Dublin, Jan. 28, 2022 (GLOBE NEWSWIRE) -- The "Global Video Conferencing Market Size, Share & Trends Analysis Report by Component (Hardware, Software, Service), by Deployment, by Enterprise Size, by Application, by End Use, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global video conferencing market size is expected to reach USD 9.95 billion by 2028 with a CAGR of 11.4% over the forecast period. Trends such as the increasing transition towards cloud and the growing adoption of Video Conferencing as a Service (VCaaS) are expected to drive market growth. As remote and globalized working models are becoming popular, the move to the cloud is becoming inevitable, thereby driving the demand for video conferencing solutions.
Due to the COVID-19 pandemic, a large number of organizations globally have encouraged their employees to work from home or remotely, driving the demand for video conferencing applications and software. The education sector witnessed a notable rise in the demand for these solutions in 2020 to continue with online learning and seminars. The primary growth driver for the market, especially in 2020, remained the need for organizations to facilitate employee collaboration, which led to the demand for conferencing apps such as Microsoft Teams, Google Meet, and Zoom. Several companies have witnessed the digital transformation in just 2 to 3 months that would otherwise occur over two years due to the COVID-19 pandemic. However, despite the elevated demand, security concerns have posed to be a challenge to market growth.
The increased demand for these solutions has encouraged market players to offer products with distinctive features and innovations to remain competitive. In 2020, Google Meet, Google's video meeting tool that was meant to be an enterprise solution, was made available to everyone to directly compete with competitors. Furthermore, in April 2020, Facebook launched its video meeting tool Messenger Rooms, which allows 50 people to join a video conference. In March 2020, Microsoft Corporation rebranded Office 365 to Microsoft 365 to go beyond enterprise customers, which widened its subscriber base.
Companies with a global presence and workforce are the early adopters of video conferencing technology and more likely to deploy video conferencing systems to enable effective communication between multiple teams located in different countries. Video conferencing technology also provides a better social interaction platform as compared to conventional voice calls as it offers features such as eye-to-eye contact. With the increasing globalization of businesses worldwide, the need is strong to set up a flexible, cost-effective, and scalable communication network, which helps facilitate better communication, team collaboration, and decision-making capability.
Video Conferencing Market Report Highlights
- In terms of components, the software segment is expected to register the highest CAGR over the forecast period. This can be attributed to the increase in cloud-based subscriptions across different platforms
- Small and medium-sized companies are adopting these services to rapidly expand their geographic operations by establishing a centralized communication platform that uses advanced technologies, such as 4G and VoIP. Hence, the small and medium enterprises segment is expected to expand at a promising pace over the forecast period
- In terms of end use, the healthcare sector is expected to witness substantial growth over the next few years. The need to remain connected across dispersed teams has elevated the demand for video conferencing solutions in the healthcare sector
- Growth in the educational sector has also gained traction owing to the increased demand for distance learning. Web conferencing, audio conferencing, and IM are being widely used for delivering notes and streaming live conferences
- Market players offer a competitive pricing structure and bundle services to help the end users save costs. Recently, companies such as Ring Central and 8x8, Inc. have updated their pricing structures with multiple tiers of pricing plans
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Video Conferencing Industry Outlook
3.1 Market Size and Growth Prospects
3.2 Video Conferencing - Value Chain Analysis
3.2.1 Vendor landscape
3.3 Video Conferencing - Market Dynamics
3.3.1 Market driver analysis
3.3.1.1 Growing high-speed communication infrastructure
3.3.1.2 Increasing adoption of video conferencing solutions by MNCs to support global operations
3.3.2 Market challenge analysis
3.3.2.1 Data security and privacy concerns
3.3.2.2 High acquisition and integration costs
3.4 Penetration and Growth Prospect Mapping
3.5 Business Environment Analysis Tools
3.5.1 PEST analysis
3.5.2 Porters analysis
Chapter 4 Video Conferencing Component Outlook
4.1 Market Size Estimates & Forecasts and Trend Analysis, 2017 - 2028 (USD Million)
4.2 Video Conferencing Market: Component Movement Analysis, 2020 & 2028
4.3 Hardware
4.3.1 Video conferencing hardware market, 2017 - 2028
4.3.2 Camera
4.3.2.1 Camera in video conferencing market, 2017 - 2028
4.3.3 Microphone/Headphone
4.3.3.1 Microphone/headphone in video conferencing market, 2017 - 2028
4.3.4 Others
4.3.4.1 Other hardware in video conferencing market, 2017 - 2028
4.4 Software
4.4.1 Video conferencing software market, 2017 - 2028
4.5 Service
4.5.1 Video conferencing services market, 2017 - 2028
4.5.2 Professional services
4.5.2.1 Video conferencing professional services market, 2017 - 2028
4.5.3 Managed services
4.5.3.1 Video conferencing managed services market, 2017 - 2028
Chapter 5 Video Conferencing Deployment Outlook
5.1 Market Size Estimates & Forecasts and Trend Analysis, 2017 - 2028 (USD Million)
5.2 Video Conferencing Market: Deployment Movement Analysis, 2020 & 2028
5.3 On-premise
5.3.1 On-premise video conferencing market, 2017 - 2028
5.4 Cloud
5.4.1 Cloud video conferencing market, 2017 - 2028
Chapter 6 Video Conferencing Market Enterprise Size Outlook
6.1 Market Size Estimates & Forecasts and Trend Analysis, 2017 - 2028 (USD Million)
6.2 Video Conferencing Market: Enterprise Size Movement Analysis, 2020 & 2028
6.3 Large enterprises
6.3.1 Large enterprises video conferencing market, 2017 - 2028
6.4 Small and medium enterprises
6.4.1 Small and medium enterprises video conferencing market, 2017 - 2028
Chapter 7 Video Conferencing Market Application Outlook
7.1 Market Size Estimates & Forecasts and Trend Analysis, 2017 - 2028 (USD Million)
7.2 Video Conferencing Market: Application Movement Analysis, 2020 & 2028
7.3 Consumer
7.3.1 Video conferencing market in consumer application, 2017 - 2028
7.4 Enterprise
7.4.1 Video conferencing market in enterprise application, 2017 - 2028
Chapter 8 Video Conferencing End Use Outlook
8.1 Market Size Estimates & Forecasts and Trend Analysis, 2017 - 2028 (USD Million)
8.2 Video Conferencing Market: Component Movement Analysis, 2020 & 2028
8.3 Corporate
8.3.1 Video conferencing market in corporate, 2017 - 2028
8.4 Education
8.4.1 Video conferencing market in education, 2017 - 2028
8.5 Healthcare
8.5.1 Video conferencing market in healthcare, 2017 - 2028
8.6 Government & Defense
8.6.1 Video conferencing market in government & defense, 2017 - 2028
8.7 BFSI
8.7.1 Video conferencing market in BFSI, 2017 - 2028
8.8 Media & Entertainment
8.8.1 Video conferencing market in media & entertainment, 2017 - 2028
8.9 Others
8.9.1 Video conferencing market in other end use, 2017 - 2028
Chapter 9 Video Conferencing Market Regional Outlook
Chapter 10 Competitive Landscape
10.1 Key Global Players, Recent Developments & Their Impact on the Industry
10.2. Key Company Categorization (Key Innovators, Market Leaders, Emerging Players, Niche Players)
10.3. Company Market Share Analysis, 2020
Chapter 11 Company Profiles
11.1 Adobe Inc.
11.1.1 Company overview
11.1.2 Financial performance
11.1.3 Product benchmarking
11.1.4 Recent developments
11.2 AURA Presence, LLC.
11.2.1 Company overview
11.2.2 Product benchmarking
11.3 Avaya Inc.
11.3.1 Company overview
11.3.2 Financial performance
11.3.3 Product benchmarking
11.3.4 Recent developments
11.4 Cisco Systems, Inc.
11.4.1 Company overview
11.4.2 Financial performance
11.4.3 Product benchmarking
11.4.4 Recent developments
11.5 Huawei Technologies Co., Ltd.
11.5.1 Company overview
11.5.2 Financial performance
11.5.3 Product benchmarking
11.5.4 Recent developments
11.6 Logitech International S.A.
11.6.1 Company overview
11.6.2 Financial performance
11.6.3 Product benchmarking
11.6.4 Recent developments
11.7 Microsoft Corporation
11.7.1 Company overview
11.7.2 Financial performance
11.7.3 Product benchmarking
11.7.4 Recent developments
11.8 Plantronics, Inc.
11.8.1 Company overview
11.8.2 Financial Performance
11.8.3 Product benchmarking
11.8.4 Recent developments
11.9 Vidyo, Inc.
11.9.1 Company overview
11.9.2 Product benchmarking
11.9.3 Recent developments
11.10 West Corporation (Intrado Corporation)
11.10.1 Company overview
11.10.2 Product benchmarking
11.10.3 Recent developments
11.11 Zoom Video Communications, Inc.
11.11.1 Company overview
11.11.2 Financial performance
11.11.3 Product benchmarking
11.11.4 Recent developments
For more information about this report visit https://www.researchandmarkets.com/r/qcag3a
