Dublin, April 26, 2023 (GLOBE NEWSWIRE) -- The "Video Conferencing Software Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global video conferencing software market was valued at US$13.872 billion in 2021 and is expected to grow at a CAGR of 11.01% over the forecast period to reach a market size of US$28.817 billion by 2028.
Companies Mentioned
- Zoom Communications Inc.
- Microsoft
- Cisco
- GoTo
- BlueJeans
- Dialpad Inc
- TeamViewer
- LifeSize
- Zoho Corporation Pvt Ltd
A live, visible link between two or more distant people through the internet that mimics a face-to-face conference is known as video conferencing. Since it brings together individuals who ordinarily would not be able to interact face-to-face, video conferencing is crucial.
The growing demand for video conferencing software and services from companies around the world, work-from-home culture and increased globalization is driving growth for the global market during the forecast period. Integration of advanced technology such as AI, ML and IoT, coupled with the growing adoption of devices such as smartphones, laptops, and tablets will also propel market growth.
However, the lack of network and connectivity infrastructure along with an absence of knowledge and skilled manpower, especially in developing and underdeveloped nations, and the high cost associated with this software is limiting the growth of the global video conferencing software market during the anticipated period. But, the availability of high-tech and sophisticated hardware solutions such as 4K cameras, premium microphones etc and continuous product development and innovation in this field is providing massive opportunities to key market players worldwide.
The video conferencing software market is driven by growing demand from business firms and companies.
Desktop video conferencing is a crucial part of unified communications solutions in the corporate sector, which also provide calling and texting features. Numerous manufacturers also provide standalone on-premises and cloud-based video conferencing solutions that may be integrated into commercial applications.
Due to the COVID-19 pandemic, the abrupt shift in many companies towards a work-from-home model boosted the demand for video conferencing software and services. Even after the pandemic, various companies are offering their employees hybrid and remote work models. For instance, hybrid work situations are anticipated to increase from 42 per cent in 2021 to 81per cent in 2024, according to a recent AT&T research. Additionally, 48% of businesses continue to allow some kind of remote work for their employees, according to FlexJobs' Employee Engagement Report.
The usage of video conferencing boosts productivity while cutting down on the overall costs of in-person meetings. To reduce time and operating expenses, international businesses are increasingly implementing video conferencing systems for video meetings and conversations and group webinars. According to a survey conducted by LifeSize a global leader in providing video meeting solutions says that For 94% of businesses and firms, video conferencing increases employee productivity.
According to Zoom's annual report, Zoom has 300 million daily meeting attendees in 2020 and just 10 million in 2019. Microsoft Teams software had 250 million daily attendees in 2021 whereas Cisco WebEx 324 million users the same year. The data from Google Trends show that since January 2020, consumer interest in web and video conferencing software has grown dramatically.
North America accounts for major shares of the video conferencing software market.
By geography, the tank level monitoring market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The North American region is expected to witness growth in the video conferencing market owing to the availability of a highly sophisticated network infrastructure. Moreover, countries like USA and Canada are relatively mature regarding the early adoption of any new technology including video conferencing technology. The video conferencing market in North America is segmented into the United States of America, Canada and Mexico.
Key Developments.
- ScreenBeam Inc., a leader in wireless display and video conferencing technologies, introduced a new Grant Program in February 2023 that was open to qualified K-12 academic organizations in the United States and Canada. The ScreenBeam Spring K12 Grant Program offers tools, such as The ScreenBeam 1100 Plus (SBWD1100P) with ScreenBeam Conference Software, to promote inclusive hybrid and remote learning on campus. The SBWD1100P with ScreenBeam Conference Software enables wireless display from student and instructor devices without the use of adapters or cords. The in-room equipment, including webcams, mics, and speaker systems, can be easily connected using the ScreenBeam Conference software.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 111 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $13.87 billion |
| Forecasted Market Value (USD) by 2028 | $28.82 billion |
| Compound Annual Growth Rate | 11.0% |
| Regions Covered | Global |
Market Segmentation:
By Deployment Model
- On-Premise
- Cloud
By Enterprise Size
- Small
- Medium
- Large
By Industry Vertical
- Education
- Communication and Technology
- Defense
- Healthcare
- BFSI
- Others
For more information about this report visit https://www.researchandmarkets.com/r/cibe4b
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