The global video conferencing market size is expected to reach USD 9.95 billion by 2028 with a CAGR of 11.4% over the forecast period, according to a new report by Grand View Research, Inc. Trends such as the increasing transition towards cloud and the growing adoption of Video Conferencing as a Service (VCaaS) are expected to drive market growth. As remote and globalized working models are becoming popular, the move to the cloud is becoming inevitable, thereby driving the demand for video conferencing solutions.
Due
to the COVID-19 pandemic, a large number of organizations globally have
encouraged their employees to work from home or remotely, driving the demand
for video conferencing applications and software. The education sector
witnessed a notable rise in the demand for these solutions in 2020 to continue
with online learning and seminars. The primary growth driver for the market,
especially in 2020, remained the need for organizations to facilitate employee
collaboration, which led to the demand for conferencing apps such as Microsoft
Teams, Google Meet, and Zoom. Several companies have witnessed the digital
transformation in just 2 to 3 months that would otherwise occur over two years
due to the COVID-19 pandemic. However, despite the elevated demand, security
concerns have posed to be a challenge to market growth.
The
increased demand for these solutions has encouraged market players to offer
products with distinctive features and innovations to remain competitive. In
2020, Google Meet, Google’s video meeting tool that was meant to be an enterprise
solution, was made available to everyone to directly compete with competitors.
Furthermore, in April 2020, Facebook launched its video meeting tool Messenger
Rooms, which allows 50 people to join a video conference. In March 2020,
Microsoft Corporation rebranded Office 365 to Microsoft 365 to go beyond
enterprise customers, which widened its subscriber base.
Companies
with a global presence and workforce are the early adopters of video
conferencing technology and more likely to deploy video conferencing systems to
enable effective communication between multiple teams located in different
countries. Video conferencing technology also provides a better social
interaction platform as compared to conventional voice calls as it offers
features such as eye-to-eye contact. With the increasing globalization of
businesses worldwide, the need is strong to set up a flexible, cost-effective,
and scalable communication network, which helps facilitate better
communication, team collaboration, and decision-making capability.
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Video Conferencing
Market Report Highlights
- In terms of
components, the software segment is expected to register the highest CAGR
over the forecast period. This can be attributed to the increase in
cloud-based subscriptions across different platforms
- Small and
medium-sized companies are adopting these services to rapidly expand their
geographic operations by establishing a centralized communication platform
that uses advanced technologies, such as 4G and VoIP. Hence, the small and
medium enterprises segment is expected to expand at a promising pace over
the forecast period
- In terms of
end use, the healthcare sector is expected to witness substantial growth
over the next few years. The need to remain connected across dispersed
teams has elevated the demand for video conferencing solutions in the
healthcare sector
- Growth in the
educational sector has also gained traction owing to the increased demand
for distance learning. Web conferencing, audio conferencing, and IM are
being widely used for delivering notes and streaming live conferences
- Market
players offer a competitive pricing structure and bundle services to help
the end users save costs. Recently, companies such as Ring Central and
8x8, Inc. have updated their pricing structures with multiple tiers of pricing
plans
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Video Conferencing
Market Segmentation
Grand View Research has
segmented the global video conferencing market based on component, deployment,
enterprise size, application, end use, and region:
Video Conferencing
Component Outlook (Revenue, USD Million, 2017 - 2028)
- Hardware
- Camera
- Microphone/Headphone
- Others
- Software
- Services
- Professional Services
- Managed Services
Video Conferencing
Deployment Outlook (Revenue, USD Million, 2017 - 2028)
- On-premise
- Cloud
Video Conferencing
Enterprise Size Outlook (Revenue, USD Million, 2017 - 2028)
- Large Enterprises
- Small & Medium Enterprises (SMEs)
Video Conferencing
Application Outlook (Revenue, USD Million, 2017 - 2028)
- Consumer
- Enterprise
Video Conferencing
End-use Outlook (Revenue, USD Million, 2017 - 2028)
- Corporate
- Education
- Healthcare
- Government & Defense
- BFSI
- Media & Entertainment
- Others
Video Conferencing
Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
List of Key
Players in the Video Conferencing Market:
- Avaya, Inc.
- Cisco Systems, Inc.
- Huawei Technologies Co., Ltd.
- Logitech International S.A.
- Microsoft Corporation
- Polycom Inc.
- Zoom Video Communications, Inc.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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