Online Corporate Meeting Services Global Market Report 2024

The global online corporate meeting services market has grown rapidly in recent years. It will grow from $5.57 billion in 2023 to $6.17 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to several factors, including the adoption of business continuity solutions, the impact of globalization and remote work trends, the pursuit of cost efficiency and time savings, the integration of enhanced communication tools, as well as the emphasis on scalability and accessibility.

The global online corporate meeting services market is expected to see rapid growth in the next few years. It will grow to $9.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The anticipated growth in the upcoming period is likely fueled by the perpetuation of remote work culture, the evolution toward hybrid work environments, the prominence of virtual events and webinars, the sustained focus on business continuity and disaster recovery, and the ongoing commitment to enhancing user experiences. Major trends on the horizon encompass global collaboration needs, the surge in virtual event hosting, an emphasis on user experience and accessibility, technological advancements, and the increasing prevalence of hybrid work setups.

The surge in the adoption of virtual meeting applications significantly propels the expansion of the online corporate meeting services market. These apps encompass video and audio functionalities, connecting users via the internet. Offering video conferencing, chat features, response tools, and screen sharing capabilities, these software solutions have seen escalated demand due to the progressive shift toward remote work operations. For instance, in July 2021, Sensor Tower reported a 151% year-on-year increase in Monthly Active Users (MAUs) for Zoom, Microsoft Teams, and Google Meet in H1 2021. Moreover, video conferencing app downloads surged from 147.7 million in Q1 2020 to 479 million in Q2 2020, indicating a substantial rise in virtual meeting app usage, thus driving the online corporate meeting services market.

The burgeoning demand for remote work is anticipated to steer the ongoing growth of the online corporate meeting services market. Remote work, wherein employees operate outside traditional office settings, heavily relies on online corporate meeting services to facilitate effective communication and collaboration among team members. Enabling face-to-face meetings, screen sharing, and real-time document collaboration, these services contribute to heightened productivity, reduced travel expenses, and heightened employee contentment. According to reports by Forbes Media LLC in June 2023, the workforce landscape anticipates 12.7% of full-time employees working from home, with 28.2% adopting a hybrid approach, and an estimated 32.6 million Americans projected to work remotely by 2025. This upsurge in remote work fuels the expansion of the online corporate meeting services market.

Key industry players in the online corporate meeting services sphere are dedicatedly introducing innovative virtual conference platforms like Zoom Events to meet the soaring demand for immersive virtual experiences. Zoom Events, launched by Zoom Video Communications Inc. in October 2022, offers a comprehensive solution for hosting virtual and hybrid events of various scales. Consolidating features from Zoom webinars, meetings, and Team Chat into a single platform, Zoom Events offers a seamless experience for both event organizers and attendees. The platform's versatile features, customization capabilities, and supplementary functions cater to the diverse needs of businesses and organizations across different sizes.

Prominent entities in the online corporate meeting services realm are strategically forging partnerships to deliver enhanced and comprehensive solutions to address the dynamic market demands. These strategic collaborations involve leveraging each other's strengths and resources for mutual benefit and success. For instance, in January 2023, Windstream Enterprise, a US-based provider of advanced network communications and technology solutions, partnered with Amazon Web Services, Inc., a cloud computing company. Through this alliance, the objective is to offer businesses a more dependable, secure, and cost-effective virtual meeting solution. By leveraging AWS's infrastructure, expertise, and services, Windstream aims to elevate the capabilities of its OfficeSuite Live platform, addressing the evolving needs of its clientele in the digital workspace.

In August 2023, RingCentral Inc., a US-based software company, finalized the acquisition of Hopin for an undisclosed sum. This strategic move positions Koura to broaden its video portfolio, augment its event capabilities, fill market voids, tap into Hopin's talent pool, and gain a competitive advantage. Hopin, based in the UK, is an event platform uniting communities through virtual, hybrid, and in-person events.

Major companies operating in the online corporate meeting services market report are Infinite Conferencing lnc., HP Virtual Rooms, AT&T Connect Support, Communique Conferencing, Glance Networks, Citrix Systems Inc., LifeSize Communications, InstantPresenter, Intercall Nursecall Systems, Avaya Inc., Fuze, New Row, BT Conferencing, Bridgit, Adobe Inc., ClickMeeting, Zoho Corporation, Glowpoint, EyeNetwork, Blue Jeans Network, Conference Calling, Onstream Meetings, UberConference, Orange Business Services, Microsoft Teams, Skype for Business, TeamViewer, GlobalMeet, Cisco Webex Meetings, RingCentral Meetings

North America was the largest region in the online corporate meeting services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online corporate meeting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the online corporate meeting services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary service types within online corporate meeting services are online corporate VCS and online corporate WCS. Online corporate VCS refers to digital technology that enables individuals to conduct face-to-face meetings without the need for physical travel to each other's locations. This technology effectively reduces the time, costs, and inconveniences associated with business travel. It particularly benefits professionals engaged in business interactions across different cities or countries. The product types under this category encompass voice and video modes, catering to small, medium, and large-sized meetings.

This report provides online corporate meeting services market statistics, including online corporate meeting services industry global market size, regional shares, competitors with a online corporate meeting services market share, detailed online corporate meeting services market segments, market trends and opportunities, and any further data you may need to thrive in the online corporate meeting services industry. This online corporate meeting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The online corporate meeting services market includes revenues earned by entities by host meetings, record meeting, providing analytics, dialogue transcriptions, hosting seminars, service-based video conferencing, delivering integrated video conferencing system. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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