Software company Zoom Video Communications Inc. may have seen incredible growth due to the coronavirus pandemic forcing people to work from home, but a new rival in Asia-Pacific could hamper its expansion plans in the region.

Tencent Holdings Ltd.'s recently rolled out global video conferencing tool may pose a threat to the U.S.-listed company, which is also dealing with user privacy concerns, experts told S&P Global Market Intelligence. Tencent Meeting launched in China in December 2019. It rolled out globally on March 24 under a new name, Voov Meeting.

Cybersecurity issues surrounding Zoom present Tencent with a "golden opportunity" to take market share, said Jeff Bartel, chairman and managing director at private capital and strategic advisory firm, Hamptons Group. "Through a smart and aggressive marketing campaign, Voov can connect with disillusioned users and woo them," he said.

The coronavirus pandemic saw Zoom's daily user base go from 10 million to 200 million in April. Its share price surged to an all-time high close of $159.56 on March 23, from $68.72 at the start of the year. However, the app's surge in users also led to a series of privacy and security headaches for the company which, experts have said, could jeapordize its popularity.

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Zoom has been under scrutiny for sharing data with Facebook without consent, misrepresenting the level of encryption offered for its meetings and is now facing a host of lawsuits and government inquiries. Zoom is also investigating reports that thousands of its users' account credentials are being distributed on the dark web and in hacker forums.

The controversy has prompted Singapore to temporarily ban teachers from using Zoom while India's Ministry of Home Affairs has warned Zoom app users about its safety. Zoom is banned in Taiwan and students are protesting its use in secondary schools in Hong Kong. Siemens and Standard Chartered Bank have also issued internal memos urging employees to not use the tool for video conferencing, according to a Techradar report.

Voov Meeting may not be attractive to U.S. users, who are skeptical of Chinese technology companies, said Brian Dress, investment analyst at Left Brain Investment Research. A number of Chinese companies including telecom-equipment maker Huawei Technologies Co. Ltd., iFLYTEK CO.LTD and facial recognition software provider Megvii are restricted from doing business in the U.S. due to its national security concerns.

The software has a good chance of beating Zoom in Asia, though, where people are already familiar with Tencent's other apps such as Wechat International Pte. Ltd., Dress said.

The combined monthly active users of Weixin, the mainland China version of WeChat, and WeChat itself grew 6.1% year over year to 1.16 billion, as of December 2019.

Tencent Meeting has amassed over 10 million daily active users in China in the two months since its launch, according to its March 18 earnings release.

In its home market, Tencent competes with Alibaba Group Holding Ltd.'s productivity tool Dingtalk, Shenzhen-listed BizConf Telecom Co.Ltd., Huawei Cloud's WeLink, Beijing Byte Dance Telecommunications Co. Ltd.'s Lark and Zoom's local partner Huawan Telecom.

Multinational corporations operating in China may opt for Voov Meeting over Zoom as it could be more compatible with existing software, Dress said.

International expansion is a big focus for Zoom, which said March 20 it plans to add local sales support in select international markets including China.

The Asia-Pacific region accounts for only 8% of Zoom's global revenues. The Americas account for 81%, and the region including Europe, the Middle East and Africa accounts for 11%, as of Jan. 31, 2020. In 2019 and 2018, the Asia-Pacific region accounted for 8% and 9% of total revenues, respectively.