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Video Conferencing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Conference Type (Telepresence System, Integrated System, Desktop System, and Service-based System), By Deployment (Cloud, On-premises), By Enterprises Size (Small and Medium Enterprises (SMEs), Large Enterprises), By Application (Small Rooms, Huddle Rooms, Middle Rooms, and Large Rooms), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI100293

 

KEY MARKET INSIGHTS

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The global video conferencing market size was valued at USD 6.28 billion in 2021. The market is projected to grow from USD 6.87 billion in 2022 to USD 14.58 billion by 2029, exhibiting a CAGR of 11.3% during the forecast period. Based on our analysis, the global video conferencing market share exhibited an average growth of 8.1% in 2020, as compared to 2019.


Video conferencing sessions are real-time visual sessions between one or more participants. The integration of developed technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud technology is expected to drive market growth in the near future. Furthermore, the growing need for video communication, virtual workforce management, and cloud-based collaboration platform are some of the major factors impacting the market growth. Organizations and corporations are adopting video collaboration solutions with the aim to make faster decisions and avoid high costs associated with traveling. Further, increasing demand for remote learning is anticipated to drive market growth. For instance, in December 2020 – Cisco Systems, Inc. launched Webex Devices, including the Webex Desk, Webex Desk Camera, and Webex Desk Hub, to enhance the remote working experience. These items also encourage the use of hybrid workspaces.


Also, key market players are offering advanced video conferencing solutions such as Plantronics, Inc. which provides a visual conferencing meeting solution series for Microsoft Teams rooms, including the G80-T, Poly G40-T, and G10-T. Similarly, Logitech launched the Logitech StreamCam for content creators and broadcasters. Also, Facebook, Inc. launched Messenger Rooms which allows end-users to hold video conferences with up to 50 people. Such initiatives are anticipated to drive the market growth.


COVID-19 IMPACT


Rising Demand for Conferencing Software and Services to Ease Business Operations amid COVID-19


The COVID-19 pandemic causes the cancellation of a variety of business events, including international seminars, trade exhibits, investor presentations, product launches, and others. As a result, corporate organizations are adopting livestream communication solutions including Teams, Zoom, and others to host such events, which has influenced market growth positively.



  • According to the Wired UK, Zoom Video Communications, Inc. had around 2.22 million active monthly users in 2020.

  • According to UC Today, conferencing solutions has assisted organizations to save travel expenditures by roughly 30%, and 92% of B2B marketers employ such solutions in their core activities in the face of the COVID-19 pandemic.


In addition, owing to the global lockdown, various law enforcement organizations and governments are focusing on carrying out activities using such technologies. For example, in April 2020, the Supreme Court of India directed regional courts to conduct their hearings through video conference.


To combat the spread of the virus, most government and business entities have implemented a work from home policy. As a result, they are increasingly relying on video collaboration solutions to keep track of work-related meetings and activities. For instance,



  • In April 2020, through video communication, the Rail Land Development Entity (RLDA), a statutory authority under the Indian Ministry of Railways, held pre-bid discussions for leasing various land parcels.


These initiatives are expected to fuel the demand for the product during the projected period.


LATEST TRENDS


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Adoption of Video Banking to Boost Market Demand


The growing trend of deploying video banking solutions, as a result of the increasing prevalence of online and mobile banking among customers, is predicted to boost the growth of the video conferencing market trends. Customers may save time and money by using video banking options. Furthermore, video banking enables end-users to safely engage with faraway clients and coworkers, enhancing operational efficiency. As a result, visual communication solutions are increasingly being used by loan officers, customer service personnel, financial advisers, and others in the banking and finance industry. To meet the growing demand for video financial services in the banking and financial sector, key providers are developing new products.



  • In May 2021, One Touch Video Banking partnered with NuSource Financial to enable credit unions and banks to increase their relationships through the next video banking technology.


DRIVING FACTORS


Increasing Preference for Remote and eLearning to Drive Market Growth


Institutions, schools, universities, and K-12 have adopted conferencing solutions to use distance learning as a substitute for traditional classrooms. With the pandemic's impact, more educational institutions are collaborating with video communication services to expand remote learning. As a result, educational institutions are implementing software to provide an efficient learning experience to students. Further, software including Adobe, Microsoft Office, and others assist users to access online classes from their personal smart devices. Also, it allows administrators to share displays, papers, and files with their students while they are teaching. Further, with such initiatives, the worldwide video communication industry will drive the video conferencing market growth.


RESTRAINING FACTORS


High Initial Cost of Hardware Solutions and Privacy Concerns to Inhibit Market Growth


The market is expanding at a rapid speed, owing to its multitasking capabilities across several applications. The high cost of deploying of hardware solutions will restrict the market's growth across SMEs. Also, the high cost of deployment is owing to the adoption of data protection software and hardware solutions to secure data transfer. Furthermore, data privacy and security of identity and information are expected to hinder market expansion. Furthermore, the industry will be hampered by the restricted functionality supplied by these solutions, as well as a lack of experience between software engineers and developers.


SEGMENTATION


By Component Analysis


Rapidly Growing Video Conferencing Solution to Fuel Market Growth


Based on the component, the market has been divided into solutions and services.


The solution is expected to have the largest market share over the projected period. The increased demand for conferencing solutions such as Skype, Microsoft Teams, Zoom, and others across many industries is attributable to the market expansion. For instance, Logitech provides conferencing room solutions including rally plus, rally bar, Logitech scribe, Logitech tap IP and Logitech select, among others. The solutions are further segmented into hardware and software. The software provides end-users with an enhanced visual conferencing experience and further helps in driving the growth.


During the projection period, the services segment is predicted to grow at a rapid pace. This expansion is owing to the increasing use of AR/VR, Artificial Intelligence (AI), and cloud-based visual communications services such as Adobe Connect, LoopUp, and others.


By Conference Type Analysis


Increasing Implementation of Solution to Boost Service-based Conferencing System


Based on the conference type, the market is categorized into telepresence systems, integrated systems, desktop systems, and service-based systems.


During the projection period, the telepresence system is predicted to capture the largest market share. This system employs cutting-edge technology, allowing the conference to be broadcast in high-quality audio and video.


The desktop system is expected to increase significantly. The desktop system is a highly versatile, dependable, and cost-effective video communication type. Also, these desktop systems are widely used in a variety of industries including education, media and entertainment, and aerospace and defense among others.


The service-based system is predicted to display the highest CAGR following the telepresence system. The growth is owing to the rising demand for video communication as a Service (VCaaS) for staff training, implementation of project consulting, solutions, and other applications. Owing to such factors, the video conferencing industry is predicted to increase significantly.


By Deployment Analysis


Rising Demand for Cloud-Based Software Solutions across Enterprises to Support Market


Based on the deployment, the market is divided into the cloud and on-premise.


The on-premises is expected to have the major market revenue. The rise is owing to large enterprises’ adoption of on-premise solutions in response to the maintenance of data security systems and information security concerns.


The cloud is expected to grow at the fastest rate. This is owing to the growing adoption of cloud-based software solutions to provide encrypted and password-protected communication.


By Enterprise Size Analysis


Growing Investments in Communication Solutions by Large Enterprises to Drive Growth


Under the enterprise size, the market is divided into small & medium enterprises and large enterprises.


SMEs are expected to use these solutions to improve their customer relationships, communication between sales teams, distant locations new product launches, and other activities. As a result, SMEs are expected to increase rapidly throughout the projection period.


Large enterprise is likely to have a significant market share. The market is projected to be driven by the increasing usage of solutions to develop collaborations among employees situated in different places. Large organizations are able to boost operational efficiency and provide a better client experience owing to video communication solutions.


By Application Analysis


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Huddle Rooms to Gain Rapid Traction Owing to Low Cost of Operation


Based on the application, the market is classified into small rooms, middle rooms, large rooms, and huddle rooms.


Small rooms are expected to have the largest market share over the projection period. The video communication solution for small rooms is gaining popularity due to its low cost and ease of use. It enables end-users to create an online conference using their connected devices, such as PCs, cellphones, or computers, without the need for any additional peripheral devices.


The huddle rooms are projected to expand at a rapid pace. This expansion is attributed to the increasing usage of software-based solutions. The growing number of open workplaces, and the increased requirement for ad hoc team communication. Also, the proliferation of low-cost high definition video collaboration solutions is likely to boost the segment's growth.


REGIONAL INSIGHTS


North America Video Conferencing Market Size, 2021 (USD Billion)

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Geographically, the market is fragmented into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.


North America is estimated to lead the global market in terms of revenue share. Early adoption of emerging technologies, as well as the existence of major key companies such as Microsoft Corporation, Zoom Video Communications, Inc., Cisco Systems, Inc., and others, are driving demand for these conferencing solutions in the U.S. and Canada.


Asia Pacific is predicted to grow at an exponential rate. The rise in demand for video communications solutions for automated processes in the education and research sectors is attributed to the growth. Due to the presence of a significant number of SMEs and a large number of headquarters of top global 1000 firms in the regions, the region is likely to demonstrate immense market growth potential.


The European market is predicted to develop at a significant compound annual growth rate CAGR. The availability of a large number of video collaboration solutions and services has contributed to the expansion. Furthermore, increasing corporate investments in research and development are likely to boost Europe's market share in the near future.


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The Middle East and Africa market is predicted to grow at a substantial growth rate. This expansion may be attributed to the local government's increasing investment in innovative technologies like 5G, machine learning (ML), artificial intelligence (AI), cloud, and others.


KEY INDUSTRY PLAYERS


Emphasis on Strengthening Market Position by New Launches and Developments


The market's players are focusing on improving their market position by updating their existing product portfolio to meet the needs of organization applications. These market players are also creating solutions by incorporating technologies such as ML, AI, cloud, and others to improve their goods and provide better solutions.


The market's continuously increasing competition drives market leaders to provide enhanced video collaboration services in order to enhance their market presence and gain new customers. For instance, in April 2020, Facebook, Inc. unveiled Messenger Rooms, which allows users to hold video conferences with up to 50 people. The capabilities aided the organization in increasing customer interaction with video collaboration platforms.


January 2021 – Microsoft Corporation collaborated with SAP SE to provide new connectors between SAP solutions and Microsoft Teams such as SAP SuccessFactors, SAP S/4HANA, and SAP Customer Experience.


September 2021 – Zoom Video Communications, Inc. collaborated with Amazon Web Services (AWS) Marketplace to provide video conferencing solutions to state, federal, and local government clients.


July 2020 – Plantronics, Inc. has introduced video conferencing meeting solution series for Microsoft Teams rooms, including the G80-T, Poly G40-T, and G10-T. The goal is to provide better meeting experiences for Microsoft Teams users.


List of the Key Companies Profiled:



  • Avaya, Inc. (U.S.)

  • AVer Information, Inc. (Taiwan)

  • Blue Jeans Network, Inc. (U.S.)

  • Cisco Systems, Inc. (U.S.)

  • Huawei Technologies Co. Ltd. (China)

  • Logitech International S.A. (Switzerland)

  • Microsoft Corporation (U.S.)

  • Panasonic Corporation (Japan)

  • Polycom, Inc. (Plantronics, Inc.) (U.S.)

  • Zoom Video Communications, Inc. (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • March 2022 – Cisco Systems, Inc. partnered with Ford electric vehicle screens to integrate with Webex. Further, with this partnership, the company aims to transform electric vehicles into next-gen office spaces. Also, Webex will function in audio mode while the vehicle is moving and with all features when it is stopped including visual conferencing.


REPORT COVERAGE


An Infographic Representation of Video Conferencing Market

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The global market report highlights leading regions worldwide to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed rapidly globally. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION






























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



Segmentation



Component; Conference Type; Deployment; Enterprise Size; Application; and Region



By Component




  • Solution

    • Hardware

    • Software



  • Services



By Conference Type




  • Telepresence System

  • Integrated System

  • Desktop System

  • Service-based System



By Deployment




  • Cloud

  • On-premises



By Enterprise size




  • Small and Medium Enterprises

  • Large Enterprises



By Application




  • Small Room

  • Huddle Rooms

  • Middle Rooms

  • Large Rooms



By Region




  • North America (Component; Conference Type; Deployment; Enterprise Size; Application; and Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (Component; Conference Type; Deployment; Enterprise Size; Application; and Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe





  • Asia Pacific (Component; Conference Type; Deployment; Enterprise Size; Application; and Country)


    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific




  • Middle East & Africa (Component; Conference Type; Deployment; Enterprise Size; Application; and Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa



  • Latin America (Component; Conference Type; Deployment; Enterprise Size; Application; and Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America





Frequently Asked Questions

The market is projected to reach USD 14.58 billion by 2029.

In 2021, the market stood at USD 6.28 billion.

The market is projected to grow at a CAGR of 11.3% during the forecast period.

The solution segment is likely to lead the market.

The increasing adoption of remote learning solutions is expected to drive market growth.

Cisco Systems, Inc., Verizon Communications Inc., Polycom Inc. (Plantronics, Inc.), Alphabet Inc. (Google LLC), Adobe Systems, Microsoft Corporation, Vidyo Inc., Zoom Video Communication Inc., Logitech International S.A., among others are the top players in the market.

North America is expected to hold the highest market share.

The huddle room segment is expected to grow with the highest CAGR.

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