Video Conferencing Market is Expected to Grow at a CAGR of 15.5% from 2021 to 2028 to Reach $24.4 Billion by 2028 -- According to Meticulous Research®
REDDING, Calif., March 8, 2022 /PRNewswire/ -- 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.
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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.
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 prmanently 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.
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Scope of the Report
Video Conferencing Market, by Technology
Video Conferencing Market, by Component
Video Conferencing Market, by Deployment Mode
Video Conferencing Market, by Organization Size
Video Conferencing Market, by End User
Video Conferencing Market, by Geography
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