Due to expanding globalization among the business organizations worldwide and the resulting lockdown restrictions and work from the home model due to the ongoing COVID-19 pandemic, the need for effective collaboration techniques for real-time video communication has spurred substantially. In addition to this, organizations look for cost effective solutions that can fulfil their need seamlessly. Apart from the corporate enterprises from different industry verticals, segments such as healthcare and education are increasingly shifting towards video conferencing in order to ensure effective delivery of services for participants at their home. Thus, healthcare and education segments are expected to emerge as the most promising segments for video conferencing market in the following years. Additionally, with growing shift towards cloud-based solutions, the market for cloud-based video conferencing solutions is estimated to expand substantially in the following years. Although issues including limited channel capacity, frequency spectrum shortage, and complexity related with the deployment resulting in increased up-front cost have somewhat marred the market growth, the advancements in wireless technology are expected to tame the impact of these challenges over the forecast period. The video conferencing market worldwide accounted for revenue of US$ 7,022.4Mn in 2021. The market is projected to expand with a CAGR of 12.7% during the forecast period from 2023 to 2030.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Global Video Conferencing Market- Growth, Share, Opportunities and Competitive Analysis, 2023 – 2030” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them to make informed strategic decisions related to the opportunities in the global video conferencing industry.
Target Audience
USPs and Key Offerings
The report titled “Global Video Conferencing Market- Growth, Share, Opportunities and Competitive Analysis, 2023 – 2030” offers strategic insights into the global video conferencing market along with the market size and estimates for the duration 2020 to 2030. The said research study covers in-depth analysis of multiple market segments based on deployment models, end-users, and cross-sectional study across different geographies. The revenue estimates for Government & Defense segment have been evaluated considering different types of government viz. Federal, State, and Local. The market, on the basis of the deployment model, has been evaluated considering the basic components i.e. hardware, software, and services. In order to help strategic decision-makers, the report also includes competitive profiling of the leading video conferencing solutions vendors, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global video conferencing market, offering market size and estimates for the period from 2023 to 2030, keeping in mind the above-mentioned factors.
Deployment Model Segmentation Analysis
In 2021, the global video conferencing market was dominated by the on-premise video conferencing deployment model with market share of over 50% of the total market revenue. The on-premise deployment model consists a complete solution including hardware and software required for video conferencing setup. This makes on-premise mode of deployment costlier as compared to the other modes of deployment. Popular hardware required for installation of video conferencing setup includes servers, network infrastructure, video screens, cameras, audio systems and other accessories. On-premise deployment model segment is largely backed by the large corporate enterprises and government & defense segments where the consumers have high budgets coupled with high reliability requirement. Nevertheless, with growing adoption of cloud-based services across different applications worldwide, the demand for cloud-based video conferencing solutions is expected to register high growth, in terms of revenue and adoption, in the following years. The penetration of cloud-based video conferencing solutions is majorly due to their low costs, flexibility and ease of scalability as compared to the on-premise video conferencing solutions. In addition to this, the demand for cloud-based video conferencing solutions is also supported by the increasing emergence of small and medium enterprises (SMEs) worldwide. In emerging economies such as India and China, the demand for cloud-based video conferencing solutions is expected to remain high in the following years.
End-user Segmentation Analysis
The global video conferencing market was dominated by the corporate enterprise's segment in 2021, with a market share, in terms of revenue, of over 40% of the overall market. The corporate enterprise segment comprises business organizations across different industry verticals such as IT and telecommunication, banks, financial services, and insurance (BFSI), business process outsourcing (BPO) organizations, and others. With the growing globalization of business enterprises, the need for effective video collaboration is predicted to remain strong thereby leading to the dominance of the segment throughout the forecast. Nevertheless, due to the increasing penetration of IT-based services in the healthcare industry, the healthcare segment is projected to register the highest growth in the coming years globally. The segment is estimated to expand with a CAGR of 15.2% from 2023 to 2030. Apart from healthcare, education is another lucrative segment expected to register high growth in the global video conferencing market in the coming years. Further, segments such as government & defense and media & entertainment are expected to witness steady growth during the forecast period. This is attributed to the fair penetration of video conferencing solutions across the segments. The demand for video conferencing solutions in the government & defense segment is mainly backed by the federal governments and judiciaries in major countries worldwide.
Geography Segmentation Analysis
In 2021, the global video conferencing market was dominated by North America accounting for more than one-third of the total market revenue. The high market share in the region is in the lieu of strong penetration of video conferencing solutions across various industry verticals. North America is among the leading regions, in terms of penetration of video conferencing solutions, in the healthcare industry. Additionally, due to high technology acceptance (especially HD services) coupled with the presence of leading companies such as Cisco Systems, Inc. and Polycom, Inc. in the region, the segment is estimated to hold its dominant position in the global market throughout the forecast period. Similarly, Europe accounts for the second-largest share, in terms of revenue, of the video conferencing market worldwide. However, Asia Pacific is poised to register the highest growth in the global video conferencing market in the coming years. The growth is largely expected from China and India due to the high adoption rate of video conferencing solutions across various industry verticals.
Overview: Video Conferencing
Video conferencing refers to two-way audio/video communication used to enable communication between two or more people located at different locations. These solutions should not be confused with video phones which include communication between individuals only and not groups. Video conferencing solutions are being used for more than four decades especially in government applications. Nevertheless, the high cost (due to availability of on-premise solutions only) of these systems is the most significant factor responsible for late adoption in commercial applications. Video conferencing solutions are being used approximately since the early 1980s in commercial applications such as corporate enterprises, media & entertainment, and others. Physically, over several decades, the market has evolved from desktop-based video conferencing to cloud-based video conferencing facilitated by mobile devices.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Video Conferencing market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Deployment Model
| |
End-user
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
