Yahoo Finance Video Conferencing Market Size is projected to reach at a CAGR of 15.45% during the Forecast Period: Straits Research
The global video conferencing market share is expected to grow at a CAGR of 15.45% during the forecast period 2021–2030. America as a region has been a major contributor to the global video conferencing industry because it is very adaptable and inclusive in nature.
New York, United States, July 19, 2022 (GLOBE NEWSWIRE) -- The global Video Conferencing Market is segmented into North America, Europe, Asia Pacific, South America and Caribbean, and the Middle East & Africa. Owing to the rapid adoption of new technologies, America dominates the global video conferencing market. It solely covers 34.7% of the global market share and the market is expected to grow at a CAGR of 14.72%.
The video conferencing technology helps the user make video and audio calls, share the files and data, conduct meetings with multiple people at a time, etc. The video conferencing technology transmits the video and audio signals and thus helps people connect in real-time. The global video conferencing market is segmented based on components, type, deployment, application, and region.
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Key Highlights
The hardware component segment holds 43.57% of the global market share, owing to benefits including reducing business travel costs.
Due to its adaptability, the telepresence type segment shows a massive growth at a CAGR of 16.45%.
The most deployed service in the market is on-premise and covers 64.9% of the market. The segment is expected to grow at a CAGR of 15.31%.
In 2021, the corporate sector generated a revenue share of USD 13,047 million alone, as the government mandated people to work from home.
Owing to the rapid adoption of new technologies, America held a market share of 34.7%, followed by the second dominant region, Europe, at 29.8%.
The market in America has been showing significant progress and is expected to grow at a CAGR of 14.72%.
Report Scope
Report Metric | Details |
Market Size | USD in Billion by 2030 |
CAGR | 15.45% (2020-2030) |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Type, Deployment, Application, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | Google, Microsoft, Cisco Systems, Blue Jeans, Adobe, Zoom 145, Avaya Inc, Citrix 141, Lifesize |
Key Market Opportunities | Development of Technologies to Create New Growth Avenues for the Global Market |
Key Market Drivers | Work From Home Trend to Boost the Global Market Growth |
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Covid-19 Impact
The impact of the virus has been a vicious one. The global video conferencing market has proven to be a boon for the world. The education was concluded through online sessions, and employees were advised to do work from home. This has given rise to many new products in the market. In 2021, the usage of the application GoTo Meeting increased by 20%.
The world experienced a trend shift as most of the work has been concluded from home. Work from home was advised by The Centers for Disease Control and Prevention to prevent the spread of the virus. This surged the demand for video conferencing tools and, as a result, boosted the growth of the Global Video Conferencing Market.
Work from Home to Surge Growth of Global Video Conferencing Market
As the pandemic started creating fatalities worldwide, people started adopting a new lifestyle. This included company employees working from home and education concluding through online sessions. There was a rise in demand for tools that help make audio/video calls in real-time and share our files and data to smoothen the working of the businesses. This ensured the communication in a synchronized manner without disrupting the flow.
Quarantines, cancellations, and WFH policies have significantly impacted the demand for video conferencing tools. Hiring and coordinating with remotely working employees became easier. Connecting with the students that were in completely different geographic regions became simpler. Working from home has proven to be efficient and saves a lot of time, energy, and fuel. These factors have been contributing factors to the global video conferencing market growth.
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List of Top Video Conferencing Market Companies
Google
Microsoft
Cisco Systems
Blue Jeans
Adobe
Zoom 145
Avaya Inc
Citrix 141
Lifesize
Global Video Conferencing Market: Segmentation
By Component
Hardware
Solutions
Services
By Type
Room Bases
Telepresence
Desktop
By Deployment
On-Premise
Cloud-Based
By Application
Corporate
Education
Healthcare
Government and Defense
BSFI
Others
By Region
North America
Europe
Asia-Pacific
SA and Caribbean
MEA
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Video Conferencing Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Component Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Hardware
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Solutions
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Services
5.4.1 Market Size & Forecast (Value & Volume)
6 Type Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Room Bases
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Telepresence
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Desktop
6.4.1 Market Size & Forecast (Value & Volume)
7 Deployment Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 On-Premise
7.2.1 Market Size & Forecast (Value & Volume)
7.3 Cloud-Based
7.3.1 Market Size & Forecast (Value & Volume)
8 Applications Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.2 Corporate
8.2.1 Market Size & Forecast (Value & Volume)
8.3 Education
8.3.1 Market Size & Forecast (Value & Volume)
8.4 Healthcare
8.4.1 Market Size & Forecast (Value & Volume)
8.5 Government and Defense
8.5.1 Market Size & Forecast (Value & Volume)
8.6 BSFI
8.6.1 Market Size & Forecast (Value & Volume)
8.7 Others
8.7.1 Market Size & Forecast (Value & Volume)
9 Regional Overview
9.1 Introduction
9.1.1 Market Size & Forecast (Value & Volume)
9.2 North America
9.2.1 Economic Overview
9.2.2 Market Scenario
9.2.3 U.S.
9.2.4 Canada
9.2.5 Mexico
9.3 Central and South America and the Caribbean
9.3.1 Economic Overview
9.3.2 Market Scenario
9.3.3 Brazil
9.3.4 Argentina
9.3.5 Colombia
9.3.6 Rest of Central and South America and the Caribbean
9.4 Europe
9.4.1 Economic Overview
9.4.2 Market Scenario
9.4.3 Germany
9.4.4 France
9.4.5 The U.K.
9.4.6 Italy
9.4.7 The Rest Of Europe
9.5 Asia-Pacific (APAC)
9.5.1 Economic Overview
9.5.2 Market Scenario
9.5.3 China
9.5.4 Japan
9.5.5 India
9.5.6 Australia
9.5.7 South Korea
9.5.8 Rest Of APAC
9.6 Middle East
9.6.1 Economic Overview
9.6.2 Market Scenario
9.6.3 South Arabia
9.6.4 The UAE
9.6.5 Qatar
9.6.6 Oman
9.6.7 Turkey
9.6.8 The Rest Of Middle East
9.7 Africa
9.7.1 Economic Overview
9.7.2 Market Scenario
9.7.3 Nigeria
9.7.4 South Africa
9.7.5 The Rest Of Africa
10 Competitive Landscape — Manufacturers & Suppliers
10.1 Competition Dashboard
10.2 Industry Structure
10.3 Google
10.3.1 Business Overview
10.3.2 Financial Performance
10.3.3 Recent Developments
10.3.4 Portfolio
10.4 Microsoft
10.5 Cisco Systems
10.6 Blue Jeans
10.7 Adobe
10.8 Zoom 145
10.9 Avaya Inc
10.10 Citrix 141
10.11 Lifesize
11 Conclusion & Recommendation
12 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/video-conferencing-market/toc
Market Insights
In 2019, Google bought CloudSimple, a software firm that helps run computing workloads based on VMware's virtualization technology. The acquisition makes it easier for Google cloud customers to use VMware software.
In 2020, Microsoft agreed to acquire Metaswitch Networks, a leading provider of virtualized network software and voice, data and communications solutions for operators.
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