What Has Been the Progress and Growth of the Cloud Video Conferencing Market in Recent Years?
The cloud video conferencing market has seen considerable growth due to a variety of factors.
• The cloud video conferencing market has grown significantly in recent years. It is expected to increase from $10.4 billion in 2024 to $11.88 billion in 2025, with a CAGR of 14.2%.
This growth is fueled by advancements in internet technology, the rise of remote work, better video compression technologies, globalization, and the widespread adoption of mobile devices.
What Can Be Expected from the Cloud Video Conferencing Market Size?
The cloud video conferencing market is expected to maintain its strong growth trajectory in upcoming years.
• The cloud video conferencing market is expected to grow rapidly, reaching $20.03 billion by 2029, at a CAGR of 13.9%.
Growth is attributed to the rise of remote and hybrid work models, AI advancements, virtual collaboration needs, 5G adoption, and expanded cloud infrastructure. Major trends include improved integration with productivity tools, security and privacy focus, AR/VR applications, industry-specific solutions, and AI-powered features.
What Are the Critical Driver Fuelling The Cloud Video Conferencing Market's Growth?
The increasing need for managing virtual workforces is expected to stimulate growth in the cloud video conferencing market. A virtual workforce consists of employees who work remotely using digital tools such as video conferencing. The rise in virtual workforces is driven by factors like globalization, technological advances, and the shift in workforce expectations. Cloud-based video conferencing platforms support remote teams by offering accessibility, scalability, flexibility, and security, enabling effective communication. The Office for National Statistics reported that in Great Britain, from September 2022 to January 2023, 16% of people worked exclusively from home, and 28% worked a mix of home and office-based hours. Hence, the growing need for managing remote teams is driving the cloud video conferencing market.
How Is The Cloud Video Conferencing Market segmented?
The cloud video conferencing market covered in this report is segmented –
1) By Type: Hardware, Software
2) By Deployment Model: Cloud, On-Premise
3) By End User: Banking, Financial Services And Insurance (BFSI), Manufacturing, Information And Communications Technology (ICT), Healthcare, Others End-Users
Subsegments:
1) By Hardware: Video Conferencing Endpoints, Video Conferencing Room Systems, Video Conferencing Infrastructure
2) By Software: Video Conferencing Applications, Cloud Video Conferencing Platforms, Integration And Management Software
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What Emerging Trends Are Influencing The Growth Of The Cloud Video Conferencing Market?
In the cloud video conference market, companies are introducing AI-driven video conferencing solutions to improve user experience and productivity. These AI solutions enhance communication quality, streamline meetings, and provide valuable insights. In January 2024, Thundercomm, a US-based tech firm, launched a set of AI video conferencing solutions. These solutions leverage Qualcomm Technologies' video collaboration platforms and Rubik's large language model services to deliver super-low latency and enhanced security for virtual communication.
Who Are the Key Players In The Cloud Video Conferencing Market?
Major companies operating in the cloud video conferencing market are:
• Microsoft Corporation
• Huawei Technologies Co. Ltd.
• NTT Ltd.
• Tencent Holdings Ltd.
• Cisco Systems Inc.
• NEC Corp.
• ZTE Corp.
• Zoom Video Communications Inc.
• Avaya Inc.
• Poly
• Yealink Inc.
• Kedacom
• Sangoma Technologies Corp.
• Lifesize Inc.
• Webex Communications Inc.
• BlueJeans Networks Inc.
• Pexip AS
• Owl Labs Inc.
• ClearOne Inc.
• Qumu Corporation
• Starleaf Ltd.
• Vidyo Inc.
• Fuze
• TKO Video Communications
• Tely Labs
What Is The Most Dominant Region In The Cloud Video Conferencing Market?
North America was the largest region in the cloud video conferencing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud video conferencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
