SAN FRANCISCO, June 20, 2022 /PRNewswire/ — It is expected to reach the global video conferencing market size $19.73 billion by 2030, with a CAGR of 12.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The significant growth is attributed to increased adoption of cloud technologies and video conferencing as a service (VCaaS).). The growing popularity of globalized working models has made video conferencing seemingly inevitable in several organizations.
Key industry insights and takeaways from the report:
- The software segment is expected to register the highest CAGR of over 13.0% over the forecast period due to rising cloud-based subscriptions across multiple platforms.
- Video conferencing services are being widely adopted by small and medium-sized businesses to rapidly expand their global operations by providing a centralized communication platform utilizing advanced technologies such as 4G, 5G and VoIP.
- In terms of end use, it is estimated that the healthcare sector will see significant growth in the coming years considering the increasing demand for video conferencing solutions in this space to connect the distributed teams.
- The market is also seeing notable growth in the education segment with the increasing use of web conferencing, audio conferencing and IM to stream live conferences and provide notes.
- Several major players in the market are forming strategic alliances with telecom companies to gain a competitive advantage by offering quality services to the end users.
Get more insights from 171-page market research report, Video Conferencing Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Deployment (On-Premise, Cloud), By Enterprise Size, By Application, By End-use , By Region, And Segment Forecasts, 2022-2030,” published by Grand View Research.
Video conferencing market growth and trends
The global outbreak of the COVID-19 pandemic has forced several organizations to adopt remote working, resulting in significant demand for video conferencing software and applications such as Google Meet, Zoom and Microsoft Teams. Today, these applications play an important role in facilitating employee collaboration and accelerating digital transformation. The increased demand for these solutions is pushing market players to offer products with improved and outstanding features to gain a strong foothold. In 2020, Google LLC made its video meeting tool, Google Meet, widely available to stay competitive. The tool reportedly had more than 100 million meeting attendees that year.
In addition to business communication, video conferencing technology is also gaining importance for social interaction. The growing need to build an affordable, flexible, and scalable communications network for effective team collaboration, communication, and decision-making will positively impact industry statistics in the years to come.
The industry is also experiencing significant growth in the healthcare sector due to the emerging trend of telemedicine around the world. The emergence of the pandemic has drastically increased the acceptance of telemedicine solutions. According to a study conducted in 2020, the use of telemedicine increased from about 1% to as much as 80% in the areas where the coronavirus was widespread during the first pandemic period.
Video Conferencing Market Segmentation
Grand View Research has segmented the global video conferencing market based on component, deployment, company size, application, end use, and region:
Video conference market – Component Outlook (Revenue, $M, 2018 – 2030)
- Professional Services
- Managed Services
Video conference market – Deployment Outlook (Revenue, $M, 2018-2030)
Video conference market – Enterprise Size Outlook (Revenue, USD million, 2018 – 2030)
- Large companies
- Small and medium-sized businesses
Video conference market – Application Outlook (Revenue, $M, 2018 – 2030)
Video conference market – End Use Outlook (Revenue, $M, 2018 – 2030)
- Government & Defense
- Media & Entertainment
Video conference market – Regional Outlook (Revenue, $M, 2018 – 2030)
- North America
- United Kingdom.
- Asia Pacific
- Latin America
- middle East & Africa
List of Major Players of Video Conferencing Market
- Avaya, Inc.
- Cisco Systems, Inc.
- Huawei Technologies Co.,Ltd.
- Logitech International SA
- Microsoft Corporation
- Polycom Inc.
- Zoom Video Communications, Inc.
Check out other related studies published by Grand View Research:
- Healthcare Video Conferencing Solutions Market – It is expected to reach the global market size for healthcare video conferencing solutions $114.46 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.9% from 2021 to 2028. Key factors driving the market include robust urbanization and increasing penetration of telemedicine solutions.
- Mobile VoIP Market – It is expected to reach the global mobile VoIP market $145.76 billion by 2024, according to a new report from Grand View Research, Inc. The transition from circuit-switched networks to packet-switched networks is driving the growth of the mobile VoIP market.
- Intelligent education and learning market – It is expected to reach the global intelligent education and learning market size $680.1 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 17.9% from 2020 to 2027. The demand for intelligent education and learning solutions is increasing with the growing population in companies and academia. due to benefits such as improved educational quality and easy access to educational content.
Browse Grand View Research’s communications services industry research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, offers both syndicated and custom research reports and consulting services. Registered in California and headquarters in san francisco, the firm includes over 425 analysts and consultants who add more than 1200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries across 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.
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