Video Conferencing Market to Surge Reach USD 60.17 Billion by 2032; Growing Demand for Remote Learning to Augment Product Demand

The global video conferencing market size was valued at USD 28.61 billion in 2023. The market is anticipated to expand from USD 33.04 billion in 2024 to USD 60.17 billion by 2032, exhibiting a CAGR of 7.8% during the forecast period.

Fortune Business Insights™ presents this information in its report titled “Video Conferencing Market Size, Share & Industry Analysis, By Component (Hardware and Software), By Conference Type (Telepresence System, Integrated System, Desktop System, Service-based System, and Others), By Application (Small Rooms, Huddle Rooms, Middle Rooms, and Large Rooms), By Deployment (Cloud and On-Premises), By Enterprises Type (Small and Medium Enterprises and Large Enterprises), By Industry (IT & Telecom, Government, Healthcare, Manufacturing, BFSI, Education, Media & Entertainment,  and Others), and Regional Forecast, 2024-2032”.

Real-time visual meetings occur through video conferencing, connecting two or more participants seamlessly. The surge in demand for remote learning amplifies the market, with companies such as RingCentral adapting to support hybrid learning through innovative education product portfolios.

The impact of the COVID-19 pandemic led to a surge in demand for these solutions, such as Teams and Zoom, as businesses embraced virtual platforms for product launches, international seminars, and other events, driving market expansion.

Virtual Communication to be Revolutionized Through AI’s Advanced Language Processing Capabilities

Zoom's experimentation with generative AI chatbots in December 2023 highlights the potential to revolutionize virtual communication. This innovative feature aims to enhance user understanding of meeting content, showcasing the role of Artificial Intelligence (AI) in driving the evolution of video conferencing.

Owl Labs launched the Owl Bar to Enhance Hybrid Meetings

In March 2023, Owl Labs introduced the Owl Bar, a device featuring front-of-room speakers, cameras, and microphones, paired with the Whiteboard Owl™ camera and Meeting Owl® device. Tailored for enhancing hybrid meetings, if integrated with the Meeting Owl Pro, enables remote team members to effortlessly view the in-room whiteboard for improved interactivity and productivity.

Increasing Preference for Remote and eLearning to Propel Market Growth

The growing prevalence of video conferencing solutions in education, as demonstrated by collaborations such as the European School of Osteopathy's alliance with YuJa in January 2023, serves as a key catalyst for market expansion. This trend facilitates distance learning and also plays a crucial role in broadening worldwide access to educational content. Moreover, integration of widely-used software programs such as Adobe and Microsoft Office enhances the remote learning experience, allowing users to access online classes from personal devices. This, coupled with features enabling administrators to share content seamlessly, contributes to the burgeoning growth of the global market in the education sector.

However, high deployment costs from adopting hardware solutions, coupled with concerns over identity and information security, impede the video conferencing market growth.

Key Players are Focusing on Investments to Expand their Customer Base

Major industry players are intensifying their market presence through strategic acquisitions, emphasizing superior video collaboration services. Mergers, substantial investments, and strategic partnerships collectively contribute to an upsurge in product demand.

List of Key Players Profiled:

• Avaya, LLC (U.S.)


• AVer Information, Inc. (Taiwan)


• BlueJeans by Verizon (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.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/video-conferencing-market-100293

Key Industry Development

• January 2024: DTEN's, DTEN Mate and Bar, introduced a complete video conferencing solution designed for small meeting rooms, providing versatility with compatibility across various display setups.

Further Report Findings:

• North America captured the major video conferencing market share in 2023. The market benefits from the strong presence of key companies such as Zoom, Cisco, and Microsoft, driving demand for conferencing solutions. This concentration of industry giants in the U.S. and Canada plays a pivotal role in boosting market growth.


• Asia Pacific is poised to grow at the highest CAGR during the study period. This is attributed to the substantial number of SMEs and a growing interest in digitalization solutions. The increased adoption of video communication in response to the region's digitalization efforts contributes to the overall expansion of Asia Pacific.

Table of Segmentation