Video Conferencing Industry Overview
The global video conferencing market size was valued at USD 4.21 billion in 2020 and is expected to reach USD 9.95 billion by 2028 with a CAGR of 11.4% over the forecast period. Factors such as the globalization of businesses, geographically scattered operations, and the rising adoption of remote working models are expected to drive market growth over the forecast period. The rapid adoption of video conferencing solutions in the telemedicine and education sectors is also anticipated to play a pivotal role in the growth of the market. Furthermore, lockdowns implemented amid the COVID-19 pandemic globally have resulted in a massive rise in demand for video conferencing and teleconferencing solutions as businesses and individuals sought ways of remaining connected.
The sudden shift of several businesses to the remote working model created an exponential demand for cloud conferencing software and services. Applications such as Zoom and Microsoft Teams have witnessed exponential growth during the first half of 2020. Despite the vast growth witnessed by the software segment, the overall market growth suffered in 2020 due to a decline in the demand for video conferencing hardware and related peripherals. In the hardware segment, the demand for enterprise endpoints was impacted negatively due to the temporary closure of organizations and other industries. This, in turn, resulted in a significant rise in demand for consumer hardware such as webcams and headsets.
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Moreover, the increased use of cloud-based video conferencing solutions has given organizations access to vast amounts of data about video meeting habits. The use of conferencing platforms integrated with AI and machine learning is allowing companies to optimize the use of the collaboration platform and increase the efficiency of meetings by deploying virtual assistants and facial recognition technologies. Artificial Intelligence (AI) in conferencing solutions has enabled organizations to gain insights about aspects such as the optimal length of a meeting, the ideal number of participants, and the best time of the day to hold a meeting. Additionally, developments in the field of voice recognition are helping enterprises analyze the content of meetings, draw a comparative analysis between meetings in an organization, and make suggestions regarding connections among people with complementary skills.
The growing need for effective enterprise communication and large-scale investment by various organizations for modernizing communication networks are expected to propel the market. Rising mobility requirements of remote workers and workforces are driving the need for mobile devices, which has amplified the use of conferencing solutions among consumers. Conferencing and collaboration solutions, along with advanced hardware, have become an integral part of a range of businesses for delivering next-generation communication capabilities.
Video Conferencing Market Segmentation
Based on the Component Insights, the market is segmented into Hardware, Software, and Service.
Based on the Deployment Insights, the market is segmented into On-premise, and Cloud.
Based on the Enterprise Size Insights, the market is segmented into Large Enterprises, and Small and Medium Enterprises.
Based on the Application Insights, the market is segmented into Consumer, and Enterprise.
Based on the End-use Insights, the market is segmented into Corporate, Education, Healthcare, Government & Defense, BFSI, Media & Entertainment, and Others.
Based on the Video Conferencing Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Market Share Insights:
Key Companies Profile:
The COVID-19 pandemic has encouraged market players to restructure their business strategies and operations. Market players are investing heavily in cloud-based solutions to address the need for creating a digital workplace for remote employees. Some of the prominent players operating in the global video conferencing market are:
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