Video Conferencing Market
Video Conferencing Market - Global Industry Assessment & Forecast
- By Component Hardware, Solutions, Services
- By Application Corporate Communication, Training and Development, Marketing and Client Engagement
- By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 9.53 Billion|
|Revenue 2030:||USD 38.59 Billion|
|Revenue CAGR (2023 - 2030):||19.10%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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Global Video Conferencing Market is valued at USD 9.53 Billion in 2022 and is projected to attain a value of USD 38.59 Billion by 2030 at a CAGR of 19.10% during the forecast period, 2022–2028.
As technology advances, more people are relying on Video Conferencing to communicate. In the last 5 years, this market has seen an increase of over 100%. Even higher numbers are predicted in the next five years as new technologies come out, which is further supported by outbreak of Covid-19 pandemic and growth in work from home. Video Conferencing systems can be used by several different groups of people including those in remote or marginalized areas with limited access to healthcare or education, those who want live interaction but cannot easily travel to a meeting location, those who need confidentiality for sensitive conversations (such as those about sexual abuse) or for free conference calls.
Video Conferencing Market Size, 2022 To 2030 (USD Billion)
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Increased Number of Companies, School and Colleges Opting for Video Conferencing
More and more companies are adding Video Conferencing to their repertoire because it allows them to take care of business from anywhere. This is a good idea because workers can often accomplish more when they're not in the office. Eliminating the need for many people to commute also reduces traffic and promotes a healthier environment.
Global Video Conferencing Market is Segmented by Component (Hardware, Solutions, and Services), Application (Corporate Communication, Training and Development, and Marketing and Client Engagement), Deployment Mode, Vertical, and Region.
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By End Users, Growing Demand for Video Conferencing in Education and Corporate World
With the ever-increasing pace of globalization and the trend of technology-driven changes in organizational culture, there is a growing demand for Video Conferencing in education and corporate world. Video Conferencing can be accessed on laptops, tablets, smartphones and even TV's (with a simple adapter). Most importantly, it has increased the ability to collaborate with colleagues around the world.
Asia Pacific to Dominate Video Conferencing Market
More and more Asian firms are turning to Video Conferencing. This includes companies in Singapore, the Philippines, China, Japan, and Taiwan. In the next five years, this region is expected to account for 44% of global sales in the field of videoconferencing systems and services. The demand for Video Conferencing is so high that there are currently only 130 such systems available. This translates to a seven year-long waiting list for these systems.
Zoom Video Communications, Inc. (Zoom), Microsoft Corporation (Microsoft), Cisco Systems, Inc. (Cisco), Huawei Technologies Co. Ltd (Huawei), Adobe Systems Incorporated (Adobe), Avaya, Inc. (Avaya), Google, LLC (Google), Amazon Web Services, Inc. (AWS), Plantronics, Inc. (Poly), Enghouse Systems Limited (Enghouse Systems), LogMeIn, Inc. (LogMeIn), Qumu Corporation (Qumu), Pexip, AS (Pexip), Lifesize, Inc. (Lifesize), Sonic Foundry Inc. (Sonic Foundry), Kaltura Inc. (Kaltura), Kollective Technology, Inc. (Kollective), BlueJeans Network (BlueJeans Network), HighFive Inc. (HighFive), StarLeaf Inc. (StarLeaf), Logitech International SA (Logitech), Fuze Inc. (Fuze), Barco NV (Barco), Premium Global Services Inc. (PGi), and Haivision Inc. (Haivision).
Video Conferencing Market is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
What is the global demand for Video Conferencing in terms of revenue?
The global Video Conferencing valued at USD 9.53 Billion in 2022 and is expected to reach USD 38.59 Billion in 2030 growing at a CAGR of 19.10%.
Which are the prominent players in the market?
The prominent players in the market are Zoom Video Communications, Inc. (Zoom), Microsoft Corporation (Microsoft), Cisco Systems, Inc. (Cisco), Huawei Technologies Co. Ltd (Huawei), Adobe Systems Incorporated (Adobe), Avaya, Inc. (Avaya), Google, LLC (Google), Amazon Web Services, Inc. (AWS), Plantronics, Inc. (Poly), Enghouse Systems Limited (Enghouse Systems), LogMeIn, Inc. (LogMeIn), Qumu Corporation (Qumu), Pexip, AS (Pexip), Lifesize, Inc. (Lifesize), Sonic Foundry Inc. (Sonic Foundry), Kaltura Inc. (Kaltura), Kollective Technology, Inc. (Kollective), BlueJeans Network (BlueJeans Network), HighFive Inc. (HighFive), StarLeaf Inc. (StarLeaf), Logitech International SA (Logitech), Fuze Inc. (Fuze), Barco NV (Barco), Premium Global Services Inc. (PGi), and Haivision Inc. (Haivision)..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 19.10% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Video Conferencing include
- Transformed global workforce
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Video Conferencing in 2022.