According to a new market research report titled "Video
Conferencing Market by Technology (VaaS, USB-VC, Room-based Codec System),
Component, Deployment Mode, Organization Size, End User (Education, IT &
Comm., Healthcare, BFSI, Oil & Gas, Legal, Media) - Global Forecast to
2028", published by Meticulous Research®, the video conferencing market is
expected to grow at a CAGR of 15.5% from 2021 to 2028 to reach $24.4 billion by
2028.
Video conferencing is a technology that allows users in
different locations to hold face-to-face meetings. It is widely utilized for
business meetings and training purposes. The use of video conferencing
witnessed remarkable growth from 2020 due to the lockdowns imposed by several
governments worldwide.
The growth of the overall video conferencing market is
mainly attributed to the COVID-19 pandemic and the consequent global lockdown,
which affected most industries impacting the global economy. To counter this
escalating situation, many industries adopted the remote working culture, where
employees could safely work from their chosen locations and collaborate using
video conferencing apps such as Zoom, Meet, and Teams.
In addition to the growing acceptance of the work-from-home
culture among various sectors, many industries are also adopting video
conferencing tools to reduce quarterly and annual spending on infrastructure
maintenance. Companies that have adopted video conferencing tools have also
recorded improved employee productivity, time and cost savings on
transportation, and improved communication & collaboration among team
members, further boosting the demand for video conferencing solutions among
various industries.
The pandemic has severely affected many sectors globally,
including the education sector. However, this sector has quickly adopted the
new collaboration solutions and restored itself within just a few months post
the lockdown. IT & telecommunication has been the leading adopter of this
technology from even before the outbreak of the COVID-19 pandemic. However, the
global lockdown further boosted the use of video conferencing technology in the
industry. Additionally, the healthcare sector has also increased the adoption
of video conferencing solutions to improve patient care & monitoring and
reduce the burden on hospital staff and infrastructure.
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The Impact of COVID-19 on the Video Conferencing Market
The spread of COVID-19 has had an unprecedented impact on
public health and industrial structures, accelerating social reforms in several
areas. Due to stringent government policies of social distancing, lockdowns,
and work from home culture adoption, people were forced to communicate through
the latest tools and devices to complete their work. Thus, video conferencing
tools gained huge demand through this period. Amongst the disruption caused by
the pandemic in the business sector, video conferencing was one of those few
entities that witnessed exponential growth in adoption as the need for
communicating through remote places grew extensively.
The video conferencing market witnessed tremendous growth
amidst the pandemic as lockdowns forced many individuals across the globe to
work-from-home and attend online classes, which led to a surge in the adoption
of popular software like Zoom, Skype, and Microsoft Teams. For instance, in
October 2020, Microsoft Teams registered more than 115 million daily active
users. Thus, with advancements in technology and increasing usage of this
technology, the market is poised to grow immensely.
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Work-from-home Culture to Drive the Video Conferencing
Market Growth
The outbreak of the COVID-19 pandemic changed the overall
working culture of the majority of the companies around the world due to
lockdowns and social distancing policies. The companies had to adopt work from
home culture. This led to an increase in dependency of the employees, students,
and other professional workers on video conferencing tools such as Skype, Zoom,
Google Duo, and Microsoft Teams, among others, for effective communication. As
a result, the market observed high traction in the demand and adoption of these
tools.
Furthermore, by working from home, the companies witnessed
improved employee productivity due to less time for commuting, better work-life
balance, and location independence. This factor allowed companies to retain
this policy for a longer period, increasing the usage of video conferencing
tools. In April 2020, Tata Consultancy Services (TCS), an India-based IT
service provider, announced its plan to allow 75% of employees, around 4.5
lakh, to work from home until 2025. Furthermore, Infosys, a major IT service
provider, has permanently announced flexible work from home model.
Video Conferencing Market Overview
Meticulous Research® has segmented the overall video
conferencing market based on technology (VaaS, USB-VC, room-based codec
systems), component, deployment mode, organization size, end user (education,
IT & communication, healthcare, BFSI, oil & gas, legal, media), and
geography (Asia-Pacific, Europe, North America, Latin America, and the Middle
East & Africa).
Based on technology, the video conferencing market is
segmented into video-as-a-service (VaaS), USB video conferencing, and
room-based codec systems. In 2021, the video-as-a-service (VaaS) segment is
expected to account for the largest share of the overall video conferencing
market. The growing adoption of video-as-a-service in the corporate, IT &
telecommunication, healthcare, education, and public, among other sectors, is
driving the growth of this segment. In its most recent versions, video-as-a-service
allows for the transmission of full-motion video and high-quality audio between
multiple locations. In addition, cloud-based video services enable
organizations to deploy video conferencing solutions quickly and with minimal
infrastructural investments.
Based on component, the video conferencing market is
segmented into solutions and services. In 2021, the solutions segment accounted
for the largest share of the overall video conferencing market. The larger
share of the solutions segment is mainly attributed to the exponential adoption
of video conferencing apps such as Zoom, Microsoft Teams, WebEx, and Google
Meet among various industries, such as IT & communications and education.
Based on deployment mode, the video conferencing market is segmented
as cloud deployment and on-premise deployment. In 2021, the cloud deployment
segment is estimated to account for the larger share of the overall video
conferencing market. The large share of this segment is mainly attributed to
the higher efficiency and lower investment requirements of cloud deployment
compared to on-premise. The segment is also expected to register a higher CAGR
during the forecast period due to the entry of major cloud service providers
such as Amazon, Google, and Microsoft.
Based on organization size, the video conferencing market is
segmented into large enterprises and small & medium-sized enterprises
(SMEs). In 2021, the SMEs segment is estimated to account for the larger share
of the video conferencing market. The large share of this segment is mainly
attributed to the affordable subscription plans and customized user interfaces
(UIs) offered by leading video conferencing solution providers.
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Based on end user, the video conferencing market is
segmented into education; healthcare; government, defense, & public
sectors; BFSI; media & entertainment; law & legal; manufacturing; oil,
gas, & energy; and IT & telecommunication. In 2021, the IT &
telecommunication segment accounted for the largest share of the global video
conferencing market. However, the education segment is expected to record the
highest CAGR during the forecast period due to the growing number of online education
platforms and the need to conduct online lectures among universities and
educational institutions, such as colleges and schools.
Geographically, the global video conferencing market is
segmented into five major regions: North America, Europe, Asia-Pacific, Latin
America, and the Middle East & Africa. In 2021, the North American region
accounted for the largest share of the global video conferencing market. The
large share of North America is attributed to the presence of many IT companies
and the growing need to connect their large workforce available at different
locations. Also, the region is technologically advanced, and there is swift
adoption of video conferencing in daily work schedules. However, the
Asia-Pacific region is expected to account for the fastest growth during the
forecast period. Rapid growth in the number of SMEs in regional economies and
increasing internet penetration are expected to drive the adoption of video
conferencing at a significant rate.
The four key players in this market are Zoom Video
Communication, Inc., Microsoft Corporation, Cisco Systems, Inc., and Google,
LLC. These players continuously focus on new product development and launches
and agreements, collaborations, & partnerships to increase their respective
market shares. The other key players operating in the global video conferencing
market are Zoom Video Communication, Inc. (U.S.), Microsoft Corporation (U.S.),
Cisco Systems, Inc. (U.S.), Blue Jeans Network Inc. (Verizon) (U.S.), LogMeIn,
Inc. (U.S.), Alphabet Inc. (U.S.), ON24, Inc. (U.S.), Dialpad, Inc. (U.S.),
TeamViewer AG (Germany), Adobe (U.S.), Blackboard Inc. (U.S.), and Vidyo, Inc.
(U.S.) among others.
TOP
10 COMPANIES IN VIDEO CONFERENCING MARKET
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