Selbyville, Delaware,, Jan. 17, 2023 (GLOBE NEWSWIRE) --
The video conferencing market valuation is projected to surpass USD 95 billion by 2032, as reported in a research study by Global Market Insights Inc.
Growing trend of IT firms providing partial or permanent WFH options to their employees is likely shaping the market growth. According to the U.S. Census Bureau, the number of people working from home has tripled from 9 million to 27.6 million between 2019 and 2021.
A 2020 BRS survey conducted by the U.S. Bureau of Labor Statistics, between July and September 2020, found that more than 31% of the surveyed establishments increased their telework capabilities in response to the pandemic. Meanwhile, as corporate enterprises truly turn global, many are increasingly turning to video conferencing as a vital tool to connect with employees, workforces, and customers across vast distances.
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The video conferencing market from the software component segment is poised to cross USD 30 billion by 2032, due to the growing adoption of cloud-based video conferencing solutions among small enterprises. Many SMEs are adopting these solutions due to budgetary constraints related to the construction of on-premises hardware capabilities. In addition, cloud-based video conferencing systems also remove the interoperability and provide increased security, augmenting segment development.
The room-based segment is estimated to observe around 10% growth rate between 2023 and 2032, driven by the rising demand for room-based video conferencing systems among small and medium-scale businesses. These enterprises need a scaled-down version of the vast unified collaboration system that are used across bigger organizations. The compact nature of room-based video conferencing solutions is ideal for SMEs for their virtual meetings and webinars.
Based on application, the video conferencing market from healthcare segment is expected to witness 15% CAGR through 2032, propelled by rising demand for telehealth services across the healthcare sector. The accelerated demand for video conferencing technology in the sector is being impelled by the rapid evolution of the global healthcare industry, where more and more technological advancements are being incorporating in the field. Video conferencing-based telehealth services help patients get a proper medicinal consultation from the comfort of their home, saving both time and money.
The Latin America video conferencing market is anticipated to reach USD 4 billion by 2032, on account of the region’s burgeoning education sector. Increasing penetration of distance learning solutions is creating numerous opportunities for the market by stimulating a strong demand for advanced video conferencing solutions that enable efficient learner-teacher collaboration.
Prominent participants operating across the video conferencing market include Adobe Systems Incorporated, Cisco Systems, Inc., Google LLC, Avaya Inc., Microsoft Corporation, Zoom Video Communications, Inc., Logitech, and BlueJeans. With the pandemic as the catalyst, the industry has witnessed momentous growth over the past couple of years, with companies turning to mergers and acquisition to expand their presence in a growing market.
To cite an instance, in 2021, Pexip, an enterprise video communication platform provider, acquired Skedify, a Belgium-based SaaS customer engagement solution, to expedite the delivery of video-based B2C applications. This strategic move has help Pexip provide an end-to-end solution that caters to customer requirements in key verticals, including high-involvement retail, and financial services, among others.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Video conferencing market 3600 synopsis, 2018 - 2032
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Component trends
2.1.4 Type trends
2.1.5 Application trends
Chapter 3 Video Conferencing Market Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.2.1 North America
3.2.2 Europe
3.2.3 Asia Pacific
3.2.4 South America
3.2.5 MEA
3.3 Impact of Russia-Ukraine conflict
3.4 Industry ecosystem analysis
3.4.1 Raw material suppliers
3.4.2 Component suppliers
3.4.3 Manufacturers
3.4.4 Technology/software providers
3.4.5 System integrators
3.4.6 Service providers
3.4.7 Distributors
3.4.8 Profit margin analysis
3.4.9 Vendor matrix
3.4.9.1 Raw material suppliers
3.4.9.2 Component suppliers
3.4.9.3 Manufacturers
3.4.9.4 Technology/software providers
3.4.9.5 System integrators
3.4.9.6 Service providers
3.4.9.7 Distributors
3.5 Architecture analysis
3.5.1 Mixing based
3.5.2 Multiplexing based
3.5.3 Scalable video coding based
3.6 Industry evolution
3.7 Business model
3.7.1 Infrastructure as a software
3.7.2 Infrastructure as a cloud service
3.7.3 Business model adjustment
3.8 Technology & innovation landscape
3.8.1 SoftCodec
3.8.2 Virtual reality
3.8.3 WebRTC
3.8.4 Artificial intelligence
3.8.5 Advanced video compression formats
3.9 Regulatory landscape
3.9.1 North America
3.9.2 Europe
3.9.3 Asia Pacific
3.9.4 South America
3.9.5 MEA
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Growing demand for unified communication in the U.S. and Europe
3.10.1.2 Increasing trend of work from home and online learning globally
3.10.1.3 Demand for high-speed communication infrastructure in Asia Pacific
3.10.1.4 Increasing trend for cloud applications in Latin America
3.10.1.5 Rising need to reduce communication cost among organizations
3.10.2 Industry pitfalls & challenges
3.10.2.1 Cost & complexity of solutions
3.10.2.2 Volatile competitive landscape
3.11 Key initiatives & news
3.12 Investment portfolio
3.13 Growth potential analysis
3.14 Porter’s analysis
3.14.1 Supplier power
3.14.2 Buyer power
3.14.3 Threat of new entrants
3.14.4 Threat of substitutes
3.14.5 Internal rivalry
3.15 PESTEL analysis
3.15.1 Political
3.15.2 Economic
3.15.3 Social
3.15.4 Technological
3.15.5 Environmental
3.15.6 Legal
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
