Growth Opportunities Redefining the Cloud Meetings and Team Collaboration Services Sector
New ways of work continue to drive industry growth
The global meetings and team collaboration services market offers significant growth opportunities for enterprise communications and collaboration providers.
In 2018, stand-alone audio meeting revenues continued to be negatively impacted by the growing popularity of cloud web/video meetings and team collaboration services. Revenue from stand-alone audio meetings decreased by 18.2 percent to $2.39 billion in 2018. Market revenue is expected to considerably decline at a compound annual growth rate (CAGR) of 30.6 percent from 2018 to 2025. Stand-alone audio meetings will continue to be impacted by price compression and user migration to integrated multimedia meeting services and all-in-one unified communications as-a-service (UCaaS) solutions.
Cloud web/video meeting revenue grew 12.0 percent in 2018 to $3.38 billion. The market is expected to continue on a growth track with a revenue CAGR of 9.9 percent from 2018 to 2025.Continued growth in cloud web/video meetings can be largely attributed to increasing user comfort with video collaboration due to improved usability, reliability and quality as well as lower prices. Demand for robust and engaging digital environments that enable users to meet and collaborate from anywhere on increasingly complex business objectives will continue to grow over time. IT departments around the world are increasingly choosing the flexibility of cloud communications and collaboration deployment models over complex premises-based infrastructure.