Pune, India, May 11, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global video conferencing market size was valued at USD 7.02 billion in 2022 and is projected to grow from USD 7.76 billion in 2023 to USD 17.05 billion by 2030, exhibiting a CAGR of 11.9% during the forecast period. Rising Inclination for Remote and eLearning to Aid Market Augmentation.
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The rising popularity of video banking solutions owing to their advantages such as improved customer engagement and high employee productivity contributes to market growth in the forthcoming years. The launch of new video financial services by key players is further elevating market expansion. This information is provided by Fortune Business Insights, in its report titled, Video Conferencing Market Forecast, 2023-2030.
Key Industry Development:
March 2022: Crestron, a global leader in workplace automation and collaboration solutions, acquired intelligent video technology developed by 1 Beyond. The integration of this technology will strengthen the Crestron ecosystem and core competency in AV, video conferencing, and control and automation for collaboration rooms of all styles, purposes, and sizes.
Key Takeaways
- Video conferencing sessions are real-time visual sessions between one or more participants.
- Rising Demand for Conferencing Software and Services to Ease Business Operations
- Rising Adoption of Video Banking to Aid Market Augmentation
- By Conference Type Analysis: Growing Demand for Higher Quality Conference to Boost Telepresence System Growth
- Video Conferencing Market Size in North America was USD 2.72 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Video Conferencing Market are Avaya, Inc. (U.S.), AVer Information, Inc. (Taiwan), Blue Jeans Network, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Huawei Technologies Co. Ltd. (China), Logitech International S.A. (Switzerland), Microsoft Corporation (U.S.), Panasonic Corporation (Japan), Polycom, Inc. (Plantronics, Inc.) (U.S.), Zoom Video Communications, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.9% |
| 2030 Value Projection | USD 17.05 Billion |
| Base Year | 2022 |
| Video Conferencing Market Size in 2022 | USD 7.02 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Component, Conference Type, Deployment, Enterprises Type, Application Industry and Geography |
| Video Conferencing Market Growth Drivers | Rising Inclination for Remote and eLearning to Aid Market Augmentation |
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Drivers and Restraints:
Rising Inclination for Remote and eLearning to Aid Market Augmentation
Institutions, universities, schools, and K-12 have increasingly adopted conferencing solutions to use remote learning as a substitute for traditional classrooms. The COVID-19 pandemic resulted in the closure of educational institutions which generated the need to adopt alternatives for traditional teaching and learning modes. As a result, several educational institutions are collaborating with video communication services to expand remote learning. They are moving towards advanced software programs to provide an efficient learning experience to students.
On the other hand, concerns regarding data safety and privacy and the high cost of deploying hardware solutions will hinder video conferencing market growth in the upcoming years.
Segments:
By Component
- Hardware
- Software
By Conference Type
- Telepresence System
- Integrated System
- Desktop System
- Service-based System
- Others
By Deployment
- Cloud
- On-premises
By Enterprise Type
- Small and Medium Enterprises
- Large Enterprises
By Application
- Small Room
- Huddle Rooms
- Middle Rooms
- Large Rooms
By Industry
- IT & Telecom
- Government
- Healthcare
- Manufacturing
- BFSI
- Education
- Media & Entertainment
- Others
By Region
- North
- Europe
- Asia Pacific
- Middle East & Africa
Regional Insights:
North America to Dominate Due to Presence of Leading Companies
North America market is projected to capture the largest share among all regions owing to presence of leading players such as Microsoft Corporation, Zoom Video Communications, Inc., Cisco Systems, Inc., and others and early adoption of emerging technologies.
Asia Pacific market is slated to grow significantly in the upcoming years owing to the rise in demand for video communications solutions for automated processes in the research and education sectors.
Europe market is anticipated to showcase positive trends over the forecast timeframe due to the availability of a large number of video collaboration solutions and services. Moreover, the rising number of corporate investments in research and development will elevate Europe market share in the near future.
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Competitive Landscape:
Collaborations Between Industry Leaders to Propel Market Expansion
Tactical decisions undertaken by leading companies to maximize profits, improve product portfolio, and enhance geographical reach include partnerships, product launches, mergers & acquisitions, and collaborations. For instance, in September 2021, Zoom Video Communications, Inc. collaborated with Amazon Web Services (AWS) Marketplace to provide video conferencing solutions to federal, state, and local government clients.
FAQ’s
How big is the Video Conferencing Market?
Video Conferencing Market size was USD 7.02 billion in 2022.
How fast is the Video Conferencing Market growing?
The Video Conferencing Market will exhibit a CAGR of 11.9% during the forecast period, 2023-2030
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