Westford,USA, Nov. 19, 2024 (GLOBE NEWSWIRE) — Video Conferencing Market size was valued at USD 6.28 billion in 2022 and is poised to grow from USD 7.71 billion in 2023 to USD 19.73 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).
The growth of the market is attributed due to the increasing emphasis on hybrid work models. Businesses are incorporating both in-person and remote work models which result in the growing demand for a seamless integration between physical and virtual meeting spaces. Furthermore, growing advances in Artificial Intelligence and Machine Learning improve the quality of video and audio, hence makes real-time language translation and virtual backgrounds more common and defective. Besides, the expanding connectivity of businesses all over the world primarily due to globalization is another factor propelling the demand for video conference solutions. Various entities can now participate in cross-border collaborations, international meetings, and global ties. These factors require real-time communication tools in the context of globally connected businesses. Companies and their employees change their form of interaction, employing new digital tools. Therefore, the demand for such services is expected to rise, propelling the expansion of the video conference market. Lastly, the possibilities for gaining education on various e-learning platforms, as well as distance education programs and hybrid models, create increased opportunities for the development of the educational sector. As video conferences due to their interactive nature are widely used by educators to conduct classes, host webinars, and communicate with students in real-time, the demand for video conferences is increasing in the educational sector.
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Browse in-depth TOC on the “Video Conferencing Market”
- Pages – 157
- Tables – 118
- Figures – 77
Video Conferencing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 7.71 Billion |
| Estimated Value by 2031 | $ 19.73 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Hardware, Deployment, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Incorporation of AI in video conferencing to improve user experience |
| Key Market Opportunities | Increasing focus on immersive experiences to create engaging environment |
| Key Market Drivers | Growing preference of remote and eLearning |
Growing Popularity of Work from Home to Operate Business Smoothly to Increase Demand for Video Conferencing
Companies were forced to adapt to the work-from-home to operate their businesses because of government regulations during the pandemic. Video conferencing was adopted as it is feasible and does not allow for any lag which did not interrupt the running of the businesses. Subsequently, the video-calling software’s demand increased since it is an important business tool for synching communication. The market of the video calling software was driven by combinations of quarantines, cancellations, and WFH orders which awarded the business sector, a productive and successful outcome. Workers were also allowed and enabled to work for companies located on other regions. As a result, video-calling software has an increased demand and use over the years. With time, the popularity of video conferencing is constantly increasing as it helps the businesses to run efficiently.
Rapid Shift towards Remote and E-Learning to Provide Students with Productive Online Learning
Organizations, schools, universities, and K–12 is among several institutions that have implemented conferencing solutions and have substituted typical classrooms with distance learning. In response to the pandemic, an increasing number of academic institutions are collaborating with video communication services such as to improve remote learning ability. Hence, educational institutions are adopting software to give students a productive online learning. Users can take online courses on their mobile devices with software such as Adobe and Microsoft Office. In addition, it allows them to send the whole class files, papers, or displays at will. Moreover, it will play a prime role in the expansion of the global video communication market.
Increasing Presence of Major Technology Companies Offering Better Collaboration Tools to Drive Market in North America
One of the key factors of the market growth in North America is a strong presence of numerous major technology companies providing advanced collaboration tools. In addition to that, the growth of regional telecom sector is stimulated by government initiatives to provide the expansion of 5G networks in North America. Furthermore, this factor is further fueling the demand of video conferencing tools. America is one of the most adaptive regions to new technology. As a result, it will retain its leading position in this market in the years to come. Increased provision of stable and high-quality virtual meetings relies on dependable connections. It contributed to enormous profits to the global video conference market share. People have started utilizing virtual private networks across business enterprises and educational universities, which is also expanding the market growth.
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Video Conferencing Market Insights
Driver
- Increasing popularity of remote work
- Incorporation of AI in video conferencing tools to improve user experience
- Growing investments in communication solutions by enterprises
Restraints
- High initial expenses of hardware solutions
- Increasing security concerns among businesses
- Lack of network reliability and bandwidth
Key Players Operating in the Video Conferencing Market
The following are the Top Video Conferencing Market Companies
- Microsoft
- Zoom
- Cisco
- Google LLC
- LogMeIn Inc.
- BlueJeans Network
- Adobe Systems
- Lifesize
- Vidyo Inc.
- Polycom Inc.
- GoToMeeting
- WebEx Communications Inc.
- Fuze Inc.
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Key Questions Answered in Video Conferencing Market Report
- Which is the main factor driving the video conferencing market?
- Who are the key players in the video conferencing market?
- Which is the dominating region in the market?
This report provides the following insights:
- Analysis of key drivers (Increasing popularity of remote work), restraints (High initial expenses of hardware solution), opportunities (Increasing investments in communication solution), and challenges (Increasing security concerns, lack of network reliability) influencing the growth of video conferencing market
- Market Penetration: Comprehensive information on the product offered by the top players in the video conferencing market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the video conferencing market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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