London, June 15, 2021 (GLOBE NEWSWIRE) — 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 reach $24.4 billion by 2028, at a CAGR of 15.5% from 2021 to 2028.
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Video conferencing is used across several industries, including education, IT & communication, healthcare, government, defense & public sector, BFSI, oil & gas, media & entertainment, legal & law profession, and manufacturing among others.
The growth of the video conferencing market is primarily driven by factors such as the emerging work from home culture and growing demand for high-speed video communication products. Video conferencing boosts productivity, saves time, reduces travel expenses, and overall promotes collaboration. The advantage of video conferencing is facilitating all of those benefits without requiring constant travel for face-to-face communication. However, less personal contact and understanding, network instability and time lag, technical issues and employee training, and more stress and less organization are some of the key factors restraining the growth of this market to a certain extent.
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. Though the nature of the macro challenges, such as disrupted supply chains, decentralized workforce, and the provision of safe and healthy employee workspaces, are different than in past recessions, the market players must deal with these monumental challenges.
COVID-19 has severely impacted almost all major industries, such as education, logistics & supply chain, healthcare, IT & communication, and manufacturing. From the second quarter of 2020, the COVID-19 pandemic spread to almost all parts of the world, forcing governments of many countries to impose restrictions on all economic and social activities. This lockdown impacted the normal working of the industries mentioned above for months. However, the adoption of cloud-based video conferencing apps, such as Zoom, MS-Teams, Google Meet, and Cisco WebEx, has experienced growing adoption to continue working remotely. Moreover, artificial intelligence adds value to video conferencing apps with voice-to-text transcription, natural language processing, and balanced sound and computer vision.
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In September 2020, Zoom Video Communications Inc. (U.S.) partnered with Lumen Technologies, Inc. (U.S.), allowing Lumen to offer Zoom as a part of its Unified Communications and Collaboration Suite. This partnership will provide enhanced delivery, customer success, and managed services to companies using Zoom to deliver an outstanding enterprise experience throughout the customer lifecycle. Moreover, in January 2021, Microsoft Corporation and SAP SE expanded their partnership to integrate Microsoft Teams with SAP’s intelligent solutions.
The overall video conferencing market is segmented based on technology (VaaS, USB video conferencing, and room-based codec system), component (solutions and services), deployment mode (cloud and on-premise), organization size (SMEs and large enterprises), end user (education, healthcare, government, defense & public sector, BFSI, media & entertainment, legal & law profession, manufacturing, oil, gas & energy, and IT & communication), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.
Based on technology, the USB video conferencing segment is expected to account for the largest share of the overall video conferencing market in 2021. The USB devices provide highly defined video up to and including in 4K. USB video conferencing provides organizations with the unique ability to cost-effectively meet these new needs and wants of employees. USB cameras play an essential role in providing the high-quality video needed.
On the other hand, the VaaS segment is expected to witness the highest CAGR during the forecast period. VaaS platforms make it easy for businesses to use only what they need. When needs change, the platform can scale seamlessly. New licenses and interoperability can be provided and downloaded to the relevant devices in minutes.
Based on component, the solutions segment is expected to account for the largest share of the overall video conferencing market in 2021. This segment consists of hardware endpoints and software required for video conferencing. The growth in the adoption of room conferencing meetings during the lockdown has positively impacted the demand for multi-codec and single-codec endpoints, such as cameras, phones, and mics. In addition, the growing adoption of cloud-based software, such as Zoom, Teams, WebEx, and Meet with the daily increase in their subscriptions is expected to drive the growth of this segment.
Based on deployment mode, the cloud segment is expected to account for the largest share of the overall video conferencing market in 2021 due to the higher adoption rate among SMEs, and lower costing required than on-premise deployment. The cloud servers are secure with the latest software, thus, it highly increses the security of private data of the subscribers. Also, cloud-based video conferencing is faster to deploy, manage and use, thus anyone can join the meeting without the support from the IT personnel. It is estimated that the cloud segment will grow with the highest CAGR during the forecast period.
Based on organization size, the SMEs segment is expected to account for the largest share of the overall video conferencing market in 2021. SMEs have widely adopted easy subscription modules and pay-per-use. Small businesses must have a preferred video conferencing tool to communicate with their teams, clients, and vendors. The growing adoption of cloud-based video conferencing apps and remote working due to the pandemic has boosted the demand from SMEs. With a video conferencing tool, small businesses can easily update team members on the status of a task or project and accomplish goals faster due to seamless video communication.
Based on end user, in 2021, the IT & communication segment is expected to account for the largest share of the video conferencing market due to home rules during the pandemic and global lockdown. However, the education segment is expected to grow at the highest CAGR during the forecast period. The growing number of online education platforms, virtual classes from universities, and the lockdown of primary schools are expected to drive the demand from the education segment.
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Based on geography, North America is expected to account for the largest share of the global video conferencing market in 2021 due to the presence of many IT companies and their workforce. Also, the region is technologically advanced, and there is swift adoption of video conferencing in daily work schedules. However, the Asia-Pacific region is estimated to register the highest CAGR during the forecast period. The growing number of SMEs in economies such as China, India, South Korea, Singapore, and Japan are driving the adoption of video conferencing in this region.
The report also includes an extensive assessment of the key strategic developments by the leading market players over the past three to four years. The video conferencing market has witnessed new product launches & enhancements that enabled companies to broaden their product portfolios, partner with other key players, sign contracts with other industry players, and acquire SMEs, to bolster their market presence.
In April 2020, Verizon acquired the BlueJeans Network (U.S.), a company that provides an interoperable cloud-based video conferencing service. With this acquisition, Verizon expanded its unified communication portfolio. Furthermore, in September 2020, Dialpad, Inc., an AI-powered cloud communication platform, acquired Highfive, a video conferencing company.
The 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.
The key players offering hardware in the market are Plantronics, Inc. (U.S.), Logitech (Switzerland), Huawei Investment & Holding Co., Ltd. (China), ZTE (China), Lifesize (U.S.), KEDACOM (China), Yealink Inc. (China), and Tely (U.S.) among others.
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Scope of the Report:
Video Conferencing Market, by Technology
- USB Video Conferencing
- Room-based Codec Systems
Video Conferencing Market, by Component
- Multi-Codec Endpoints
- Single Codec Endpoints
- Executive Desktop Endpoints
Video Conferencing Market, by Deployment Mode
Video Conferencing Market, by Organization Size
- Large Enterprises
Video Conferencing Market, by End User
- Government, Defense, & Public Sector
- Media & Entertainment
- Legal & Law Profession
- Oil, Gas, & Energy
- IT & Communication
Video Conferencing Market, by Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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