According to a new market research report published by Acute Market Reports “Video Conferencing Market (Corporate Enterprises, Healthcare, Government & Defense, Education, Media & Entertainment and Others (Retail, Manufacturing and Residential) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2023 - 2030”, the global video conferencing market was valued at US$ 7,022.4Mn in 2021 and is estimated to expand with a CAGR of 12.7% from 2023 to 2030.
Browse the full report at https://www.acutemarketreports.com/report/video-conferencing-market
Market Insights
The ongoing COVID-19 pandemic has provided an unprecedented opportunity for the video conferencing market due to the lockdown restrictions and rising need for work from home. Numerous small and medium organizations that previously were not opting for paid video conferencing solutions have now quickly subscribed with video conferencing services to ensure business continuity and workforce collaboration. In addition, end-use segments such as healthcare and education have also witnessed enhanced adoption of video conferencing solutions since the start of 2023. Owing to the higher demand and continued adoption, the global video conferencing market is expected to witness tremendous growth during the forecast period from 2023 to 2030.
Video conferencing refers to video communication among two or more participants in real-time. With the rising globalization of business organizations worldwide, the need for flexible, scalable, and cost-effective communication techniques have grown substantially since the past few years. Video conferencing is a viable solution for organizations to organize online conferences thereby eliminating the costs related to traveling and accommodation. Likewise, video conferencing acts as a boon for business entities having multiple geographical locations requiring frequent collaboration. Video conferencing solutions are available both; on-premise as well as cloud-based. Video conferencing vendors also offer managed solutions with the intent of delivering a more feasible and cost-effective solution to consumers. As a result, the market is witnessing a paradigm shift towards cloud-based solutions due to their low costs as compared to the on-premise deployment. Corporate enterprises and government & defense are the largest consumer segments for these solutions. Due to the growing penetration of video conferencing solutions across these segments worldwide, advanced solutions such as high definition (HD) video conferencing services are likely to become popular in the coming years.
Competitive Insights
The global video conferencing market is highly consolidated in nature with few major players accounting for more than 60% of the total market revenue. Major companies dominating the market include Cisco Systems, Inc., and Polycom, Inc. Some of the other prominent players in the market are Zoom Video Communications, Inc., BlueJeans, ZTE Corporation, Microsoft Corporation, Google, LLC, Vidyo, Inc., and Avaya, Inc. The market is largely technology-driven and hence highly competitive in nature. Thus, most of these players focus on offering viable and cost-effective solutions in order to sustain in the market. As a part of providing advanced solutions, video conferencing vendors focus on delivering cloud-based and high-quality video services.
Key Trends
