Dublin, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The "Video Conferencing Market by Component (Hardware, Solutions, and Services), Application (Corporate Communications, Training and Development, and Marketing and Client Engagement), Deployment Mode, Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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
Video conferencing solutions are being adopted by businesses all over the world to enhance their client interaction, brand awareness, and marketing initiatives.
Organizations are able to reach a wider audience, connect with them more effectively, and quickly engage audiences with the aid of video conferencing for marketing objectives. By facilitating greater connection with the customers and improving their relationship with the company, video conferencing solutions assist in improving customer engagement.
The major market players, such as Microsoft, Huawei, Cisco, Adobe, and Zoom Video Communication have adopted numerous growth strategies, which include acquisitions, new product launches, product enhancements, and business expansions, to enhance their market shares.
By deployment mode, cloud segment to lead market during forecast period
Due to its lower cost compared to on-premises solutions, cloud-based video conferencing systems are predicted to become more popular.
Utilizing cloud-based video conferencing solutions gives businesses the flexibility they need to adapt to the changing business environment. When SMEs and large businesses implement cloud-based video solutions, they can concentrate on their core capabilities rather than IT procedures. The cloud segment is anticipated to register the largest market size during the forecast period.
By vertical, healthcare and life sciences segment to register the highest CAGR during forecast period
The healthcare and life sciences vertical deals with diverse clinical, administrative, and financial content daily. As a result, video conferencing solutions can be used to consolidate correct clinical information and channelized content insights. By verticals, the healthcare and life sciences segment is projected to register the highest CAGR during the forecast period.
Asia Pacific market to register highest CAGR during forecast period
The video conferencing market is projected to register the highest CAGR in the Asia Pacific region during the forecast period. The various initiatives taken by the government across this region is one of the major factor that drives the adoption of video conferencing solutions in Asia Pacific.
The presence of players, such as IBM, Microsoft, Google, Adobe, and Cisco, with specialized offerings makes the video conferencing ecosystem in Asia Pacific highly competitive.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 238 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $10 Billion |
| Forecasted Market Value (USD) by 2027 | $19.1 Billion |
| Compound Annual Growth Rate | 12.6% |
| Regions Covered | Global |
Premium Insights
- Growing Digitalization and Selling Platforms to Boost Market Growth
- North America to Account for Largest Share in 2022
- Solutions Segment and US to Account for Significant Share in 2022
- Solutions Segment and China to Account for Significant Share in 2022
Market Dynamics
Drivers
- Global Transition Toward Remote Working Culture
- Rising Growth of Cloud-Native Enterprises
- Growing Need to Reduce Cost of Developing Infrastructure
- Increasing Number of Internet Users
Restraints
- Privacy and Security Concerns
- Low Bandwidth and Quality
Opportunities
- 5G Network to Pave Way for Video Conferencing Solutions
- Boom in Video Conferencing Hardware Market
- Rising Inclination for Cell Phone-Based Video Conferencing
Challenges
- Technical Issues
- Preference for Audio Conferences
- Video Conferencing Market Evolution
Market: Ecosystem Analysis
Case Study Analysis
Healthcare & Life Sciences
- Use Case 1: Bayada Home Healthcare Implemented Zoom's Video Conferencing Solution and Logitech's Hardware to Improve Productivity
Education
- Use Case 1: University of Washington Upgraded Its Elearning Solutions with Zoom and Kubi
- Use Case 2: Coastal Bend College Deployed Lifesize Video System Across Its Campuses
Government
- Use Case 1: Pexip Helped Federal Employment Agency Provide Secured Video Communication
- Use Case 2: Pea Deployed Huawei's Video Conferencing Technology
Media and Entertainment
- Use Case 1: Avaya Helped Koch Media Share Large Game Files Between Multiple Sites
Technology Analysis
- Artificial Intelligence and Machine Learning
- Facial and Voice Recognition
- Cloud Services
Company Profiles
Key Players
- Microsoft
- Huawei
- Cisco
- Adobe
- Zoom Video Communications
- Hp
- Avaya
- Goto
- Logitech
- Barco
- Pexip
- Aws
- Bluejeans Network
Other Players
- Enghouse Systems
- Qumu
- Lifesize
- Kaltura
- Kollective
- Sonic Foundry
- Fuze
- Dialpad
- Haivision
- Premiere Global Services
- Startups/Smes
- Daily
- Owl Labs
- Airmeet
- Livestorm
- 100Ms
- Kudo
- Starleaf
For more information about this report visit https://www.researchandmarkets.com/r/e2cxp1
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