Video Conferencing Global Market Reach $10.96 Billion at a CAGR of 9.5% By 2028, Key Factors behind Market's Exponential Growth

"The new report published by The Business Research Company, titled ""Video Conferencing Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

Corporate Enhancement Through Video Conferencing Gamification
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.

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

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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.

Contents of the report:
1. Executive Summary
2. Video Conferencing Market Report Structure
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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