Video Conferencing Market

Global Video Conferencing Market Size (2024 to 2032)

The global video conferencing market was valued at USD 12.72 billion in 2023. The global market is predicted to reach USD 14.17 billion in the year 2024, and it is estimated to reach a valuation of USD 33.61 billion by the end of 2032, expanding at a CAGR of 11.4% during the forecast period.

In general, the video conferencing is nothing but a real time visual communication session between one or more users irrespective of their locations. Also, the video collaboration solution aids organizations as well as the enterprises in making faster decisions which eliminates high costs associated with traveling from one place to another for meetings. The growing trends of implementing video banking solutions owing to the growing penetration of mobile and online banking among the users is a factor that is expected to lead the Video Conferencing market during the forecast period.

MARKET DRIVERS

Rising need for virtual meeting rooms is expected to play an essential role in the growth of market of Video Conferencing across the globe.

Another factor such as reduced travel time and cost, importance of involving employees in determining the strategic goals are some of the major driving factors which promotes the growth of the revenue rate of Video Conferencing market during the forecast period. Furthermore, globalization of businesses, geographically scattered operations and also rising adoption of remote working models, rapid adoption of video conferencing solutions in telemedicine and education sectors are some of the major growth supporting factors of Video Conferencing market.

MARKET RESTRAINTS

High initial cost of the solutions, high investment for the deployment and maintenance of video solutions is one of the important barriers to market growth. Data security and privacy f identity and information, limited functionality provided by these solutions and lack of expertise among software engineers and developers are also some of the major restraints which hinders the growth of the Video Conferencing market.

Impact of COVID-19 on the Global Video Conferencing Market

Due to the COVID 19 pandemic, the entire workforce has experienced a transition towards remote working which pays way for video conference solutions and hardware products. COVID pandemic has affected severely on the global economic conditions whereas the lockdowns which was imposed by the government authorities of several countries to ensure the stoppage of spread of the corona virus and social distancing which has resulted in closure of the industries across the globe for a period of time.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Video Conferencing Market Analysis By component

The hardware segment held the prominent share and is predicted to remain at the forefront throughout the forecast period due to the increasing development and adoption of endpoints such as laptops, smartphones, desktops which were equipped with high resolution cameras, microphones and speakers.

Global Video Conferencing Market Analysis By Deployment

The on premises deployment segment holds the major share of the market and this segment is expected to hold the dominance during the forecast period due to the increasing adoption of on premise deployment by large organizations and also growing concerns regarding data theft and effective maintenance of information security systems.

Global Video Conferencing Market Analysis By Enterprise size

Among these segments, the large sized enterprises segment held the prominent share and it is predicted to remain at the forefront in the upcoming years since these enterprises are primary clientele of video conferencing services as they need reliable and secure conferencing solutions. These also focuses on corporate network performance, keeping tight integration with some of the emerging technologies such as SD-WAN.

Global Video Conferencing Market Analysis By Application

The enterprise segment holds the major share of the market and is expected to hold the dominance during the forecast period.

Global Video Conferencing Market Analysis By End-Use

The corporate segment holds the major share of the market due to the rapid advancement of the cloud based communication and collaboration software industry.

REGIONAL ANALYSIS

North America video conferencing market hold the prominent share of the market due to the factors such as rising adoption of video conferencing solutions. Furthermore, increased demand for continuous access to high quality internet and visual meetings also promotes the growth of the market. The North America region is expected to hold the dominance during the forecast period.

Asia Pacific video conferencing market is also expected to increase the market growth due to the growing demand for collaboration tools, video conferencing equipment and accessories.

Europe is following Asia pacific in leading the highest shares of the video conferencing market. Rising investments on the IT companies is merely to fuel the demand of the market to the extent. Also, rising prevalence to adopt new technologies is levelling up the growth rate of the market.

Latin America and Middle East & Africa markets are projected to have the significant growth rate in near future.

KEY PLAYERS IN THE GLOBAL VIDEO CONFERENCING MARKET

Key market participants of Video Conferencing market are:

1. AWS (US)

2. Poly (US)

3. LogMeIn (US)

4. Enghouse Systems (Canada)\

5. Pexip (Norway)

6. Qumu (US)

7. Microsoft (US)

8. Zoom (US)

9. Cisco (US)

10. Adobe (US)

11. Huawei(China)

12. Google (US)

13. Avaya (US)

14. Sonic Foundry (US)

15. Lifesize (US)

16. Kaltura (US)

17. BlueJeans Network (US)

18. Barco (Belgium)

19. Fuze (US)

20. Haivision (Canada)

21. Premium Global Services (US)

22. Kollective Technology (US)

23. StarLeaf (UK)

24. HighFive (US)

25. Logitech (Switzerland)

RECENT HAPPENINGS IN THE GLOBAL VIDEO CONFERENCING MARKET

• One Touch video banking has announced a strategic partnership with NuSource Financial in the month of May 2021 to help in expanding relationships with credit unions and banks through next generation video banking technology.

• National westminister bank has launched its new video banking channel in the month of July 2019, for small and medium sized enterprises which allows the organizations to arrange secured video calls with the Natwest relationship managers and multiple participants using a mobile device, PC or tablet.

• In the month of December 2020, Cisco systems Inc has introduced Webex devices namely, Webex desk camera, Webex desk, Webex desk hub to empower the remotely working environment.

• In the month of July 2020, Plantronics Inc has launched new video conferencing room solution series such as Poly G40-T, G80-T and G10-T for the Microsoft teams rooms which aims to deliver the superior meeting experiences for the Microsoft Team users.

DETAILED SEGMENTATION OF THE GLOBAL VIDEO CONFERENCING MARKET INCLUDED IN THIS REPORT

The global video conferencing market has been segmented and sub-segmented based on the component, deployment, enterprise size, application, end-use, and region.

By component

• Hardware

• Software

• Services

By Deployment

• On-Premises Deployment

• Cloud Deployment

By Enterprise size

• Small and Medium Sized Enterprises

• Large Enterprises

By Application

• Consumer

• Enterprise

By End-Use

• Corporate

• Education

• Healthcare

• Government and Defense

• BFSI

• Media and Entertainment

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa