Press release
Global Video Conferencing Software Market Size, Trends, In-depth Analysis, Research Report Forecast up to 2028: BlueJeans and Dialpad Inc are key players.
Global Video Conferencing Software Market is expected to grow at a CAGR of 11.01% to reach a market size worth US$28.817 billion by 2028.The prime factors propelling the growth of the video conferencing software market are the rise in remote work practices and the rising demand for video conferences in the corporate sector.
The video conferencing software market is expected to grow at a steady pace.
Video conferencing software is a type of computer software that enables real-time video communication and collaboration between individuals and groups in different locations. Video conferencing software can be used for various purposes, including virtual meetings, online training sessions, webinars, and remote interviews. The video conferencing software market is driven by various factors, such as technological advancements, changing work patterns, and the growing need for collaboration across different locations and time zones.
The growth of global business and international collaboration growth has increased the need for video conferencing solutions to connect people and enterprises across different locations and time zones. In addition, the rise of remote work and distributed teams has increased the demand for video conferencing software for team communication and collaboration. For instance, a study by AT&T Labs predicted that the percentage of hybrid work circumstances would rise from 42% in 2021 to 81% in 2024. Additionally, according to FlexJobs' Employee Engagement Report, 48% of companies in the corporate sector continue to permit remote work in different forms for their staff.
Further, the employment of video conferencing software increases output by simultaneously lowering the general expense of personal meetings. Hence, international companies rapidly consume video conferencing solutions for online meetings, chats, and group webinars to save time and operating costs. According to a report generated by LifeSize, a leading company in the video conference solutions market, stated that video conferencing aided in boosting employee productivity for 94% of enterprises and firms.
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The video conferencing software market has been segmented into industry verticals, enterprise sizes, deployment models, and geography.
Depending on deployment model, the division has been done into cloud and on-premise. The cloud deployment sector is expected to hold a substantial share of the video conferencing market, driven by its increasing consumption due to its flexibility and scalability. The ability of cloud-based video conferencing solutions to be accessed at varying geographical locations through an internet connection and to accommodate changing user needs promotes its consumption among enterprises. Additionally, cloud-based video conferencing solutions require lower investments in hardware and infrastructure and can be easily managed after deployment.
The classification has been done by enterprise size into small, medium, and large. The large enterprise sector is anticipated to contribute majorly to developing the video conferencing market, driven by its increased workforce, complex communication needs, and investments in advanced video conferencing technology. Large enterprises frequently adopt video conferencing solutions to support a high volume of users, offer advanced features such as screen sharing and virtual backgrounds, and integrate with other communication and collaboration tools.
The segmentation has been done by industry vertical into education, communication and technology, defense, healthcare, BFSI, and others. The education sector is projected to hold a noteworthy share of the video conferencing market fueled by the rise in online courses and virtual educational webinars.
The market is classified geographically into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America is expected to retain a considerable market share due to a highly advanced network infrastructure. Further, the presence of a strong internet infrastructure and the presence of leading communication companies and ISPs in the US is fueling the market's expansion. In addition, the growing internet penetration further encourages the consumption of video conferencing solutions. For instance, approximately 92% of US citizens had internet access in 2022.
The major video conferencing software market players are Zoom Communications Inc., Microsoft, Cisco, GoTo, Google, BlueJeans, Dialpad Inc., TeamViewer, LifeSize, and Zoho Corporation Pvt Ltd.
This video conferencing software market has been analyzed into the following segments:
• By Deployment Model
o On-Premise
o Cloud
• By Enterprise Size
o Small
o Medium
o Large
• By Industry Vertical
o Education
o Communication and Technology
o Defense
o Healthcare
o BFSI
o Others
• By Geography
o North America
• United States
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• United Kingdom
• Germany
• France
• Spain
• Others
o Middle East and Africa
• UAE
• Israel
• Saudi Arabia
• Others
o Asia Pacific
• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others
Related Reports:
Global Remote Access Software Market: https://www.knowledge-sourcing.com/report/global-remote-access-software-market
Virtual Tour Software Market: https://www.knowledge-sourcing.com/report/virtual-tour-software-market
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Knowledge Sourcing Intelligence
Phone: +1-850-250-1698
E-Mail: info@knowledge-sourcing.com
Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies across ten industry verticals. KSI has a team of experienced and young professionals who focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports annually centering on the niche and latest technologies. In addition, we engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers, and challenges, and strategic recommendations for making informed decisions. Our success lies in our analysts' efforts to meet client expectations by delivering quality work within the stipulated deadlines.
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