The global video conferencing market size was valued at USD 4.58 Billion in 2022 and is anticipated to reach USD 10.37 Billion by 2031, expanding at a CAGR of 9.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising usage of video conferencing in educational institutes, organizations, and startups.
Video conferencing refers to conducting meetings using telecommunication technology and includes two-way communication of video and audio. Video conferencing helps companies in making quick decisions and reduces travel cost and time. Key market players such as Microsoft Corporation and Cisco System, Inc. are concentrating on development of video conferencing systems that can mechanically route calls over the VoIP network.
Video Conferencing Market Trends, Drivers, Restraints, and Opportunities:
- Rising acceptance of technologies such as facial recognition to detect people is driving the market.
- Increasing usage of cloud-based solutions and integration of virtual reality (VR) in video conferencing have propelled the market.
- Globalization of businesses has increased the demand for video communication and remote staff management, which is boosting the market.
- Rapid growth in the number of online international seminars, workshops, and conferences is fueling the video conferencing market.
- Several companies use video conferencing to improve collaboration and interaction between remotely located teams.
- Companies are concentrating on minimizing communication costs, which has developed opportunities for manufacturers to develop advanced conferencing solutions such as webcast and telepresence.
- A substantial rise in the use of telepresence in healthcare and education sectors is witnessed, as it enhances communication between the members.
- Heavy initial investment in the deployment and purchase of video conferencing systems is expected to hinder the market growth.
- Security issues such as privacy and confidentiality of information associated with video conferencing are hampering the market growth.
Scope of Video Conferencing Market Report
The report on the video conferencing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Video Conferencing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Components (Software, Hardware, and Services), Enterprise Size (Small & Medium Enterprise (SMEs) and Large Enterprise), End-users (Education, Healthcare, Corporate, BFSI, Media & Entertainment, Government & Defense, and Others), Deployment (On-premise and Cloud-based), and Regions
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Array Telepresence Inc., Adobe Inc., Avaya Inc., Huawei Technologies Co., Ltd., Cisco Systems, Inc., Microsoft Corporation, Logitech International S.A., West Corporation, Plantronics, Inc., and Vidyo Inc.
|
Video Conferencing Market Segment Insights
The hardware segment is expected to expand at a rapid pace during the forecast period.
Based on components, the global video conferencing market is segregated into software, hardware, and services. The hardware segment held a major share of the total revenue in 2019, owing to IoT, which has enabled rapid integration of hardware into cloud-based software solutions. Moreover, increasing focus of camera manufacturers such as Aver Information Inc. on upgrading video conferencing cameras with facial recognition and AI technology is expected to boost the segment.
The service segment is anticipated to witness substantial CAGR during the forecast period, attributed to increase in demand for services related to employee training, project consulting, and deployment of new solutions. Major companies in the market such as Cisco Systems, Inc., and Adobe, Inc. are concentrating on creating long-term contracts with large enterprises which is estimated to drive the segment.
The cloud-based segment is expected to expand at a robust CAGR during the forecast period
On the basis of deployment, the global video conferencing market is bifurcated into on-premise and cloud-based. The cloud-based segment permits end-users to access video conferences through multiple channels such as laptops, tablets, and mobiles. Rising demand for cloud-based solutions by small and medium enterprises (SMEs) in developing countries such as India, Egypt, and Brazil has boosted the segment. Increasing popularity of cloud-based solutions is attributed to advancement of password-protected and encrypted solutions. This is estimated to boost the segment.
The on-premise segment is expected to witness a substantial CAGR during the forecast period. Growth of the on-premise segment is attributed to rising adoption by large organizations to minimize security concerns related to data theft and maintenance of information. Several companies are opting for the on-premise segment, as it provides easy customization of software according to clients’ business.
The large enterprise segment held a major share of the total revenue in 2019
In terms of enterprise size, the global video conferencing market is fragmented as small & medium enterprise (SMEs) and large enterprise. The growth of large enterprise segment is attributed to rising adoption of video conferencing solutions to connect employees at remote locations.
The small and medium enterprise segment is expected to expand at a substantial CAGR during the forecast period. Growth of the segment is attributed to government support to SMEs for adoption of cloud-based solutions, which in turn, is expected to fuel the segment.
The corporate communication segment held a key share of the total revenue in 2019
Based on end-users, the global video conferencing market is segregated as education, healthcare, corporate, BFSI, media & entertainment, government & defense, and others. The corporate segment is expected to witness significant growth during the forecast period, as video conferencing helps minimize travel and operational costs and acts as an effective communication tool for large- and small-scale enterprises. Companies in the market, including Huawei Technologies Co. Ltd and Microsoft Corporation are focusing on development of video conferencing systems, particularly for corporate companies.
The healthcare segment is estimated to expand at a substantial CAGR during the forecast period. Rising need for immediate medical help to patients situated in remote locations is driving the segment. Additionally, rising emphasis of several healthcare organizations on providing medical training to its employees through video conferencing is boosting the segment.
Regional Analysis
On the basis of regions, the global video conferencing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The growth of the market in North America is attributed to the presence of deep-rooted businesses and adoption of high technology in the region. Rising demand for virtual meetings and constant access to high-quality internet have boosted the market. Additionally, increasing adoption of virtual private network in educational universities and business enterprises is expected to fuel the regional market.
The market in Asia Pacific is anticipated to witness significant growth during the forecast. Increasing number of service and technology-based startups in emerging countries such as China and India are estimated to propel the regional market.
Segments
The global video conferencing market has been segmented on the basis of
Components
- Software
- Hardware
- Services
Enterprise Size
- Small & Medium Enterprise (SMEs)
- Large Enterprise
Deployments
End-users
- Education
- Healthcare
- Corporate
- BFSI
- Media & Entertainment
- Government & Defense
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Array Telepresence Inc.
- Adobe Inc.,
- Avaya Inc.
- Huawei Technologies Co., Ltd.
- Cisco Systems, Inc.
- Microsoft Corporation
- Logitech International S.A.
- West Corporation
- Plantronics, Inc.
- Vidyo Inc.
Competitive Landscape
Key players in the global video conferencing market include Array Telepresence Inc., Adobe Inc., Avaya Inc., Huawei Technologies Co., Ltd., Cisco Systems, Inc., Microsoft Corporation, Logitech International S.A., West Corporation, Plantronics, Inc., and Vidyo Inc. Key companies are focusing on development of safe data transmission, product innovation, and integration to fulfill customer expectations.
Request For Customization
Enquiry Before Buying
Speak With Analyst
