Press release
Video Conferencing Market Expected to Hit USD 32.70 Billion by 2028 | CAGR: 19.8%
The global video conferencing market is anticipated to grow significantly, according to the newly published research report by Polaris Market Research. The market was valued at USD 7.75 billion in 2020 and is projected to grow to USD 32.70 billion by 2028. This growth signifies a robust compound annual growth rate (CAGR) of 19.8% over the forecast period of 2021 to 2028.
Market Explanation
Video conferencing is a virtual visual connection between two or more distant parties using the internet that mirrors a confrontational meeting. It is crucial as it connects people who want to have face to face connection. It offers relaying of fixed images and texts between two locations. Also, it offers transference of full motion video images and superior audio between numerous locations.
In IT firms, to ensure productivity in remote working, video conferencing SDK assists in increasing the work rate and work efficacy with continuous association over internet calling. In healthcare, it provides access to medical experts working across the manifold hospitals on curing and diagnosing affected patients virtually. Further, video conferencing with the banking sector permits consumers to handle their account-related questions with managers over virtual communications.
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Market Drivers
Growing Usage in Screening Interviews
With the swift rise in the preference for video conferencing interviews in hiring procedures, video conferencing technology has a valuable tool for enhancing a company's brand by engaging candidates with exceptional professional skills. Conferencing allows business firms to gain insights into various aspects such as optimizing meeting duration and accommodating the maximum number of candidates, which in turn boosts sales in the video conferencing market.
Rising Demand for Cloud Technology
The increasing demand for cloud technology in the era of digitalization has prompted companies to install cloud-based solutions by restoring conventional systems to business handling procedures. Thus, global firms are seeking to combine cloud-dependent video conferencing solutions and services and play a critical part in altering the motion of the market.
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Key Players
Prominent market contenders functioning in the market are offering advanced video conferencing tools to improve their market existence and attract customers. Some of the companies which are currently dominating the market are:
• Amazon Web Services Inc.
• AURA Presence
• Avaya Inc.
• Barco NV
• BlueJeans Network Inc
• Cisco Systems Inc.
• Fuze Inc.
• Haivision Inc.
• HighFive Inc.
• Huawei Technologies Co. Ltd.
• Kaltura Inc.
• Kollective Technology Inc.
• Lifesize Inc.
• Logitech International S.A.
Segment Wise Insights
The video conferencing market is segmented based on component, deployment, application, end-use, and region.
Based on component, the hardware segment dominated the market. This is due to growing advancements and approval of endpoints such as laptops, smartphones, and desktops.
Based on end-use, the corporate segment is projected to see a large revenue. This is owing to the rapid advancement of cloud-based associations and communication software industries.
Video Conferencing Market, Component Outlook (Revenue , USD Million, 2016 - 2028)
• Hardware
• Software
• Service
Video Conferencing Market, Deployment Type Outlook (Revenue, USD Million, 2016 - 2028)
• On-Premise
• Cloud
Video Conferencing Market, Application Outlook (Revenue, USD Million, 2016 - 2028)
• Consumer
• Enterprise
Video Conferencing Market, End-Use Outlook (Revenue, USD Million, 2016 - 2028)
• Corporate
• Education
• Healthcare
• Government & Defense
• BFSI
• Media & Entertainment
• Others
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Regional Outlook
• North America
o U.S.
o Canada
• Europe
o France
o Germany
o UK
o Italy
o Spain
o Netherlands
o Austria
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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