USD 6.28 billion
Report ID: SQMIG50C2012 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 118 | Figures: 77
Global Video Conferencing Market size was valued at USD 6.28 billion in 2021 and is poised to grow from USD 7.71 billion in 2022 to USD 19.73 billion by 2030, growing at a CAGR of 12.5% in the forecast period (2023-2030).
The rising demand for advanced video conferencing solutions is surging the growth of the Video Conferencing market. The rapid adoption of video conferencing solutions in communications, in addition, to the real estate, leisure, and education sectors will play an important role in the growth of the Video Conferencing market. It is difficult for employees to communicate effectively without strong tools and efficiencies. A low-quality video or noise during the video can cause employees to spend more time dealing with misunderstanding Healthcare and life sciences are diverse clinical, daily content covering administrative and financial matters. As a result, of the need for channelized content insights and accurate clinical information Video conferencing can be used to consolidate information. Collaborations enable healthcare providers to use telemedicine in Healthcare administration, medical education, and patient care. Provide enhanced patient care with applications that provide patient data and a better way to communicate.
US Video Conferencing Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 6.28 billion
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The Global Video Conferencing market is segmented based on Component, Hardware, Deployment, Application, and Region. Based on Component Video Conferencing Market is categorized into Hardware, Solution, and Services. Based on Hardware Video Conferencing Market is categorized into Multi point Control Unit, Hard Codec, and Peripheral Devices. Based on Deployment Video Conferencing Market is categorized into On-premises, Cloud. Based on Application Video Conferencing Market is categorized into Corporate Communications, Training and Development, Marketing, and client engagement. Based on the region Video Conferencing Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Video Conferencing Market Analysis by Deployment
The on-premise segment led the Video Conferencing market in 2021, accounting for more than 59% of revenue. This can be attributed to large enterprises' increasing embrace of on-premise deployment in response to growing concerns about data theft and effective management of information security systems. However, due to the growing prominence of cloud-based solutions, the category is likely to increase slowly throughout the forecast period. In reaction to this trend, businesses have started to shift to a cloud-based income generation model. For instance, Avaya, Inc. shifted its revenue generation approach from legacy on-premise to cloud.
Video Conferencing Market Analysis by Components
With a revenue share of more than 47% in 2021, the hardware segment dominated the Video Conferencing market. The increased development and acceptance of endpoints such as laptops, cellphones, and desktops equipped with high-resolution cameras, microphones, and speakers can be contributed to the expansion. As some firms embraced the work-from-home model in 2021, the demand for and investment in enterprise-based hardware has decreased. As a result of this trend, businesses are investing more in individual goods rather than enterprise gear.
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In 2021, North America dominated the video conferencing market, with a revenue share of more than 39%. In terms of video conferencing solution adoption, the regional Video Conferencing market is mature. However, there is room for expansion in the region by upgrading existing equipment and subscribing to cloud-based services. Increased demand for high-quality internet and visual meetings is expected to contribute to regional growth. The presence of several key players, combined with the growing popularity of Bring Your Device (BYOD) solutions, which has resulted in the widespread adoption of webcams and headphones, is expected to drive Video Conferencing market growth even further.
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Video Conferencing Market Driver
Institutions, schools, universities, and K-12 have implemented conferencing solutions to replace traditional classrooms with distance learning. As a result of the pandemic, educational institutions are collaborating with video communication services to expand remote learning. As a result, educational institutions are implementing software to provide students with an efficient learning experience. Additionally, software such as Adobe, Microsoft Office, and others make it possible for users to access online classes from their personal smart devices. It also enables administrators to share displays, papers, and files with their students while teaching. Furthermore, such initiatives will propel the global video conferencing market growth.
Video Conferencing Market Restraint
The security and privacy of the video content shared across various platforms can present major concerns for companies. Furthermore, organizations are concerned about copyright and Digital Rights Management (DRM) due to the risk of misappropriation, information leakage, and data breaches. In 2019, the healthcare, finance, manufacturing, information, and public sectors experienced the highest number of data breaches. To overcome such constraints, organizations must restructure their Video Conferencing strategy before using these solutions. In the lack of policies and procedures for the correct handling of video content, the adoption of Video Conferencing solutions may be slow. Furthermore, suppliers must provide interoperable and simple-to-use enterprise-grade video communication solutions with built-in security features.
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The COVID-19 pandemic has forced Video Conferencing market participants to reevaluate their company strategy and operations. Video Conferencing Market participants are substantially investing in cloud-based solutions to fulfill the requirement for distant employees to have a digital workplace. Furthermore, as a result of the increased demand, some organizations have begun to diversify their solutions. For instance, Zoom Video Communications, Inc., has joined the hardware industry in response to the significant increase in the number of remote employees worldwide. Zoom announced the introduction of its hardware products segment in July 2021. Zoom for Home - DTEN ME, an all-in-one personal collaboration device for remote workers, was the first gadget to be released in the category.
Video Conferencing Market Top Player's Company Profiles
Video Conferencing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, remote working is becoming more popular, as are geographically dispersed business operations and increased globalization. Moreover, rising demand for video conferencing solutions in the education and healthcare sectors is driving Video Conferencing market growth.
|Market size value in 2021||USD 6.28 billion|
|Market size value in 2030||USD 7.71 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Video Conferencing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Video Conferencing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Video Conferencing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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