Video Conferencing Market Overview:
The global video conferencing market size 2022 will touch USD 19.0 billion at a 12.30% CAGR by 2032, as per the recent Market Research Future report. The trend towards remote work, geographically dispersed business activities, and growing globalization are the main drivers of this expansion.
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Key Players:
Eminent market players profiled in the video conferencing market report include,
- Avaya, Inc.
- AVer Information, Inc.
- Blue Jeans Network, Inc.
- Cisco Systems, Inc.
- Huawei Technologies Co. Ltd.
- Logitech International S.A.
- Microsoft Corporation
- Panasonic Corporation
- Polycom, Inc. (Plantronics, Inc.)
- Zoom Video Communications, Inc.
Drivers:
Launch of AI and ML Based Conferencing Platforms to Boost Market Growth
The industry has significant development opportunities because of the emergence of conferencing systems based on both machine learning & artificial intelligence (AI). By utilizing facial recognition & virtual assistant technology, such solutions enable businesses in maximizing the use of collaboration platforms and increase meeting productivity. Organizations may learn more regarding the perfect meeting size, the ideal meeting duration, & perfect meeting time of the day with the usage of AI in conferencing systems.
Opportunities:
Usage of 5G Technology to offer Robust Opportunities
Voice over Internet Protocol (or VoIP), which is used by 5G, would open up attractive potential for industry expansion. The network speed will increase 20 times more quickly with 5G than it will with 4G technology. In its early stages, 5G is showcasing advancements in telepresence with the holographic conferencing capabilities & Ultra HD video calling. Additionally, 360-Degree video calling too is now available.
Restraints and Challenges:
Data Safety Concerns to act as Market Restraints
Privacy and data safety concerns, high price to deploy hardware solutions, limited functionality offered by the systems, and lack of expertise amid engineers & software developers may act as market restraints over the forecast period.
Market Segmentation:
The global video conferencing market is bifurcated based on application, enterprise type, deployment, conference type, and component.
Based on component, hardware will lead the market over the forecast period.
By conference type, telepresence system will domineer the market over the forecast period.
By deployment, on-premises will spearhead the market over the forecast period.
By enterprise type, large enterprises will spur the market over the forecast period.
By application, small room will have the lions share in the market over the forecast period.
By industry, education will head the market over the forecast period.
COVID-19 Analysis
There was an enormous rise in need for the video conferencing solutions due to the abrupt move to remote work and online learning. To maintain operational continuity, companies and organizations have to immediately embrace these platforms. The necessity for in-person visits during the pandemic was decreased because of the use of telehealth technologies in the healthcare sector, which mainly depended on video conferencing to deliver remote consultations & medical services. For online classrooms and distance learning, colleges and institutions started using video conferencing. As a result, there are now possibilities for specialized educational platforms and learning management system integration.
Regional Analysis:
North America to Command Video Conferencing Market
In 2022, this market was dominated by the North American video conferencing market (45.80%). This is due to the region’s higher adoption rate. The market is expected to grow due to the growth in demand for premium internet & visual meeting services. A few significant rivals have a strong regional presence, and the use of BYOD solutions is growing in popularity, driving up demand for cameras and headphones. In addition, the North American region’s video conferencing industry saw the highest growth in Canada, while the U.S. market had the biggest market share. The market is anticipated to increase as a result of the rising need for high-quality internet & visual meeting services.
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Europe to Have Admirable Growth in Video Conferencing Market
Due to the availability of several video collaboration solutions & services, the Europe market is predicted to exhibit favorable trends over the forecast duration. Additionally, the increase in business spending in R&D will boost Europe’s market share in near future. Thanks to advancements in the mobile broadband technologies such as WiMAX & High-Speed Downlink Packed-Access networks, the market will grow more swiftly. Additionally, the U.K. video conferencing market grew at the highest rate in the European area, while the German market for video conferencing had the biggest market share.
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