Video Conferencing Market Share And Industry Trends, Forecasts Till, 2022 - 2030.

The global video conferencing market size was valued at USD 4.21 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.4% from 2021 to 2028. Factors such as the globalization of businesses, geographically scattered operations, and the rising adoption of remote working models are expected to drive market growth over the forecast period. The rapid adoption of video conferencing solutions in the telemedicine and education sectors is also anticipated to play a pivotal role in the growth of the market. Furthermore, lockdowns implemented amid the COVID-19 pandemic globally have resulted in a massive rise in demand for video conferencing and teleconferencing solutions as businesses and individuals sought ways of remaining connected.

The sudden shift of several businesses to the remote working model created an exponential demand for cloud conferencing software and services. Applications such as Zoom and Microsoft Teams have witnessed exponential growth during the first half of 2020. Despite the vast growth witnessed by the software segment, the overall market growth suffered in 2020 due to a decline in the demand for video conferencing hardware and related peripherals. In the hardware segment, the demand for enterprise endpoints was impacted negatively due to the temporary closure of organizations and other industries. This, in turn, resulted in a significant rise in demand for consumer hardware such as webcams and headsets.

Gather more insights about the market drivers, restrains and growth of the Global Video Conferencing market

Moreover, the increased use of cloud-based video conferencing solutions has given organizations access to vast amounts of data about video meeting habits. The use of conferencing platforms integrated with AI and machine learning is allowing companies to optimize the use of the collaboration platform and increase the efficiency of meetings by deploying virtual assistants and facial recognition technologies. Artificial Intelligence (AI) in conferencing solutions has enabled organizations to gain insights about aspects such as the optimal length of a meeting, the ideal number of participants, and the best time of the day to hold a meeting. Additionally, developments in the field of voice recognition are helping enterprises analyze the content of meetings, draw a comparative analysis between meetings in an organization, and make suggestions regarding connections among people with complementary skills.

The growing need for effective enterprise communication and large-scale investment by various organizations for modernizing communication networks are expected to propel the market. Rising mobility requirements of remote workers and workforces are driving the need for mobile devices, which has amplified the use of conferencing solutions among consumers. Conferencing and collaboration solutions, along with advanced hardware, have become an integral part of a range of businesses for delivering next-generation communication capabilities.

Browse through Grand View Research's Communication Services Industry Research Reports.

Supply Chain Management Market - The global supply chain management market size was valued at USD 16.64 billion in 2021 and is expected to expand at a CAGR of 10.8% from 2022 to 2028. The increasing demand and usage of supply chain management software and services by various enterprises and industries to effectively manage all the data generated in the business and enhance business operations are expected to propel market growth.

Fixed Voice Market - The global fixed voice market size was valued at USD 142.2 billion in 2021 and is expected to decline at a compound annual growth (CAGR) of -2.3% from 2022 to 2028. Due to decreased circuit-switched subscriptions among businesses and consumers and a drop in average revenue per user (ARPU), fixed voice service revenue is expected to shrink in the coming years.

Video Conferencing Market Segmentation

Grand View Research has segmented the global video conferencing market based on component, deployment, enterprise size, application, end use, and region:

Video Conferencing Component Outlook (Revenue, USD Million, 2017 - 2028)

• Hardware

o   Camera

o   Microphone/Headphone

o   Others

• Software
• Services

o   Professional Services

o   Managed Services

Video Conferencing Deployment Outlook (Revenue, USD Million, 2017 - 2028)

• On-premise
• Cloud

Video Conferencing Enterprise Size Outlook (Revenue, USD Million, 2017 - 2028)

• Large Enterprises
• Small & Medium Enterprises (SMEs)

Video Conferencing Application Outlook (Revenue, USD Million, 2017 - 2028)

• Consumer
• Enterprise

Video Conferencing End-use Outlook (Revenue, USD Million, 2017 - 2028)

• Corporate
• Education
• Healthcare
• Government & Defense
• BFSI
• Media & Entertainment
• Others

Video Conferencing Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America

o   U.S.

o   Canada

• Europe

o   U.K.

o   Germany

• Asia Pacific

o   China

o   India

o   Japan

• Latin America

o   Brazil

• Middle East & Africa

Market Share Insights

July 2020 - Zoom announced the launch of its hardware devices category. The first device launched in the category was Zoom for Home - DTEN ME, an all-in-one personal collaboration device for remote workers. Partnerships, mergers and acquisitions, and collaborations are some other strategies adopted by leading players to remain competitive.

October 2020 - Cisco Systems, Inc. acquired BabbleLabs to improve the functionality of the Cisco WebEx Platform via speech enhancement and noise removal technology. This has aided the organization to improve its conferencing and communications applications and raise the quality of its video meeting experience.

Key Companies profiled:

Some prominent players in the global Video Conferencing market include

• Avaya, Inc.
• Cisco Systems, Inc.
• Huawei Technologies Co., Ltd.
• Logitech International S.A.
• Microsoft Corporation
• Polycom Inc.
• Zoom Video Communications, Inc.

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