Video Conferencing Market worth $19.1 billion by 2027, Growing at a CAGR of 12.6% Report by MarketsandMarkets™

Chicago, July 10, 2023 (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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Scope of the Report

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 fuelled 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. 

Top Trends in Global Video Conferencing Market

• Increased Adoption of Remote Work: As remote work started to become the norm for many organizations, the COVID-19 epidemic considerably sped up the deployment of video conferencing. As companies realize the advantages of remote cooperation and look for flexible work schedules, this trend is anticipated to continue.
• Hybrid Workforce Enablement: As hybrid work models proliferate, wherein employees divide their time between office-based and remote work, video conferencing is becoming increasingly important in fostering productive communication and teamwork. The market is seeing a rise in demand for products that enable natural interactions between participants who are present in person and those who are not.
• Integration with Collaboration Tools: Video conferencing services are merging with other collaboration tools including project management software, document sharing websites, and group messaging programmers. With the help of this connection, remote cooperation may be more organized and seamless, which improves productivity and efficiency.
• AI-Powered Features: Artificial intelligence (AI)-powered features are being used to improve video conferencing. Artificial intelligence-powered capabilities include noise reduction, real-time language translation, automated transcription, and virtual backdrops. The communication and user engagement are both improved by these features.
• Enhanced Security and Privacy: Security and privacy issues have taken front stage as video conferencing becomes increasingly commonplace. In order to safeguard against unauthorised access, data breaches, and privacy violations, vendors are concentrating on enhancing security measures. Among the methods being used are end-to-end encryption, multi-factor authentication, and secure data storage.
• Integration with Hardware Devices: Hardware devices like cameras, microphones, and displays are rapidly being integrated with video conferencing platforms. With this connection, video conferencing will have a smooth user experience and improved audiovisual quality.
• Mobile and Cross-Platform Support: As more businesspeople use smartphones and tablets for distant collaboration, mobile video conferencing apps are becoming increasingly popular. Cross-platform compatibility, which enables users to attend video conferencing from different devices and operating systems, is also becoming increasingly important.
• Virtual Events and Webinars: The market for video conferencing is seeing a rise in online training sessions, webinars, and virtual events. Businesses are using video conferencing solutions to conduct sizable virtual events, communicate with audiences around the world, and provide captivating content.

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Key Industry Development

• The fast use of cloud-based video conferencing solutions is one of the major market trends in the video conferencing space. In comparison to conventional on-premises systems, cloud-based video conferencing has a number of benefits, including scalability, flexibility, and cost-efficiency. This innovation has completely changed the video conferencing industry and has contributed significantly to the market's expansion.
• Cloud-based video conferencing solutions make advantage of the cloud's capabilities to give users in many places access to real-time audio and video communication. They do away with the requirement for on-premises equipment and make it simple for businesses to grow their conferencing capacities in response to demand. Businesses of all sizes, from small startups to major corporations, may benefit greatly from this flexibility.
• Additionally, expanded collaboration tools like screen sharing, file sharing, virtual whiteboards, and real-time annotation are available with cloud-based video conferencing platforms. Because of these traits, meetings may be more productive and interesting as participants can cooperate more successfully.
• The cloud-based design also makes it possible for easy integration with other communication and collaboration applications. Users may initiate and join video conferences directly from their favourite apps thanks to integrations with messaging services, project management tools, and productivity programmes.
• As remote work and virtual meetings become the norm for many organisations, the COVID-19 epidemic has further spurred the use of cloud-based video conferencing systems. Demand for dependable, expandable, and secure video conferencing systems soared, spurring the entry of new companies and large expenditures by market leaders to enhance their services.
• In general, the industry's advancement of cloud-based video conferencing solutions has transformed how people interact and work together, making video conferencing more available, effective, and flexible to the requirements of contemporary enterprises.

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