Virtual Meetings Soar: Video Conferencing Market Expands with Demand, Key Trends, and Growth Opportunities

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Video Conferencing Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The video conferencing market size has grown strongly in recent years. It will grow from $7.01 billion in 2023 to $7.62 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to business travel cost reduction, demand for real-time communication, need for flexible work environments, focus on environmental sustainability.

The video conferencing market size is expected to see strong growth in the next few years. It will grow to $10.96 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to rise in hybrid work models, security and compliance considerations, customization for industry-specific needs, advanced meeting analytics and insights. Major trends in the forecast period include environmental sustainability initiatives, collaboration ecosystem integration, facial recognition and emotion analysis, inclusive features for accessibility, blockchain for secure identity verification.

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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

Major Driver - 5G Technology Spurs Video Conferencing Market Growth
The launch of 5G technology contributed to the growth of video conferencing market during the forecast period. 5G enhances video conferencing attributing to faster networks, higher frequency radio bands, and more reliable connections. The improved network speeds and bandwidth capacity can support top-quality calls in HD or even 3D without delay or other interruptions found in the busy 4G network. The development of 5G at reasonable rates has put remote work at the forefront of video conferencing. According to Ericsson's network coverage report, 5G is expected to cover up to 65% of the world's population by 2025. Increased network speed and capability with the launch of 5G technology to enable high-quality video conferences is projected to contribute to the video conferencing market growth.

Competitive Landscape:
Major companies operating in the video conferencing market report are 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.

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Top Trend - The Role Of Multi-Camera Ecosystems In Video Conferencing
Major companies operating in the video conferencing market are focusing on development of innovative solutions, such as a multi-camera ecosystem, to enhance the video conferencing experience. A multi-camera ecosystem refers to a network or system comprising multiple interconnected cameras working collaboratively to capture and process visual information from various perspectives or angles. For instance, in March 2023, Owl Labs, a US-based company that makes 360° video conferencing devices for remote meetings, launched the Owl Bar-an AI-driven, multi-camera ecosystem for more inclusive hybrid meetings. It features automatic speaker-framing, wireless pairing, and compatibility with major video conferencing platforms, providing an advanced and versatile solution for inclusive hybrid meetings. Its integration with other Owl Labs devices and enhanced communication of body language and facial expressions significantly contribute to improving the overall user experience and addressing the evolving needs of the video conferencing market.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Video Conferencing Market Characteristics
3. Video Conferencing Market Trends And Strategies
4. Video Conferencing Market - Macro Economic Scenario
5. Video Conferencing Market Size And Growth
…..
27. Video Conferencing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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