Fort Collins, Colorado, Oct. 08, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Video Conferencing Market Size, Growth, Share, Statistics Report, By Component (Hardware, Software), By Deployment (Cloud, On-premise), By Enterprise Type (Small, Medium, Large), By Conference Type, By Industry (IT & Telecom, Government, Healthcare), By Region, and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the video conferencing market size was valued at USD 8.2 Billion in 2022 and is expected to reach USD 27.6 Billion by 2032 at a CAGR of 12.9%.
Video conferencing allows features such as instant connectivity, better presentation of ideas, and storing notes for later reference. Also, video conferencing apps are considered a productivity tool to save additional costs. Moreover, it allows connecting with employees at various levels without external interference or bias.
E-learning has pushed the market further for video conferencing. During COVID-19, when all the schools, colleges, and other educational institutions were closed, video conferencing mode gained a huge traction. Various platforms like Zoom, Webex, Gmeet, and many others were employed for conducting regular sessions. Additionally, various governmental procedures have shifted completely online, and identities can be verified through video modes. The emergence of online fitness sessions remotely has pushed the market further for video conferencing.
The increased adoption of the hybrid working model globally has created more and more opportunities for employees and businesses. According to the survey conducted by Microsoft, more than 70% of the workforce still prefer working from home, while many have adopted the hybrid setting. Hence, remote working has created more avenues for video conferencing.
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Segmentation Overview:
The global video conferencing market has been segmented into component, deployment, enterprise type, conference type, industry, and region. The on-premise deployment emerged as a leader in 2022 owing to its popularity in the small and medium enterprises. Moreover, the post-pandemic times have witnessed a rise in the number of startups and MSMEs that has augmented the need for teleconferencing to simplify remote communication.
North America is a significant market for video conferencing market in 2022. The increased demand for digitized services and the growing landscape of digital services have enabled more avenues for market growth. Besides, adopting the new normal in the post-pandemic times has encouraged the key players in the region to launch robust products in the market.
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Video Conferencing Market Report Highlights:
- The global video conferencing market growth is anticipated at a CAGR of 12.9% by 2032.
- The video conferencing market growth is significantly driven by the huge adoption of virtual connectivity and the need for high bandwidth to support remote conferencing. Besides, the COVID-19-induced changes have been eminent to support video conferencing at work.
- By component, the hardware segment accounted for a significant share in 2022. In terms of revenue, hardware will grow more in the forthcoming years. For instance, the demand for premium subscriptions to online platforms has grown in the post-pandemic timeline.
- On-premise is a leading deployment segment due to high adoption among small and medium enterprises.
- Large enterprises accounted for a significant market share in 2022 as the market witnessed a huge demand for premium subscriptions to video conferencing platforms.
- Some prominent players in the video conferencing market report include Cisco, Logitech, Zoom, Polycom Inc., Huawei, Microsoft, Blue Jeans Network, Avaya, Google, Fuze, and Zoho.
Industry Trends and Insights:
- In 2023, Zoom launched its own version of Google Docs. The product is supported with Zoom’s artificial intelligence assistant and other AI features, enabling users to draft, edit, and change tones from meeting discussions. The shared documents will be incorporated into Zoom’s platform for users to work on the documents. However, the product will be available in 2024 until the pricing is determined.
- In December 2023, Microsoft will launch a facial recognition feature as an extension to Microsoft teams.
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Video Conferencing Market Segmentation:
- By Component: Hardware, software.
- By Deployment: Cloud, on-premise.
- By Enterprise Type: Small, medium, and large enterprises.
- By Conference Type: P2P conferencing, multipoint, integrated, telepresence, service-based
- By Industry: IT & Telecom, government, healthcare, manufacturing.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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