The global online corporate meeting services market was worth US$ 4.5 Billion in 2018. Online corporate meeting services are a mode of communication used between an enterprise and its employees or various stakeholders through video and web conferencing. This service aids in effective communication through media-rich data and voice sharing applications. The user can conduct live meetings, conferences, presentations and training sessions through these services. These services significantly contribute to a free and transparent interaction between all the participants irrespective of their location.
The rising trend of globalization, along with the high internet penetration rate, is one of the key factors driving the market growth. These trends have led to the emergence of the virtual workspace, which is gaining immense preference across the globe, owing to its flexibility. The online corporate meeting service forms an integral part of virtual workspaces where one can instantly collaborate on projects, share their knowledge base and utilize mobile and cloud computing facilities. This also assists in reducing the transportation costs and travel time associated with in-person meetings as well as providing work-time flexibility. Furthermore, the ongoing trend of information technology (IT) consumerization, including increasing adoption of video and mobile conferencing among small and medium-sized organizations to effectively perform daily operations, is also fostering the demand for these services across the globe. Additionally, improved user experience, product simplification, smart workflow mechanisms of web conferencing and reduced operational costs of the organizations are some of the other factors contributing to the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 7.1 Billion by 2024, registering a CAGR of around 8% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Adobe, Avaya, Blue Jeans Network, Citrix Systems, AT&T Connect Support, Bridgit, Zoho, New Row, Vidyo, BT Conferencing, ClickMeeting, Communique Conferencing, EyeNetwork, Fuze/FuzeBox, WebEx, etc.
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