$8.7bn
$XXX.Xm
19,755
749
$X.Xbn
The COVID-19 pandemic resulted an unprecedented rise in demand for the Conferencing Service Providers industry as social distancing measures resulted in the need to move all nonessential activities online. Most office work was moved online, and in person events were postponed until they could be rescheduled online at the outset of the pandemic. As a result, businesses across the economy relied on conference services to continue operation. In 2020 alone, industry revenue grew more than 150.0%. Altogether, industry revenue is forecast to grow at a CAGR of 42.1% to $8.7 billion over the five years to 2024, including an estimated 15.6% in 2024.
Industry revenue has grown at a CAGR of 42.1 % over the past five years, to reach an estimated $8.7bn in 2024.
Market size is projected to grow over the next five years.
There are no companies that hold a large enough market share in the Conferencing Service Providers in the US industry for IBISWorld to include in this product.
Industry revenue is measured across several distinct product and services lines, including Web conferencing and Other. Web conferencing is the largest segment of the Conferencing Service Providers in the US.
Web conferencing is the industry’s primary service
Companies in this industry provide conferencing services such as audio, video and web conferencing, primarily to businesses. Companies own and maintain conferencing equipment and provide these services through the internet. Additionally, Companies maintain strategic partnerships with third-party web conferencing software providers, giving them the ability to offer these services to their customers.
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NAICS 517311 - Conferencing Service Providers in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The COVID-19 pandemic resulted an unprecedented rise in demand for the conference services. As a result, the industry has become a mainstay in the way business is done.
Learn about an industry's products and services, markets and trends in international trade.
Web conferencing is the industry’s primary service. Web conferencing is used as an umbrella term for various types of online conferencing and collaborative services.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
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The advancement of technology, coupled with need spurred by the pandemic, have encouraged the consolidation of the industry around the largest players. Zoom dominates the ind...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Intellectual property laws protect the products created by conference service provides. Companies rely on patent, copyright, trademark and trade secret laws in the US.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit margins have boomed as a result of the pandemic. The effects of COVID-19 have made conference services an indispensable part of the economy.
Including values and annual change:
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Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Conferencing Service Providers in the US industry in United States is $8.7bn in 2024.
There are 749 businesses in the Conferencing Service Providers in the US industry in United States, which has grown at a CAGR of 20.1 % between 2019 and 2024.
The market size of the Conferencing Service Providers in the US industry in United States has been growing at a CAGR of 42.1 % between 2019 and 2024.
Over the next five years, the Conferencing Service Providers in the US industry in United States is expected to grow.
Provision web conferencing services and Providing video conferencing services are part of the Conferencing Service Providers in the US industry.
The level of competition is high and steady in the Conferencing Service Providers in the US industry in United States.