Video Conferencing Market Size, Share & Segmentation by component (Hardware, Software, Services), by Deployment (On-premise and Cloud), by Enterprise Size (Large Enterprises and Small and Medium Enterprises), by Application (Consumer and Enterprise), by End-use (Corporate, Education, Healthcare, Government & Defense, BFSI, Media & Entertainment, Others), by Regions and Global Market Forecast 2022-2028

Report Scope & Overview:

The Video Conferencing Market size was valued at USD 8.89 Bn in 2021 and is expected to reach USD 33.12 Bn by 2028, and grow at a CAGR of 20.67% over the forecast period 2022-2028.

Video conferencing is a technology that allows individuals in various areas to hold face-to-face meetings without having to go to the same spot. Because it reduces time, money, and irritation connected with business travel, the technology is useful for business users in distant cities or nations. Video conferencing may be used for ordinary meetings, corporate negotiations, and candidate job interviews. Video conferencing boosts productivity saves time, reduces travel costs, and fosters cooperation. Video conferencing enables all of these benefits to be promoted without the need for continual travel for face-to-face contact.

Multinational corporations can build direct video connections between their sites to improve teamwork. Video conferencing is utilized as a training medium, with the teacher instructing a remote class from practically anywhere. Academic institutes also employ video conferencing to link traditional classroom settings with students who live a long distance away from the school. The function of Artificial Intelligence (AI), which will collaborate the conference room as a facilitator, is one of the development possibilities that will become a trendsetter in video conferencing. The experts in technology are developing machine learning systems that can transcribe audio, count attendance, and offer information on audience engagement.

MARKET DYNAMICS:

KEY DRIVERS:

• Global workforce transformation.

• Growing cloud-native businesses.

• Internet penetration is forging the way forward in the digital age.

RESTRAINTS:

• Privacy and security concerns.

• Problems with network infrastructure.

OPPORTUNITY:

• 5G is paving the door for video conferencing.

• The video conferencing hardware industry is booming.

CHALLENGES:

• Problems with internet bandwidth and technological glitches.

• Getting into the non-agile market.

IMPACT OF COVID-19:

The impact of COVID-19 on the video conferencing market from a geographical viewpoint, encompassing North America, Europe, Asia-Pacific, and the Rest of the World. During this time, Asia-Pacific is playing a significant role in the growth of the video conferencing industry. The fast spread of the coronavirus has caused economic damage in China, Japan, South Korea, and India. The Chinese economy has been severely harmed by the coronavirus pandemic, and the country has been under lockdown for more than a month. Furthermore, with the devastating epidemic of COVID-19 throughout Europe. The government is putting together a platform for employees and students to help the country recover from this pandemic.

MARKET ESTIMATION:

The hardware category accounted for a sizable revenue share in 2021, which can be attributed to the increased usage of endpoints equipped with high-resolution cameras, speakers, and microphones. Cameras and microphones/headphones are two subcategories of hardware. Among them, the microphones/headphones category had a significant increase in 2021 as a result of rising product demand during the pandemic, which was fueled by the rapid adoption of video conferencing technologies for team communication. Furthermore, continuous technical breakthroughs in the fields of augmented reality and the Internet of Things (IoT) have hastened the creation of sophisticated headsets, which is likely to boost category expansion even further.

The on-premise category led the market in terms of deployment in 2021. This is mostly due to the increased acceptance of this deployment approach across large enterprises in response to growing data security concerns. Over the projected period, the cloud deployment sector is expected to increase significantly. Cloud technology improves accessibility by providing simple access to video conferencing services via many channels, such as mobile devices and laptop computers. Furthermore, the Software as a Service (SaaS) platform is becoming more popular.

The major businesses category had a revenue share in 2021 because these firms are primarily employing video conferencing solutions for cross-border business communications. As a result, the leading market participants are concentrating their efforts on producing services that may meet the demands of international corporations. The Small and Medium Enterprises (SMEs) market is expected to grow at a significant CAGR over the next several years as smaller organizations see the value of conferencing and cooperation, particularly in light of the COVID-19 epidemic.

The major businesses category had a revenue share in 2021 because these firms are primarily employing video conferencing solutions for cross-border business communications. As a result, the leading market participants are concentrating their efforts on producing services that may meet the demands of international corporations. The Small and Medium Enterprises (SMEs) market is expected to grow at a significant CAGR over the next several years as smaller organizations see the value of conferencing and cooperation, particularly in light of the COVID-19 epidemic.

In 2021, the corporate segment controlled the market by obtaining a revenue share. This is due to increased customer interest in cloud-based communication and collaboration products. The increased use of cloud-based systems for seamless data sharing, collaboration, and communication has been spurred by the rising number of geographically distributed teams. The government and defense sector will account for the growth in revenue in 2021 and is emerging as a promising segment as public sector companies adopt conferencing solutions to improve efficiency and productivity.

KEY SEGMENTS:

On The Basis of component

• Hardware

• Software

• Services

On The Basis of Deployment

• On-premise

• Cloud

On The Basis of Enterprise Size

• Large Enterprises

• Small and Medium Enterprises

On The Basis of Application

• Consumer

• Enterprise

On The Basis of End-use

• Corporate

• Education

• Healthcare

• Government & Defense

• BFSI

• Media & Entertainment

• Others

REGIONAL ANALYSIS:

North America has an excellent communication infrastructure, which enables video conferencing solution providers to give high-quality services to their clients. North America is likely to be one of the early adopters of 5G technology, which will improve the region's use of video conferencing solutions. Throughout the projection period, North America is predicted to be the world's largest market for video conferencing solutions. Because most significant firms are based in this region, it is also one of the early users of video conferencing. The United States and Canada are likely to be significant revenue producers in the North American video conferencing industry. Large-scale investments by enterprises in video conferencing solution outsourcing are the primary growth drivers of the North American video conferencing industry.

REGIONAL COVERAGE

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Adobe Systems Incorporated., Atlassian Corporation Plc., Cisco Systems, Inc., Fuze, Inc., Huawei Technologies Co., Ltd., Logitech International S.A., LogMeIn, Inc., Microsoft Corporation, Orange Business Services, Polycom, Inc.\

Frequently Asked Questions (FAQ) :