Global Video Conferencing Market Share 2024, Forecast To 2033
25 Sep, 2024
The video conferencing market is experiencing robust growth, projected to expand from $7.01 billion in 2023 to $7.62 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.8%. This historical growth is largely driven by reduced business travel costs, heightened demand for real-time communication, flexible work environments, and a focus on environmental sustainability. Looking ahead, the market is expected to soar to $10.96 billion by 2028, with a CAGR of 9.5%. Key growth factors include the rise of hybrid work models, increasing security and compliance needs, industry-specific customization, and advanced meeting analytics. Major trends to watch include sustainability initiatives, integration of collaboration ecosystems, adoption of facial recognition and emotion analysis, enhanced accessibility features, and blockchain utilization for secure identity verification.
Major Driver In The Video Conferencing Market
The advent of 5G technology has contributed to the expansion of the video conferencing market during the forecast period. The introduction of 5G enhances video conferencing capabilities through faster networks, higher frequency radio bands, and more reliable connections. This improvement allows for top-quality calls in HD or 3D without the delays and interruptions often experienced in busy 4G networks. The widespread availability of 5G, with an expected coverage of up to 65% of the world's population by 2025, according to Ericsson’s network coverage report, positions remote work at the forefront of video conferencing. The increased network speed and capacity facilitated by the launch of 5G technology are projected to contribute significantly to the growth of the video conferencing market, with market sizes for 2023, 2024, and 2028 influencing its development.
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Alphabet Inc., Microsoft Corporation, Verizon Communication Inc., Facebook Inc., Huawei Technologies Co Ltd., Panasonic Corporation, Cisco Systems Inc., McDonald's Corporation, Bharti Airtel Ltd., ZTE Corporation, Adobe Systems Incorporated, Reliance Jio Infocomm Limited, Logitech International S.A., Zoom Video Communication Inc., Atlassian Corporation plc, Avaya Inc., Axis Communications AB, West Corporation, LogMeIn Inc., Poly Co, Lifesize Inc., Premiere Global Services Inc., Fuze Inc., Kudo Inc., Vidyo Inc., Blue Jeans Network Inc., Starleaf Ltd., Owl Labs Inc., ezTalks Technology Co Ltd., 100ms Inc., Airmeet Network Pvt Ltd., Livestorm SAS, Visual Systems Group Inc.
Key Video Conferencing Market Trend
Gamification in video meetings is a leading trend gaining popularity in the video conferencing market. Video conferencing companies introducing gamification for corporate end-users in their video meetings to improve employee performance and drive productivity. Gamification includes components of game design, such as tasks, points, badges, and rewards in a non-game sense. Employers might split their workers into small groups and then using screen sharing and annotation functions, make them work on an activity remotely in a video conference. Moreover, few companies in the media and entertainment market are introducing gamification in their video meetings to attract a greater number of users and improve user experience. For instance, in September 2023, Meta Platforms, Inc., US-based, a social technology company that provides social networking, advertising, and business insight solutions , launched the Meta Quest 3, a mixed reality headset that offers advanced features for immersive VR experiences. The headset can be used for virtual meetings, training, and other collaborative activities, making it a valuable addition to the video conferencing market.
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Video Conferencing Market Segmentation
The video conferencing market covered in this report is segmented –
1) By Conference Type: Telepresence, Integrated, Desktop, Service-Based Video Conferencing System
2) By Deployment: Cloud, On-Premises
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By End-Use: Corporate, Education, BFSI, Media And Entertainment, Government And Defense, Other End Users
By Geography:The regions covered in the video conferencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the video conferencing market in 2023.
The Video Conferencing Global Market Report 2024 furnishes information about the global video conferencing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.