New York, March 21, 2023 (GLOBE NEWSWIRE) -- The global video conferencing market was worth USD 7.2 billion in 2022 & is estimated to Reach USD 21 Billion in 2032. It is attributed to register a CAGR of 11.8% between 2023 and 2032. This technology can be used to facilitate group meetings or organizations, rather than individual meetings. Video conferencing allows people in different areas to meet face-to-face without the need to travel. This technology is particularly useful for customers moving between cities and countries as it allows them to save time, and money, avoid travel hassles and reduce the cost of business travel. Video conferencing makes it possible to conduct routine meetings, negotiate business deals, and interview candidates.
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Key Takeaway:
- By Component, the hardware segment held a dominating revenue share in the market in 2022.
- By Deployment, the on-premises segment share the highest revenue share of almost 58.0% in 2022
- By Application, the enterprise segment has captured the largest revenue share of 84% in 2022.
- North America held a revenue share of approximately 37.5% in 2022.
- Asia Pacific market is anticipated to grow at a CAGR of 15%.
A videophone is a telephone that has both a video camera (and a display) and allows for voice and visual communication simultaneously. This technology can be used in large enterprises to facilitate group meetings or organizations, rather than individual meetings.
Video conferencing allows people in different areas to meet face-to-face without the need to travel. This technology is particularly useful for customers moving between cities and countries. It allows them to save time, and money, avoid travel hassles and reduce the cost of business travel. Videotelephony refers to the two-way, multipoint reception and transmission of audio or video signals by people at different locations for real-time communication. This is also called video conferencing or video teleconferencing.
Factors affecting the growth of the Video Conferencing Market
Several factors can affect the growth of the video conferencing market. Some of these factors include:
- Increasing Popularity of Video Conferencing: In order to use distance learning as an alternative to traditional classrooms, institutions, schools, universities, and K-12 schools have adopted conferencing solutions.
- Growing Cloud-Native Enterprises: Information obtained through face-to-face and direct communication with a number of company divisions, clients, customers, suppliers, and distributor enables businesses to run their operations.
- Urbanisation Leads to Growth: Urbanization, which is essential for the use of video conferencing, is driving growth.
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Top Trends in Global Video Conferencing Market
Telehealth facilities were widely deployed during the covid 19 pandemic. This has transformed the healthcare sector. The increased number of users of mobile banking is a growing trend to deploy video banking solutions. This will likely boost the growth of video conferencing market trends. Video banking options can help customers save time and money. Video banking allows end-users to securely communicate with clients & co-workers and increase work efficiency. Financial advisors, lenders, customer service representatives, and other members of the banking sector are increasingly using visual communication solutions.
Market Growth
Schools, institutions, and universities have accepted conferencing ways of learning to use distance education as a substitute for traditional education. Educational institutions are cooperating with video conferencing service providers to expand their reach and provide efficient learning experiences due to the pandemic’s impact.
Video conferencing technology is now a viable option for strengthening your brand and hiring exceptional professionals due to the increasing preference for video conferencing interviews during the recruitment process. Business organizations can gain insight into the details, such as the best meeting length and the optimal number of participants.
Cloud technology is gaining popularity, and enterprises are compelled to replace traditional business management systems with cloud-based solutions. Global companies look forward to integrating cloud video conferencing solutions and services and will play a crucial role in shaping the videoconferencing market dynamics over the forecast period.
Regional Analysis
In 2022, North America was the dominant market for video conferencing, accounting for more than 37.5% of its revenue. North America will likely be among the first to adopt 5G technology. This will increase the use of videoconferencing solutions in the region. It is expected to become the largest market for video conferencing in the world during the forecast period. It is home to the largest number of companies, and it is one of the first users of videoconferencing.
Canada and the United States are likely to make a significant contribution to North American videoconferencing. The main growth drivers for North America are large-scale investments made by companies in video conferencing outsourcing. Video conferencing and webcasting are popular in the region's education sector. Market expansion is impeded by interoperability issues, complex video content and technology issues, and high prices for video conferencing equipment.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include Adobe Systems Incorporated, Atlassian Corporation Plc., Cisco Systems Inc., Fuze Inc., Huawei Technologies Co. Ltd., JOYCE CR S.R.O., Logitech International S.A., LogMeIn Inc., Microsoft Corporation, Orange Business Services, Polycom Inc., Vidyo Inc., Visual Systems Group Inc. (VSGi), West Corporation, ZTE Corporation, and other key players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 7.2 Billion |
| Market Size (2032) | USD 21 Billion |
| CAGR (from 2023 to 2032) | 11.8% |
| North America Revenue Share | 37.5% |
| Asia Pacific Revenue Share | 15% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Globally, the market for video conferencing is growing at an impressive pace. Video conferencing technology is now a viable option for strengthening your brand and hiring exceptional professionals due to the increasing preference for video conferencing interviews during the recruitment process. Business organizations can gain insight into the details, such as the best meeting length and the optimal number of participants.
Organizations can also use conferencing to help them find and analyze better meeting content faster and more efficiently. Video conferencing has become a standard practice. It allows for a comparative analysis of meetings within an organization. This, in turn, strengthens the demand for video conferences in emerging and developed markets.
Market Restraints
Lack of privacy and data security are negatively affecting the video conferencing market. Some of the developing and underdeveloped nations lack the necessary network and communication infrastructure to facilitate video transmission, which is one of the network infrastructure issues.
Market Opportunities
Businesses can be concerned about the security and privacy of video footage sent across multiple platforms. This could hamper the growth of the video conferencing market. The risk of data exploitation and leakage is more concerned about copyright and Digital Rights Management (DRM).
The banking, Public, manufacturing, and healthcare sector is commonly affected by a data breach. The most effective way to overcome this is a video conferencing strategy to address these constraints before they use these technologies. In the absence of appropriate policies and processes to manage video content, video conferencing can be slow to adopt. Providers must offer interoperable, simple-to-use enterprise-grade video communication systems with integrated security measures.
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Report Segmentation of the Video Conferencing Market
Component Insight
The largest share of the global market was held by the hardware segment out of all the components. The growing acceptance and development of endpoints such as smartphones, laptops, and desktops with high-resolution speakers, microphones, and cameras can explain the market growth in the hardware segment.
Cameras and microphones are two types of hardware segments. Among them, the microphones/headphones category has grown significantly due to increased sales volume during the pandemic due to the widespread adoption of video conferencing technology for team communication.
Deployment Insight
In 2022, 58% of the market share was held by the on-premise segment. This is due to the growing popularity of on-premise deployment at major enterprises as a response to growing concerns about data theft and the effective maintenance of information security systems. Businesses have started to migrate to the cloud, their revenue-generating methods.
Over the forecast period, it is anticipated that the cloud deployment market will experience significant growth in the market. By making it simple to access video conferencing services through a variety of channels, including mobile devices and laptops, cloud technology increases accessibility. The segment's expansion is strongly aided by the rising popularity of Software as a Service, which has attracted a large number of small-sized and medium-sized businesses.
End-User Insight
North America was the dominant market for video conferencing, accounting for more than 37.5% of its revenue. North America was the first to adopt 5G technology. This will increase the use of videoconferencing solutions in the region. It is expected to become the largest market for video conferencing in the world during the forecast period. It is home to the largest number of companies, and it is one of the first users of videoconferencing.
Canada and the United States are likely to make a significant contribution to North American videoconferencing. The main growth drivers for North America are large-scale investments made by companies in video conferencing outsourcing. Video conferencing and webcasting are popular in the region's education sector. Market expansion is impeded by interoperability issues, complex video content and technology issues, and high prices for video conferencing equipment.
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Market Segmentation
Based on Component
- Hardware
- Camera
- Microphone
- Other Components
- Software
- Services
- Professional Services
- Managed Services
Based on Deployment
- On-Premise
- Cloud
Based on Application
- Consumer
- Enterprises
Based on End-User
- Corporate
- Education
- Healthcare
- Defense
- Entertainment
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- oThe UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players
- Adobe Systems Incorporated.
- Atlassian Corporation Plc.
- Cisco Systems, Inc.
- Fuze, Inc.
- Huawei Technologies Co., Ltd.
- JOYCE CR, S.R.O.
- Logitech International S.A.
- LogMeIn, Inc.
- Microsoft Corporation
- Orange Business Services
- Polycom, Inc.
- Vidyo, Inc.
- Visual Systems Group, Inc. (VSGi)
- West Corporation
- ZTE Corporation.
- Other Key Players.
Recent Development of the Video Conferencing Market
- In March 2022, Cisco Systems, Inc. joined forces with Ford to integrate Webex. The partnership will allow the company to turn electric vehicles into next-generation office spaces. Webex will also function in audio mode when the vehicle is moving, and all features are available when the vehicle is stopped, including visual conferencing.
- In September 2021, Zoom Video Communications, Inc. partnered with Amazon Web Services Marketplace (AWS Marketplace) to offer video conferencing solutions for state, federal, and local government clients.
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