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Video Conferencing Market Trends

ID: MRFR//10523-HCR | 128 Pages | Author: Ankit Gupta| July 2024

Video Conferencing Market Overview

Video Conferencing Market Size was valued at USD 6.7 Billion in 2022. The Video Conferencing market Industry is projected to grow from USD 7.5 Billion in 2023 to USD 19.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.30% during the forecast period (2023 - 2032).

Growing cloud-native businesses and rising eLearning and remote preference are the key market drivers enhancing the market growth.

Figure 1: Video Conferencing Market Size, 2023-2032 (USD Billion)

Video Conferencing Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Video Conferencing Market Trends

Increasing preference for remote and elearning is driving the market growth

Conference-calling systems have been put in place by businesses, educational institutions, and K–12 institutions to use distance learning in place of conventional classrooms. As a result of the epidemic, more educational institutions are utilizing video communication technologies to increase remote learning. As a result, schools are adopting software to create a positive learning environment for students. For instance, the English-based European School of Osteopathy and Yuja Enterprise Video technology partnered in January 2023 to use the video conferencing technology to distribute course content locally and globally. Additionally, users of software programs like Adobe, Microsoft Office, and others can attend online classes from their own smart devices. Administrators can also share documents, papers, and presentations with their students while instructing. These actions will therefore encourage the growth of the Video Conferencing Market.

The trend towards remote work, geographically dispersed business activities, and growing globalization are the main drivers of this expansion. Additionally, the expanding market is being fueled by the rising demand for video conferencing solutions in the healthcare and education sectors. Due to the rapid increase in the usage of video and teleconferencing systems over the past few years, the business has experienced tremendous growth, particularly during the COVID-19 epidemic that followed the lockdown limitations.

The sudden adoption of the work-from-home culture by many companies raised the need for video conferencing tools and services like Zoom, Microsoft Teams, and Google Workspace. The number of individuals who are actively using these sites is significantly increasing. Microsoft Teams reported 270 million monthly active users in January 2022, an increase of 20 million from July 2021.

The introduction of conferencing systems based on machine learning and artificial intelligence (AI) has created considerable growth potential for the sector. These solutions give businesses the ability to maximize the usage of collaboration platforms and boost meeting efficiency by utilizing facial recognition and virtual assistant technology. With the use of AI in conferencing systems, organizations may discover more about the optimum conference size, ideal meeting duration, and best meeting time of day. In October 2020, NVIDIA Corporation unveiled the NVIDIA Maxine platform, which provides a cloud-based collection of GPU-powered AI video conferencing tools to improve the streaming video. Thus, driving the Video Conferencing market revenue.

Video Conferencing Market Segment Insights

Video Conferencing Component Insights

The Video Conferencing Market segmentation, based on component, includes hardware and software. Hardware segment dominated the global market in 2022. The adoption of endpoints—devices having high-resolution cameras, speakers, and microphones—such as cellphones, laptops, and desktop computers—can be credited with this. The demand for enterprise-based hardware has decreased in 2020 as more companies have embraced the remote working model.

Video Conferencing Conference Type Insights

The Video Conferencing Market segmentation, based on conference type, includes telepresence system, integrated system, desktop system, service-based system, and others. Telepresence System segment dominated the Video Conferencing Market in 2022. This is a result of the growing global demand for telepresence system conference type.

Video Conferencing: Deployment Insights

The Video Conferencing Market segmentation, based on deployment, includes cloud and on-premises. On-premises segment dominated the Video Conferencing Market in 2022. This is mostly because large organizations are using this deployment approach more frequently due to growing data security concerns.

Video Conferencing Enterprise Type Insights

The Video Conferencing Market segmentation, based on enterprise type, includes small and medium enterprises and large enterprises. Large enterprises segment dominated the global market in 2022. This is explained by the fact that large organizations have largely adopted video conferencing systems for cross-border business communications.

Video Conferencing Application Insights

The Video Conferencing Market segmentation, based on application, includes small room, huddle rooms, middle rooms, and large rooms. Small rooms segment dominated the global market in 2022. This is a result of the increased demand for conference video endpoints, which are hardware devices installed and set up in conference rooms.

Figure 2: Video Conferencing Market, by Application, 2022 & 2032 (USD Billion)

Video Conferencing Market, by Application, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Video Conferencing Industry Insights

The Video Conferencing Market segmentation, based on industry, includes IT & telecom, government, healthcare, manufacturing, BFSI, education, media & entertainment, and others. Education segment dominated the global market in 2022. The rising consumer interest in cloud-based communication and collaboration tools might be credited with this. The use of cloud-based systems for seamless data sharing, collaboration, and communication has increased as teams with varying geographic locations are more common.

Video Conferencing Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Video Conferencing Market dominated this market in 2022 (45.80%). The increased adoption rate in the area is to blame for this. The market is anticipated to increase as a result of the rising demand for high-quality internet and visual meeting services. Additionally, the strong regional presence of several key competitors and the expanding popularity of Bring Your Own Device (BYOD) solutions, which has increased demand for webcams and headphones, are propelling market expansion. Further, the U.S. Video Conferencing market held the largest market share, and the Canada Video Conferencing market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Video Conferencing Market Share By Region 2022 (USD Billion)

Global Video Conferencing Market Share By Region 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Video Conferencing market accounted for the healthy market share in 2022. The industry will increase more quickly thanks to improvements in mobile broadband technologies like WiMAX and High-Speed Downlink Packed-Access (HSDPA) networks. Further, the German Video Conferencing market held the largest market share, and the U.K Video Conferencing market was the fastest growing market in the European region

The Asia Pacific Video Conferencing market is expected to register significant growth from 2023 to 2032. Numerous businesses were forced to use remote working due of the COVID-19 epidemic, which aided in the growth of high-quality internet infrastructure in the area. As a result, there was a sharp increase in demand in the area for accessories, collaboration tools, and video conferencing hardware. Moreover, China’s Video Conferencing market held the largest market share, and the Indian Video Conferencing market was the fastest growing market in the Asia-Pacific region.

Video Conferencing Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Video Conferencing market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Video Conferencing Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Video Conferencing Industry to benefit clients and increase the market sector. In recent years, the Video Conferencing Industry has offered some of the most significant advantages to medicine. Major players in the Video Conferencing market, including Avaya, Inc., AVer Information, Inc., Blue Jeans Network, Inc., Cisco Systems, Inc., Huawei Technologies Co. Ltd., Logitech International S.A., Microsoft Corporation, Panasonic Corporation, Polycom, Inc. (Plantronics, Inc.), and Zoom Video Communications, Inc., are attempting to increase market demand by investing in research and development operations.

Intent-based solutions for networking, security, collaboration, apps, and the cloud are integrated by Cisco Systems Inc (Cisco). The company sells wireless equipment, controllers, access points, switches, modules, routers, and interfaces. The company's products and technology assist its customers in managing additional network connections from devices, users, and other entities. Oil and gas, education, financial services, government, healthcare, mining, sports, media, entertainment, retail, utilities, and transportation are just a few of the many industries that Cisco supports.

Through its direct sales team and channel partners, which include service providers, system integrators, distributors, and resellers, it markets its solutions. Across the Americas, Europe, the Middle East, Africa, Asia-Pacific, Japan, and China, the company has business and operational presence. The US state of California is home to Cisco's corporate headquarters. For the purpose of enhancing the functionality of its Cisco WebEx Platform through speech enhancement and noise removal technology, Cisco Systems, Inc. announced the acquisition of BabbleLabs in October 2020. By upgrading its conferencing and communications technologies, the organization was able to improve its video conference experience.

Designing and developing wireless telecommunications devices and services is Qualcomm Inc. The business sells system software and integrated circuits for mobile phones and other wireless products. Its product line includes integrated circuits for wireless connectivity, power management, consumer wireless devices, cellular modems, and radio frequency transceivers. The company's products are used in a variety of devices, including mobile phones, laptops, tablets, cellular handsets, cameras, servers, routers, access points, wearable technology, voice and music devices, gateway equipment, consumer electronics, desktop computers, and Internet of Things (IoT) devices. In order to provide more immersive communication, Qualcomm Technologies, Inc. introduced a new video conferencing solution with AI capabilities in February 2023. The solution reduces interruptions and increases user engagement.

Key Companies in the Video Conferencing market include

Video Conferencing Industry Developments

September 2021: State, federal, and local government clients can now use video conferencing services thanks to a partnership between Zoom Video Communications, Inc. and the Amazon Web Services (AWS) Marketplace.

Video Conferencing Market Segmentation

Video Conferencing Component Outlook

  • Hardware

  • Software

Video Conferencing: Conference Type Outlook

  • Telepresence System

  • Integrated System

  • Desktop System

  • Service-based System

  • Others

Video Conferencing: Deployment Outlook

  • Cloud

  • On-premises

Video Conferencing: Enterprise Type Outlook

  • Small and Medium Enterprises

  • Large Enterprises

Video Conferencing: Application Outlook

  • Small Room

  • Huddle Rooms

  • Middle Rooms

  • Large Rooms

Video Conferencing Industry Outlook

  • IT & Telecom

  • Government

  • Healthcare

  • Manufacturing

  • BFSI

  • Education

  • Media & Entertainment

  • Others

Video Conferencing Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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