Meticulous Research®—a leading global market research company published a research report titled “Video Conferencing Market by Technology (VaaS, USB-VC, Room-based Codec System), Component, Deployment Mode, Organization Size, End-User (Education, IT & Comm., Healthcare, BFSI, Oil & Gas, Legal, Media)—Global Forecast to 2028”.
According to this latest publication from Meticulous Research®, the global video conferencing market is expected to reach $24.4 billion by 2028 at a CAGR of 15.5% from 2021–2028.
In the modern business arena, enforced remote working witnessed office-based workers take Teams meetings and instant messaging in their stride. The COVID-19 pandemic has accelerated the demand for video conferencing and collaboration tools. The country-wide lockdowns in most major economies have transformed the businesses' working culture across the industries. This newly emerging work-from-home culture has boosted the demand for efficient video conferencing applications for better communication among teams and employees working in the field. SMART Boards and innovative products, such as the Google Jamboard, which facilitate remote interactively and multi-user participation, have been instrumental in keeping a spread-out workforce connected. Additionally, the easy availability of several apps such as Zoom, MS Teams, Google Meet, and Cisco Webex has boosted the market for video conferencing in the past couple of years.
Moreover, the advancement in technology has improved the quality of video conferencing services with clear audio and video streaming. Also, the traditional room-based video conferencing has changed due to the growth of high-speed internet broadband services and the growth of smartphones, tablets, and laptops. Mobile apps such as Zoom, Teams, and Meet have been widely used for person-to-person communication. Communication tools such as Zoom and Microsoft Teams have become indispensable tools for reconnecting employees. There is no denying the role that technology like this has played in generating an immediate response and adapting rapidly. Employees will need more sophisticated video conferencing resources in the future, and now might be the best time to invest.
Considering the growth of the video conferencing market, major players are increasing their market presence with expansion, investment, and technological upgradation. For instance, in October 2020, Zoom Video Communications, Inc., launched its new end-to-end encryption feature for free and paid users globally. Also, in December 2020, Zoom Video Communications, Inc. announced its plan to expand its presence in Singapore by opening a new R&D center. Zoom already has R&D centers in the US, India, and China, and this new expansion will ensure Zoom’s superior quality of experience, security, and reliability to its users across Asia-Pacific.
The market is segmented based on technology, component, deployment mode, organization size, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on technology, the video conferencing market is segmented into video as-a-service (VaaS), USB video conferencing, and room-based codec systems. In 2021, the USB video conferencing segment is expected to account for the largest share of the video conferencing market. USB devices provide highly defined video up to and including in 4K. USB video conferencing provides organizations with the unique ability to cost-effectively meet these new needs and wants of employees. USB cameras play an essential role in providing the high-quality video needed.
On the other hand, the VaaS segment is expected to witness the highest CAGR during the forecast period. VaaS platforms make it easy for businesses to use only what they need. When needs change, the platform can scale seamlessly. New licenses and interoperability can be provided and downloaded to the relevant devices in minutes.
Based on component, the video conferencing market is segmented into solutions and services. In 2021, the solutions segment is expected to account for the largest share of the video conferencing market. The growth in the adoption of room conferencing meetings during the lockdown has positively impacted the demand for multi-codec and single-codec endpoints, such as cameras, phones, and mics. In addition, the growing adoption of cloud-based software, such as Zoom, Teams, Webex, and Meet with the daily increase in their subscriptions is expected to drive the growth of this segment.
Based on deployment mode, the video conferencing market is segmented into on-premise and cloud-based. In 2021, the cloud segment is expected to account for the largest share of the market due to the factors such as it is simple to deploy, manage, and use. Also, the video conferencing apps can be used on smartphones, tablets and laptop, offering greater flexibility for users. The regular updates of the cloud server keep the enterprise data secure and safe. These benefits are expected to drive the growth of this segment. It is estimated that the cloud segment will register the highest CAGR, during the forecast period.
Based on organization size, the video conferencing market is segmented into SMEs and large enterprises. The SMEs segment is expected to account for the largest market share in 2021. SMEs have widely adopted easy subscription modules and pay-per-use. Small businesses must have a preferred video conferencing tool to communicate with their teams, clients, and vendors. The growing adoption of cloud-based video conferencing apps and remote working due to the pandemic has boosted the demand from SMEs. With a video conferencing tool, small businesses can easily update team members on the status of a task or project and accomplish goals faster due to seamless video communication.
Based on end user, the video conferencing market is segmented into education, healthcare, government, defense & public sector, BFSI, media & entertainment, legal & law profession, manufacturing, IT & communication, and oil, gas, & energy. In 2021, the IT & communication segment is expected to account for the largest market share due to home rules during the pandemic and global lockdown. However, the education segment is expected to grow at the highest CAGR during the forecast period. The growing number of online education platforms, virtual classes from universities, and the lockdown of primary schools are expected to drive the demand from the education segment.
Geographically, the video conferencing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America is expected to account for the largest market share due to the presence of many IT companies and their workforce. Also, the region is technologically advanced, and there is swift adoption of video conferencing in daily work schedules. However, the Asia-Pacific region is estimated to register the highest CAGR during the forecast period. The growing number of SMEs in economies such as China, India, South Korea, Singapore, and Japan are driving the adoption of video conferencing. Also, there is increasing investment for e-learning platforms in the education sector, which is expected further to influence the video conferencing market during the forecast period.
The key video conferencing software players operating in the market are Zoom Video Communication, Inc. (U.S.), Microsoft Corporation (U.S.), Cisco Systems, Inc. (U.S.), Blue Jeans Network Inc. (Verizon) (U.S.), LogMeIn, Inc. (U.S.), Alphabet Inc. (U.S.), ON24, Inc. (U.S.), Dialpad, Inc. (U.S.), TeamViewer AG (Germany), Adobe (U.S.), Blackboard Inc. (U.S.), Vidyo, Inc. (U.S.).
The key players offering hardware in the market are Poly (formerly known as Plantronics, Inc.), Logitech (Switzerland), Huawei Investment & Holding Co., Ltd. (China), ZTE (China), Lifesize (U.S.), KEDACOM (China), Yealink Inc. (China), and Tely (U.S.).
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