Press release
Cloud Video Conferencing Market Forecast 2024: Global Trends, Growth Dynamics, and Market Opportunities
"The Business Research Company recently released a comprehensive report on the Global Cloud Video Conferencing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=16019&type=smp
According to The Business Research Company's, The cloud video conferencing market size has grown rapidly in recent years. It will grow from $9.13 billion in 2023 to $10.40 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to advancements in internet technology, increased remote work trends, improvements in video compression technology, globalization and the need for international collaboration, and widespread adoption of mobile devices.
The cloud video conferencing market size is expected to see rapid growth in the next few years. It will grow to $17.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to rowing remote and hybrid work models, advancements in AI and machine learning, increasing need for virtual collaboration tools, rising adoption of 5G technology, and expansion of cloud infrastructure. Major trends in the forecast period include enhanced integration with productivity tools, increased focus on security and privacy, growth in virtual and augmented reality applications, expansion of industry-specific solutions, and rise of AI-powered features and analytics.
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Market Drivers and Trends:
The rising need for management of a virtual workforce is expected to propel the growth of the cloud video conferencing market going forward. A virtual workforce refers to a work environment where employees perform their duties remotely, using technology such as laptops, smartphones, and video conferencing tools. The rising need for management of virtual workforces is fueled by globalization, technological advancements, changing workforce expectations, cost savings, demographic shifts, and scalability demands. Cloud-based video conferencing solutions efficiently manage and support a virtual workforce by offering accessibility, scalability, cost-effectiveness, flexibility, integration, security, reliability, and support for remote work policies. For instance, in September 2022, according to a news article published by the Census Bureau, a US-based government statistical agency, in 2021, the number of people primarily working from home tripled from 5.7% to approximately 27.6 million people, comprising 17.9% of the workforce. Therefore, the rising need for management of a virtual workforce is driving the growth of the cloud video conferencing market.
Major companies operating in the cloud video conference market are developing artificial intelligence (AI) video conferencing solutions to enhance the user experience and improve video productivity. AI video conferencing solutions aim to streamline the meeting process, improve communication quality, and provide valuable insights, thereby enhancing the overall effectiveness of virtual collaboration. For instance, in January 2024, Thundercomm, a US-based technology company, introduced an unparalleled set of AI video conferencing solutions. This comprehensive set of solutions is designed to enhance the experience and efficiency of business communication and collaboration. The solutions leverage powerful video collaboration platforms from Qualcomm Technologies and Rubik's large language model services. This allows the optimized model to be deployed locally on video collaboration devices with super-low latency and enhanced security.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Cloud Video Conferencing Market 2024 Key Insights:
• The cloud video conferencing market size is expected to see rapid growth in the next few years. It will grow to $17.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
• Rise In Need For Virtual Workforce Management Drives The Cloud Video Conferencing Market
• AI Video Conferencing Solutions Enhance User Experience And Productivity In The Cloud Video Conference Market
• North America was the largest region in the cloud video conferencing market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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