Video Conferencing Market worth $19.1 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 2, 2022 /PRNewswire/ -- The global Video Conferencing Market size is projected to register a CAGR of 12.6% during the forecast period, reaching USD 19.1 Billion by 2027 from an estimated USD 10.6 billion in 2022, according to report by MarketsandMarkets. The rapid globalization in business and the rising demand for a remote workforce are driving the growth for video conference solutions. Telemedicine and online education are in high demand in developing nations like Brazil, and India. The demand for video conferencing solutions is also anticipated to rise as there are more and more international workshops and online seminars.
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By vertical, healthcare and life sciences segment to register the highest CAGR during the forecast period
The Video Conferencing Market has been segmented based on vertical into BFSI, IT and Telecom, Healthcare and Life Sciences, Education, Media & Entertainment, and other verticals. The adoption of video conferencing has been prevalent in all kinds of enterprises, from small startups and federal governments or globally established large media conglomerates. The growing demand for video conferencing solutions to improved staff training, medical education and healthcare communication enables to witness the growth opportunities in healthcare and life sciences. The healthcare and life sciences segment is anticipated to register the largest market size during the forecast period.
By applications, corporate communication is projected to register largest market size during the forecast period
The Video Conferencing Market has been segmented based on applications into corporate communication, training and development, and marketing and client engagement. Corporate communications solutions facilitate communication with employees irrespective of their geographic locations. Executives can build a more personal relationship with the workforce with the use of video conferencing tools. Due to the growing need for businesses to facilitate communications with both internal and external workers, the market for corporate communications via video conferencing is developing. During the forecast period this segment is anticipated to register the largest market size.
By verticals, healthcare and life sciences are anticipated to account for the largest market size during the forecast period
With the term telemedicine become more widely used in the healthcare market, the ealthcare and life sciences segment witnessed a rising growth in the usage of video conferencing solutions. During the forecast period the healthcare and life sciences segment is anticipated to account for the largest market size during the forecast period.
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North America anticipated to account for largest market size during forecast period
Among the regions, North America is anticipated to account for the largest market size during the forecast period. With a cutting-edge communication infrastructure, video conferencing solution providers can provide their customers with high-quality services. As one of the 5G technologies early adopters, North America is anticipated to accelerate the use of video conferencing services in the region.
Some of the major Video Conferencing Market vendors are Microsoft (US), Zoom Video Communications (US), Cisco (US), Adobe (US), Huawei (China), Avaya, Inc. (US), AWS (US), Google, LLC (US), HP (US), GoTo (US), Enghouse Systems (Canada), Pexip (Norway), Qumu Corporation (US), Sonic Foundry Inc. (US), Lifesize, Inc. (US), Kaltura Inc. (US), BlueJeans Network (US), Kollective Technology, Inc. (US), StarLeaf Inc. (UK), Dialpad (US), Logitech (US), Barco (Belgium), Fuze Inc. (US), Haivision Inc. (Canada), and Premium Global Services Inc. (US).
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