Report Scope & Overview:
The Video Conferencing Market size was valued at USD 6.76 Bn in 2022 and is expected to reach USD 18.26 Bn by 2030, and grow at a CAGR of 13.21% over the forecast period 2023-2030.
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. The technology is valuable for business users in faraway cities or countries since it saves time, money, and annoyance associated with business travel. 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. All of these advantages may be pushed through video conferencing without the requirement for constant travel for face-to-face engagement.
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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. Due to the COVID 19 lockout, the role of video conferencing in Multi-National Companies (MNCs) has grown in popularity.
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 participation. Artificial intelligence will reduce most of the background noise in meetings. Machine learning algorithms would be able to determine which speaker should be active and ensure that their voice is completely heard by reducing background noise in conversations. Micro-LED screens have developed as a popular choice among worldwide workers.
Global workforce transformation
Expanding cloud-native businesses
Internet penetration is forging the way forward in the digital age.
Privacy and security concerns.
Problems with network infrastructure.
The 5G network is paving the way for video conferencing solutions.
The video conferencing hardware industry is booming.
Problems with internet bandwidth and technological glitches.
Getting into the non-agile market.
IMPACT OF COVID-19:
The COVID-19 epidemic has affected many parts of society, including individuals and businesses. During the COVID-19 outbreak, the telecom sector is playing an important role in supporting governments' digital infrastructure all around the world. Every individual and government in society, including the federal, state, central, municipal, and provincial governments, has been in constant touch with one another to give and receive real-time COVID-19 information. Healthcare, telecommunications, media and entertainment, utilities, and government organizations are currently using video conferencing technology to stabilize the situation and provide crucial services to everyone.
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. Demand for enterprise-based hardware has decreased as more firms embrace the remote working paradigm in 2020. Cameras and microphones/headphones are two subcategories of hardware. Among them, the microphones/headphones category had a significant increase in 2020 as a result of rising product demand during the pandemic, which was fueled by the rapid adoption of video conferencing solutions for team communication. Furthermore, continuous technical breakthroughs in the fields of augmented reality and the Internet of Things have hastened the creation of advanced-feature 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. However, the growing demand for cloud technology is expected to stymie category growth in the coming years. Over the projected period, the cloud deployment sector is expected to increase at a significant rate. Cloud technology improves accessibility by providing simple access to video conferencing services via many channels, such as mobile devices and laptop computers. Furthermore, the growing use of the Software as a Service (SaaS) platform, which has attracted a large number of small and medium-sized businesses, is driving category growth.
Due to increased demand for conference video endpoints, which are room-based hardware solutions deployed and configured in meeting rooms, the enterprise segment has gained the biggest market share in 2021. Given the rising product acceptance as a medium of communication and cooperation among employees, the growth prospects for enterprise-based video conferencing solutions were predicted to be stronger prior to the pandemic. However, the pandemic prompted an increase in the purchase of consumer-grade solutions, prompting industry participants to add increased features to their goods and services in order to attract a bigger client base.
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 is expected to account for growing revenue in 2021 and is developing as a potential market as public sector enterprises use conferencing solutions to improve efficiency and productivity. These services enable government entities to involve more individuals, which aids in speedier decision-making.
KEY MARKET SEGMENT:
On The Basis of Component
On The Basis of Deployment
On The Basis of Application
On The Basis of End-use
Government & Defense
Media & Entertainment
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The modern communication infrastructure in North America enables video conferencing solution providers to give superior 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. North America is expected to remain the world's largest market for video conferencing solutions over the forecast period. Because most significant firms are based in this region, it is also one of the early users of video conferencing. Large-scale investments by enterprises in video conferencing solution outsourcing are the primary growth drivers of the North American video conferencing industry. The region's education industry is a big user of video conferencing and webcasting solutions.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Cisco Systems, Verizon Communications, Polycom Inc., Alphabet Inc., Adobe Systems, Microsoft Corporation, Vidyo Inc., Zoom Video Communication, Logitech International S.A., Panasonic Corporation, and Other Players
Panasonic Corporation - Company Financial Analysis
|Market Size in 2022
|USD 6.76 Billion
|Market Size by 2030
|USD 18.26 Billion
|CAGR 13.21% From 2023 to 2030
|Report Scope & Coverage
|Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
|North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, +D11UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Cisco Systems, Verizon Communications, Polycom Inc., Alphabet Inc., Adobe Systems, Microsoft Corporation, Vidyo Inc., Zoom Video Communication, Logitech International S.A., and Panasonic Corporation
|•Global workforce transformation
•Expanding cloud-native businesses
|•Privacy and security concerns.
•Problems with network infrastructure.
Ans: - The Video conferencing Market size was valued at USD 6.76 Bn in 2022.
Ans: - Global workforce transformation and expanding cloud-native businesses.
Ans: - North America is expected to remain the world's largest market for video conferencing solutions over the forecast period.
Ans: - The primary growth tactics of Videoconferencing market participants include merger and acquisition, business expansion, and product launch
Ans: - The study includes a comprehensive analysis of Videoconferencing Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
126.96.36.199 United Kingdom
188.8.131.52 South Korea
184.108.40.206 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Videoconferencing Market Segmentation, by Component
9. Videoconferencing Market Segmentation, by Deployment
10. Videoconferencing Market Segmentation, by Application
11. Videoconferencing Market Segmentation, by End-use
11.4 Government & Defense
11.6 Media & Entertainment
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Cisco Systems
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Verizon Communications
13.3 Polycom Inc.
13.4 Alphabet Inc.
13.5 Adobe Systems
13.6 Microsoft Corporation
13.7 Vidyo Inc.
13.8 Zoom Video Communication
13.9 Logitech International S.A.
13.10 Panasonic Corporation
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
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Step 2: Primary Research
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