Video Conferencing Market Size By Component (Hardware [Multipoint Control Unit (MCU), Codecs, Peripheral Devices], Software [On-Premise, Cloud], Service [Professional, Managed]), By Type (Room-Based, Telepresence, Desktop), By Application (Corporate Enterprise, Education, Government, Healthcare), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032

Industry Statistics

Video Conferencing Market size valued at USD 25 billion in 2022 and is set to register over 10% CAGR from 2023 to 2032. Growing focus on IT infrastructure development in developing economies will drive market growth.
 

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Many industry players are focusing on the integration of advanced technologies such as AI, machine learning, and IoT in video conferencing apps. Offering additional benefits and features such as facial recognition, audio-video quality, virtual background, automated note-taking, and active noise cancellation, to enhance their capabilities, positively affecting the industry outlook.
 

Coding and decoding complexities of video conferencing may constrain industry development

Despite a broad scope for product adoption, the coding and decoding complexities associated with video conferencing applications are likely to hinder market revenue. Many solution providers are also faced with the novel challenge of different screen resolutions and sizes, which makes it difficult for the app to conform to different screens. However, numerous system integrators, solution providers, and technology providers are innovating various ways to reduce the complexities, which would work to dampen their impact on the video conferencing market landscape.
 

Rising demand for high-end audio-visual systems to promote hardware component segment growth

The hardware segment is anticipated to grow at around 10% growth rate between 2023 and 2032, propelled by the rising adoption of high-end audio-visual systems among educational institutions and global enterprises. Peripheral devices, such as microphones, video cameras, and speakers are vital for the uninterrupted and seamless operation of video conferencing systems, making them essential across global organizations and firms that are adopting the hybrid or WFH model.
 

Strong demand for immersive virtual collaborations to fuel telepresence type segment expansion

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The video conferencing market size from telepresence segment is poised to surpass USD 30 billion by 2032, led by the rising demand for immersive virtual collaboration solutions. The growth can also be credited to the capability of telepresence tools to emulate a physical meeting room appearance, making the sessions highly immersive. These systems can be integrated with multi-monitor, multi-microphone, multi-codec, and multi-channel speaker systems to attain the immersion.
 

Increasing digitalization across corporate sector to augment application segment development

The corporate enterprise application segment is projected to register a growth of 10% through 2032. On account of the rising penetration of digitalization throughout the global corporate sector. The digital transformation trend has encouraged small and medium-scale enterprises to opt for effective virtual collaboration techniques, boosting segment expansion. More and more SMEs are starting to use apps such as Microsoft teams, Zoom meetings, and Google meet for seamless virtual collaborations.
 

Progressive government efforts to strengthen the Asia Pacific market

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The Asia Pacific video conferencing market is expected to observe nearly 15% CAGR between 2023 and 2032. The regional growth is slated to be facilitated by the progressive government efforts to improve upon their respective communication infrastructure. Many regional governments are introducing schemes that emphasize of improving the affordability and accessibility of the Internet and other related services to support and accelerate public and private digital transformation initiatives.
 

Product innovations to outline the competitive landscape

Avaya Inc., Cisco Systems, Inc., Adobe Systems Incorporated, Google LLC, Huawei Technologies Co. Ltd., Zoom Video Communications, Inc., Microsoft Corporation, BlueJeans, are dominating the video conferencing industry. With remote learning and working becoming more widespread, industry participants are focusing on product innovations to expand their market presence.
 

Impact of COVID-19 on the business trends

The COVID-19 pandemic had a positive impact on the video conferencing business as lockdowns caused severe disruptions in key industries, which resulted in the adoption of web and video conferencing services for remote working. The elevated use of video conferencing platforms as a means for conducting work meetings and communication stimulated the industry expansion.
 

This market research report on video conferencing includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments:

Market, By Component

• Hardware
  • Multipoint Control Unit (MCU)
  • Codecs
  • Peripheral devices
• Software
  • On-premise
  • Cloud
• Service
  • Professional
  • Managed

Market, By Type

• Room-based
• Telepresence
•  Desktop

Market, By Application

• Corporate Enterprise
• Education
• Government
• Healthcare
• Others

Market, By Region

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia & New Zealand (ANZ)
• Latin America
  • Brazil
  • Mexico
• MEA
  • UAE
  • Saudi Arabia
  • South Africa