What is the global market size of Video Conferencing Market?

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).

Global Video Conferencing Market Size, Share, Growth Analysis, By Component(Hardware, Solution), By Hardware(Multi Point Control Unit, Hard Codec), By Deployment(On-premises, Cloud), By Application(Corporate Communications, Training) - Industry Forecast 2024-2031

Report ID: SQMIG50C2012 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 118 | Figures: 77

Global Video Conferencing Market News

In June 2022, Duo and Meet, two of Google's video calling tools, are being merged. Google Meet will replace the Duo app, resulting in a single, free video communications service throughout Google.
In May 2022, SucSEED Indovation invests in the video conferencing platform Ving. Ving Hybrid was founded for a long-standing industry issue for users of Video Conferencing Rooms.

Global Video Conferencing Market Report Snapshots

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Video Conferencing Market size was valued at USD 6.28 billion in 2019 and is poised to grow from USD 7.71 billion in 2023 to USD 19.73 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).

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. 'Microsoft', 'Zoom', 'Cisco', 'Google LLC', 'LogMeIn Inc.', 'BlueJeans Network', 'Adobe Systems', 'Lifesize', 'Vidyo Inc.', 'Polycom Inc.', 'GoToMeeting', 'WebEx Communications Inc.', 'Fuze Inc.', 'Blackboard Inc.', 'ON24 Inc.', 'Arkadin', 'InterCall', 'PGi', 'Zoho Corporation', 'UberConference'

Implementation of Video Conferencing across Educational Institutions

As a result of the worldwide spread of the COVID-19 (coronavirus), many companies are now relying on video conferencing to conduct routine company operations. The popular 'work from home policy in several companies has resulted in an unprecedented increase in video conferencing usage. As a result, ZOOM Cloud Meetings—a free HD meeting app—became popular among users until it was reported for various security flaws in the video conferencing market. As a result, India's Ministry of Electronics and Information Technology (MeitY) recently announced the 'Innovation Challenge for Development of a Video Conferencing (VC) Solution' as part of the Digital India Program. A faster rate of growth is predicted for Healthcare and Life Science vertical during the forecast period.

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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Global Video Conferencing Market Size, Share, Growth Analysis, By Component(Hardware, Solution), By Hardware(Multi Point Control Unit, Hard Codec), By Deployment(On-premises, Cloud), By Application(Corporate Communications, Training) - Industry Forecast 2024-2031

Global Video Conferencing Market News

Global Video Conferencing Market Report Snapshots

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