Chicago, May 21, 2024 (GLOBE NEWSWIRE) -- The global Video Conferencing market size is projected to register a CAGR of 12.6% during the forecast period, reaching USD 19.1 Billion by 2027 from an estimated USD 10.6 billion in 2022, according to a new report by MarketsandMarkets™. The key elements that are positively affecting market expansion include the increased demand for collaboration tools based on cloud technology, virtual administrative management, and video-based communication.
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211 - Tables
39 - Figures
236 - Pages
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Video Conferencing Market Dynamics:
Drivers:
- Global transition toward remote working culture
- Rising growth of cloud-native enterprises
- Growing need to reduce cost of developing infrastructure
- Increasing number of internet users
Restraints:
- Privacy and security concerns
- Low bandwidth and quality
Opportunities:
- 5G network to pave way for video conferencing solutions
- Boom in video conferencing hardware market
- Rising inclination for cell phone-based video conferencing
List of Top Companies in Video Conferencing Market:
- Microsoft (US)
- Zoom Video Communications (US)
- Cisco (US)
- Adobe (US)
- Huawei (China)
- Avaya, Inc. (US)
- AWS (US)
- Google, LLC (US)
- HP (US)
- GoTo (US)
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The ecosystem's diversity and competitiveness are the results of the existence of numerous significant participants. Businesses have a huge amount of opportunity due to technology that makes remote employment easier. On the other hand, vendors of video conferencing systems have a lot of room for expansion. The necessity of incorporating employees in establishing strategic goals, the decreased travel time and expense, and the growing demand for virtual meeting spaces have all contributed to a growth in business spending on video conferencing systems.
The video conferencing market has been segmented by component into solution and services. The market for video conferencing services is expanding due to the rising demand for video conferencing in order to enhance enterprise collaboration and management. The market would see a rise in demand for managed services as a result of increasing technological developments in video conferencing. The service segment is projected to grow at a CAGR during the forecast period. The service segment is also anticipated to lead the Asia Pacific market, growing with the highest CAGR during the forecast period.
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By deployment mode, the video conferencing market has been segmented into on-premises and cloud. The cloud segment is expected to register a higher CAGR during the forecast period. The use of cloud based video conferencing solutions offers flexibility to the businesses for adjusting dynamic business environments. The expansion of cloud deployment is anticipated to be fueled by the demand for innovation and efficiency while encouraging hardware-independent technologies.
The video conferencing market has been segmented into five geographic regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Among these regions, the market in Asia Pacific is expected to register the highest CAGR during the forecast period. Asia Pacific is one of the fastest-growing markets in the world due to the quick use of video conferencing solutions in this region. This is because more effective collaborations and improved decision-making are required within and across organizations. Countries such as Australia, New Zealand, Japan, China, and others are the major contributors to the Asia Pacific video conferencing market.
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