NEW CASTLE, Delaware, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Video Conferencing Solutions Market by Deployment Mode (On-premise and Cloud), by Enterprise Size (Large Enterprises and Small Medium-sized Enterprises), and Industry Vertical (BFSI, IT and Telecom, Healthcare, Education, Media and Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the video conferencing solutions market was valued at $15.3 billion in 2023, and is estimated to reach $49.7 billion by 2032, growing at a CAGR of 13.7% from 2024 to 2032.
Prime Determinants of Growth
Increase in demand for remote collaboration tools due to the rise in remote work and global connectivity, and technological advancements in video conferencing solutions are the factors expected to propel the growth of the global video conferencing solutions market. However, security concerns related to data privacy and potential breaches in video conferencing platforms are anticipated to hamper the growth of global market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $15.3 billion |
| Market Size in 2032 | $49.7 billion |
| CAGR | 13.7% |
| Segments covered | Deployment mode, Enterprise size, Industry vertical, and Region |
| Drivers | Increase in demand for remote collaboration tools due to the rise in remote work and global connectivity |
| Technological advancements in video conferencing solutions | |
| Opportunities | Growth in adoption of video conferencing solutions in various industries |
| Integration of video conferencing with other communication and collaboration tools | |
| Restraints | Security concerns related to data privacy and potential breaches in video conferencing platforms |
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The On-premise segment to maintain its lead position during the forecast period
By deployment mode, the cloud segment accounted for the largest share in 2023, contributing for more than three-fifths of the video conferencing solutions market revenue, owing to many businesses prefer to have full control and customization over their video conferencing software. They feel more secure knowing the software is hosted on their own servers and can be tailored to their specific needs, which is further expected to propel the overall market growth. However, the on-premise segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to its flexibility and scalability. Cloud-based video conferencing solutions offer easy access from anywhere with an internet connection, require minimal upfront investment, and can easily scale up or down based on the organization's needs. This convenience and cost-effectiveness make the cloud segment a popular choice for businesses looking to modernize their communication tools, thereby driving the growth of this segment in the global video conferencing solutions market.
The large enterprise segment to maintain its lead position during the forecast period
By enterprise size, the large enterprise platform segment accounted for the largest share in 2023, owing to their higher budgets and resources to invest in advanced communication technologies. They often require robust and feature-rich video conferencing solutions to facilitate communication among their widespread teams and offices, which is further expected to propel the overall market growth. However, the small and medium-sized enterprise segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to the benefits of video conferencing for enhancing collaboration and reducing travel costs. As cloud-based solutions become more affordable and user-friendly, SMEs are adopting video conferencing at a faster rate to improve communication with remote teams, clients, and partners, thereby driving the growth of this segment in the global video conferencing solutions market.
The IT and Telecom segment to maintain its lead position during the forecast period
By industry vertical, the IT and Telecom platform segment accounted for the largest share in 2023, owing to these sectors heavily relying on seamless communication and collaboration tools to connect teams, clients, and partners globally. Video conferencing enhances productivity, reduces travel costs, and enables real-time interactions, making it essential for IT and Telecom companies, which is further expected to propel the overall market growth. However, the healthcare segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to the increasing adoption of telemedicine and remote patient consultations. Video conferencing in healthcare improves access to medical services, enables virtual appointments, and enhances communication between healthcare professionals, leading to better patient care and outcomes, which is, driving the growth of this segment in the global video conferencing solutions market.
Asia-Pacific region to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2023, owing to the widespread adoption of advanced technology, strong internet infrastructure, and a large number of businesses and organizations utilizing video conferencing for communication and collaboration. However, Asia-Pacific is projected to attain the highest CAGR from 2024 to 2032, owing to the widespread adoption of advanced technology, strong internet infrastructure, and many businesses and organizations utilizing video conferencing for communication and collaboration.
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Leading Market Players: -
- Zoom Communications Inc.
- Microsoft
- Cisco
- GoTo
- BlueJeans
- Dialpad Inc
- TeamViewer
- LifeSize
- Zoho Corporation Pvt Ltd.
The report provides a detailed analysis of these key players in the video conferencing solutions market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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