Video Conferencing Market Overview, Trends Analysis and Forecast to 2030

Posted on 2022-07-01 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, July 01, 2022 — /EPR Network/ —

Video Conferencing Industry Overview

The global video conferencing market size is expected to reach USD 19.73 billion by 2030, registering a CAGR of 12.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The substantial growth can be ascribed to the increasing adoption of cloud technologies and Video Conferencing as a Service (VCaaS). The growing popularity of globalized working models has seemingly made video conferencing inevitable across several organizations.

The global outbreak of the COVID-19 pandemic forced several organizations to implement remote working, which created a significant demand for video conferencing software and applications such as Google Meet, Zoom, and Microsoft Teams. These applications are now playing a major role in facilitating employee collaboration and accelerating digital transformation. The heightened demand for these solutions is urging the market players to offer products with enhanced and distinguished features to gain a strong foothold. In 2020, Google LLC made its video meeting tool Google Meet generally available to remain competitive. The tool reportedly had more than 100 million meeting participants during that year.

Video Conferencing Market Segmentation

Grand View Research has segmented the global video conferencing market based on component, deployment, enterprise size, application, end-use, and region:

Based on the Component Insights, the market is segmented into Hardware, Software and Services.

The hardware segment accounted for a sizeable revenue share of around 47.0% in 2021 which can be credited to the increasing adoption of endpoints, including smartphones, laptops, and desktops equipped with high-resolution cameras, speakers, and microphones.

Based on the Deployment Insights, the market is segmented into On-premise and Cloud.

In terms of deployment, the on-premise segment dominated the market in 2021 by accounting for a revenue share of around 59.0%. This is majorly due to the increasing adoption of this deployment model across large organizations amid the growing data security concerns.
The cloud deployment segment is anticipated to observe a significant growth rate of nearly 14.0% over the forecast period. Cloud technology offers higher accessibility by enabling easy access to video conferencing services through multiple channels, such as mobile devices and laptops.

Based on the Enterprise Size Insights, the market is segmented into Large Enterprises, Small and Medium Enterprises.

The large enterprises segment had held a revenue share of more than 77.0% in 2021 as these organizations are predominantly adopting video conferencing solutions for business communications across geographies.
The Small and Medium Enterprises (SMEs) segment is estimated to witness a notable CAGR of around 15.0% over the next few years as these businesses realize the significance of conferencing and collaboration, especially after the COVID-19 outbreak.

Based on the Application Insights, the market is segmented into Consumer and Enterprise.

The enterprise segment had captured a revenue share of more than 85.0% in 2021 due to the higher demand for conference video endpoints that are room-based hardware solutions deployed and configured in meeting rooms.

Based on the End-use Insights, the market is segmented into Corporate, Education, Healthcare, Government & Defense, BFSI, Media & Entertainment and Others.

The corporate segment had dominated the market by acquiring a revenue share of over 28% in 2021. This can be attributed to the growing consumer interest in cloud-based communication and collaboration solutions.
The government and defense sector accounted for around 6.0% revenue share in 2021 and is emerging as a promising segment as the public sector companies are now adopting conferencing solutions to enhance efficiency and productivity.

Video Conferencing Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

The global outbreak of the COVID-19 pandemic encouraged companies to restructure their business operations and strategies. They are making hefty investments in cloud-based solutions and portfolio diversification to address the need to create a digital workplace for employees working remotely. Google LLC, which is widely known for its video conferencing software solutions, expanded its product range by introducing a meeting room hardware-Series One. This product comprises a Next Hub Max for controlling the activities, an 8-channel speaker with noise cancellation, and a webcam for video meetings.

Some prominent players in the global Video Conferencing market include

Avaya, Inc.
Cisco Systems, Inc.
Huawei Technologies Co., Ltd.
Logitech International S.A.
Microsoft Corporation
Polycom Inc.
Zoom Video Communications, Inc.

Order a free sample PDF of the Video Conferencing Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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