Pune, India, April 04, 2023 (GLOBE NEWSWIRE) -- The global video conferencing market size was USD 6.28 billion in 2021. The market is projected to grow from USD 6.87 billion in 2022 to USD 14.58 billion by 2029, exhibiting a CAGR of 11.3% during the 2022-2029 period. The escalating demand for conferencing services and services for enhancing and simplifying business operations are predicted to boost the market’s expansion. Fortune Business Insights, provide this information in its report titled, “Video Conferencing Market Forecast, 2023-2029.”
Key Industry Development-
March 2022: 1 Beyond was acquired by Crestron. Crestron aims to enhance its capability and ecosystem in automation, audiovisual, and videoconferencing for collaboration rooms of different purposes, styles, and sizes.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 11.3% |
| 2029 Value Projection | USD 14.58 Billion |
| Base Year | 2021 |
| Video Conferencing Market Size in 2021 | USD 139.77 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Component, Conference Type, Deployment, Enterprises Size, Application and Geography |
| Video Conferencing Market Growth Drivers | Growing Adoption of eLearning and Remote Learning to Fuel Market Growth |
Key Takeaways
- Video conferencing sessions are real-time visual sessions between one or more participants.
- The growing need for video communication, virtual workforce management, and cloud-based collaboration platform are some of the major factors impacting the market growth.
- By Component Analysis: Rapidly Growing Video Conferencing Solution to Fuel Market Growth
- The growing trend of deploying video banking solutions, as a result of the increasing prevalence of online and mobile banking among customers
- Video Conferencing Market Size in North America was USD 2.52 Billion in 2021
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Drivers & Restraints-
- Growing Adoption of eLearning and Remote Learning to Fuel Market Growth
- eLearning and remote learning have witnessed an uptick in adoption by K-12, universities, schools, and institutions.
- The pandemic has potentially boosted the demand for video conferencing solutions.
- Furthermore, the monumental increase in mobile and online banking by end-users has favored the video conferencing market growth as customers opted for video banking options to save money and time.
- Many major market players are developing and launching new products in the financial and banking sector due to the magnifying demand for video financial services.
- However, high privacy concerns and initial hardware solution costs may impede the market’s expansion in the coming years.
Segmentation-
On the basis of components, the market is bifurcated into services and solutions. On the basis of conference type, the market is divided into the service-based system, desktop system, integrated system, and telepresence system. On the basis of deployment, the market is categorized into on-premises and cloud. On the basis of enterprise size, the market is classified into large enterprises and small & medium enterprises. On the basis of application, the market is segmented into large rooms, middle rooms, huddle rooms, and small rooms. Geographically, the market is fragmented into Latin America, Europe, Asia Pacific, North America, and the Middle East & Africa.
Regional Insights-
Presence of Key Players to Complement Growth in North America
North America is projected to bestride the global video conferencing market share. The key companies present in the region including Cisco Systems and Microsoft Corporation invigorate the demand for these solutions. Additionally, the early adoption of advanced technologies is predicted to complement the market’s growth.
Europe is anticipated to witness prominent development due to the vast availability of video collaboration solutions. Further, the rising investments by corporations in R&D activities are predicted to stimulate growth in the market.
Asia Pacific is expected to exhibit swift expansion in the coming years. The growing demand for video conferencing solutions in the research and education sectors for automated processes is anticipated to boost growth in Asia Pacific. The Middle East & Africa, and Latin America are likely to gain significant growth due to the increasing adoption of advanced technologies such as IoT and AI.
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Competitive Landscape-
Major Players Emphasize Advanced Technologies’ Adoption to Garner Growth
The major players operating in the market emphasize upgrading current product portfolios by launching new products and solutions. They focus on incorporating advanced technologies to enhance their offerings. The major market players adopt ingenious strategies, including acquisitions, mergers, collaborations, and others to amplify their growth prospects. For instance, Aver Europe introduced a twin-lens conference camera, CAM550, in March 2022. The product has a 4K resolution with wide-angle clarity for use in large and small & medium enterprises.
Companies Profiled in the video conferencing market Share Report:
- Avaya, Inc. (U.S.)
- AVer Information, Inc. (Taiwan)
- Blue Jeans Network Inc. (U.S.)
- Cisco Systems Inc. (U.S.)
- Huawei Technologies Co. Ltd. (China)
- Logitech International S.A. (Switzerland)
- Microsoft Corporation (U.S.)
- Panasonic Corporation (Japan)
- Polycom Inc. (Plantronics Inc.) (U.S.)
- Zoom Video Communications, Inc. (U.S.)
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Major Table of Contents:
- Global Video Conferencing Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Services
- By Conference Type (USD)
- Telepresence System
- Integrated System
- Desktop System
- Service-based System
- By Deployment (USD)
- Cloud
- On-premises
- By Enterprise Size (USD)
- Small and Medium Enterprises
- Large Enterprises
- By Application (USD)
- Small Room
- Huddle Rooms
- Middle Rooms
- Large Rooms
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Video Conferencing Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Services
- By Conference Type (USD)
- Telepresence System
- Integrated System
- Desktop System
- Service-based System
- By Deployment (USD)
- Cloud
- On-premises
- By Enterprise Size (USD)
- Small and Medium Enterprises
- Large Enterprises
- By Application (USD)
- Small Room
- Huddle Rooms
- Middle Rooms
- Large Rooms
- By Country (USD)
- United States
- Canada
- Latin America Video Conferencing Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Services
- By Conference Type (USD)
- Telepresence System
- Integrated System
- Desktop System
- Service-based System
- By Deployment (USD)
- Cloud
- On-premises
- By Enterprise Size (USD)
- Small and Medium Enterprises
- Large Enterprises
- By Application (USD)
- Small Room
- Huddle Rooms
- Middle Rooms
- Large Rooms
- By Country (USD)
- Brazil
- Mexico
- Rest of Latin America
TOC Continued…
FAQ’s
How big is the video conferencing market?
Video Conferencing Market size was USD 6.28 billion in 2021.
How fast is the video conferencing market growing?
The video conferencing market will exhibit a CAGR of 11.3% during the forecast period, 2022-2029
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