teams. This evolution was driven by numerous forces, such as decreasing costs of cloud-based video and web conferencing solutions, cleaner and easier-to-use interfaces, and quicker solutions that enable team members to easily connect whatever gadgets they use.

Future of Video Conferencing Technology Statistics

What does the future of video and web conferencing hold? Whether you’re meeting and collaborating virtually, delivering webinars or online training courses, telecommuting, or talking to a colleague about your upcoming product launch, elevating your use of video and web conferencing solutions is a must to get ahead of your competition. Aside from tapping the strengths of some of the best virtual data room software, an increasing number of innovative video and web conferencing technologies are either getting mature or are about to be deployed for wider use.

  • Integrated Huddle Room Solutions. Presently making up only at 8.1% of all video conferencing room meetings, huddle room meetings will increase significantly to reach around 70% of all video meetings by 2022. [22]
  • In the near future, huddle room technology is expected to go beyond integrating the best collaboration solutions and video tools into a new class of video and web conferencing solutions completely integrated into project management, ERP, or CRM platforms. This innovative development will allow team members ready access to all business documents and apps, driving higher efficiency, agility, and productivity. [20]
  • The rise of WebRTC. Web Real-Time Communication, a free, open-source technology, is becoming an essential component of web communications technology, mostly deployed for work team collaboration and in the global eLearning market. [23]
  • Video for B2C communications. As more and more businesses take advantage of WebRTC to embed video into their websites, web conferencing technology is expected to assume a larger function. With this robust B2C approach, business clients will then be able to launch a video call straight from help desk pages and other contact sites. [24]
  • Augmented Reality. Along with the advances of its sister, virtual reality technology, AR is expected to have one billion users by 2020, mainly involving video. [25]
  • Telepresence solutions. Already being deployed to replicate the experience of a face-to-face meeting as closely as possible in a virtual environment, telepresence applications are expected to further deliver a significant impact on the video conferencing market and other related business applications. [26]

huddle rooms conferencing

The future of business meetings appears to be promising, as the holding virtual reality sessions continue to achieve robust, almost real-life experiences among participants. As emerging technologies like AR, VR, huddle rooms, WebRTC, etc. continue to mature, we can expect that how we hold business meetings today will likely be considerably different and far more engaging in the years to come. It’s also more empowering to have a video and web conferencing solution with other key platforms, as these can inevitably enhance the benefits of CRM platforms to businesses, for instance. What’s quite certain at this juncture, is that the long-standing disfavor with the use of video conferencing over face-to-face meetings will be gone soon.

Leverage these statistics when buying video, web conferencing software

The key video conferencing statistics presented above were selected to adequately inform you where the industry is heading. In sum, these are the key highlights:

  • Being one of the fastest-growing niches in the whole technology market today, the global web/video conferencing market is expected to further expand, promising new and better upgrades for business users.
  • Video and web conferencing tools have transformed business communications and collaboration, and will likely continue with new features and benefits.
  • Video conferencing will continue to evolve in form and shape and could become the standard in business and industry meetings.
  • New technologies like WebRTC, AR, VR, and huddle rooms will collectively elevate the entire video and web conferencing industry to new heights, particularly setting new conferencing norms and benchmarks.

These essential video and web conferencing statistics clearly indicate the current and upcoming state of global video/web conferencing technology and how they are changing the way businesses operate across industries and geographic locations. As a business owner, knowing the extent of the impact of these technologies on the workplace and making timely adjustments on your operations will prove to be pivotal in gaining a competitive edge and success. In case you’re searching for technological solutions to better enhance your distributed work teams’ productivity, it is best to first try some of the best collaboration tools currently in the market before reaching a purchasing decision to ensure you’re making the correct choice.

 


References:

  1. ^4 Surprising Stats That Show the True Impact of Video Conferencing
  2. ^Frost and Sullivan Mobile Video Conferencing has Arrived
  3. ^VIDEO CONFERENCING MARKET TO REACH VALUATION OF ~US$ 11,565.4 MN BY 2027
  4. ^Frost & Sullivan How Cloud is Changing the Video Conferencing Equation
  5. ^The Top Pains and Potential of Video Conferencing
  6. ^The Video Collaboration Market: Everything You Need to Know
  7. ^Are poor conference call practices costing businesses billions?
  8. ^3D Video Conferencing Techniques to Change the Face of Global Video Conferencing Market
  9. ^Global Video Conferencing Market Analysis, Forecast to 2023
  10. ^Video Conferencing Market Size worth over $20bn by 2024
  11. ^Market Analysis Perspective: Worldwide Real-Time Communications (CPaaS), 2018
  12. ^Interactive Video: The Smartest Way Forward For Video Marketing
  13. ^THE VR IN THE ENTERPRISE REPORT
  14. ^Cisco Annual Internet Report (2018–2023)
  15. ^20% of Meeting Room Budget Spent on Collaborative Tech
  16. ^The Digital Trends You Need to Know to Stay Competitive
  17. ^Conference Trends 2019: What You Need To Know
  18. ^Global contact center survey
  19. ^Chatbots for customer service will help businesses save $8 billion per year
  20. ^Video Conferencing Forecast 2020
  21. ^Ask the Experts: Top Event Technology Trends for 2019
  22. ^Huddle-room Collaboration – Looking Beyond the Hype
  23. ^Worldwide self-paced e-learning market revenue from 2016 to 2021
  24. ^Unlocking new growth for CSPs
  25. ^ The next big thing in tech: Augmented reality
  26. ^Current Trends and Future Growth of Telepresence and Videoconferencing Market 2017 – 2025

 

Louie Andre

By Louie Andre

B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. From pitch deck to exit strategy, he is no stranger to project business hiccups and essentials. He has been involved in a few internet startups including a digital route planner for a triple A affiliate. His advice to vendors and users alike? "Think of benefits, not features."

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