The global video conferencing market size is projected to register a CAGR of 12.6% during the forecast period, reaching 19.1 Billion by 2027 from an estimated USD 10.6 billion in 2022. Video conferencing solutions are being adopted by businesses all over the world to enhance their client interaction, brand awareness, and marketing initiatives. Organizations are able to reach a wider audience, connect with them more effectively, and quickly engage audiences with the aid of video conferencing for marketing objectives. By facilitating greater connection with the customers and improving their relationship with the company, video conferencing solutions assist in improving customer engagement.
The major market players, such as Microsoft, Huawei, Cisco, Adobe, and Zoom Video Communication have adopted numerous growth strategies, which include acquisitions, new product launches, product enhancements, and business expansions, to enhance their market shares.
By deployment mode, cloud segment to lead market during forecast period
Due to its lower cost compared to on-premises solutions, cloud-based video conferencing systems are predicted to become more popular. Utilizing cloud-based video conferencing solutions gives businesses the flexibility they need to adapt to the changing business environment. When SMEs and large businesses implement cloud-based video solutions, they can concentrate on their core capabilities rather than IT procedures. The cloud segment is anticipated to register the largest market size during the forecast period.
By vertical, healthcare and life sciences segment to register the highest CAGR during forecast period
The healthcare and life sciences vertical deals with diverse clinical, administrative, and financial content daily. As a result, video conferencing solutions can be used to consolidate correct clinical information and channelized content insights. By verticals, the healthcare and life sciences segment is projected to register the highest CAGR during the forecast period.
Asia Pacific market to register highest CAGR during forecast period
The video conferencing market is projected to register the highest CAGR in the Asia Pacific region during the forecast period. The various initiatives taken by the government across this region is one of the major factor that drives the adoption of video conferencing solutions in Asia Pacific. The presence of players, such as IBM, Microsoft, Google, Adobe, and Cisco, with specialized offerings makes the video conferencing ecosystem in Asia Pacific highly competitive.
Breakdown of Primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the video conferencing market.
- By Company: Tier I: 55%, Tier II: 20%, and Tier III: 25%
- By Designation: C-Level Executives: 38%, D-Level Executives: 35%, and Managers: 27%
- By Region: Asia Pacific: 35%, Europe: 15%, North America: 40%, Middle East & Africa: 10%
The report includes the study of key players offering video conferencing. It profiles major vendors in the video conferencing market. The major players in this market include Microsoft (US), Zoom Video Communications (US), Cisco (US), Adobe (US), Huawei (China), Avaya, Inc. (US), AWS (US), Google, LLC (US), HP (US), GoTo (US), Enghouse Systems (Canada), Pexip (Norway), Qumu Corporation (US), Sonic Foundry Inc. (US), Lifesize, Inc. (US), Kaltura Inc. (US), BlueJeans Network (US), Kollective Technology, Inc. (US), StarLeaf Inc. (UK), Dialpad (US), Logitech (US), Barco (Belgium), Fuze Inc. (US), Haivision Inc. (Canada), and Premium Global Services Inc. (US).
This study covers the video conferencing market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component, application, deployment mode, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall video conferencing market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.