Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-06-17
As per Business Intelligence Insights (BII) study, the global Video Conferencing Market attained revenue growth of USD 8.90 billion in 2021 and it is projected to reach around USD 36.27 billion by 2030, growing at a 19.20% CAGR.
Video conferencing is a technology that allows people in different locations to meet face to face without having to go to the same location. The technology is valuable for business users in faraway cities or countries since it saves time, money, and frustration associated with work travel. Video conferencing applications include routine meetings, commercial discussions, and applicant interviews. Video conferencing boosts productivity, saves time, lowers travel expenses, and promotes collaboration. All of these benefits can be pushed through video conferencing without the need for regular face-to-face connection. However, obstacles such as a lack of personal touch and understanding, network instability and time lag, technical challenges and personnel training, as well as increased stress and a lack of structure, are restricting the market's growth. The video conferencing market is being propelled forward by factors such as the expanding work-from-home lifestyle and rising demand for high-speed video communication solutions. Video conferencing boosts productivity, saves time, reduces travel expenses, and fosters overall collaboration. Video conferencing offers the advantage of giving all of these benefits without the need for continuous face-to-face communication.
Security and privacy of video footage shared across many channels may be an issue for businesses. Because of the possibility of abuse, data leaks, and data breaches, organisations are also concerned about copyright and Digital Rights Management (DRM). The healthcare, finance, manufacturing, information, and government sectors had the greatest data breaches in 2019. Businesses must rethink their video conferencing strategy before deploying these technologies to address these restrictions. If policies and methods for proper video content management are not in place, video conferencing solutions may have a slow adoption rate. Vendors must also offer enterprise-grade video communication solutions that are interoperable and easy to use, as well as security features.
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• Microsoft (US)
• Zoom (US)
• Cisco (US)
• Adobe (US)
• Huawei (China)
• Google (US)
• Avaya (US)
• Poly (US)
• LogMeIn (US)
• Enghouse Systems (Canada)
• Pexip (Norway)
• Qumu (US)
• Sonic Foundry (US)
• Lifesize (US)
• Kaltura (US)
• BlueJeans Network (US)
• Kollective Technology (US)
• HighFive (US)
• Logitech (Switzerland)
• Barco (Belgium)
• Fuze (US)
• Haivision (Canada)
• Premium Global Services (US)
• Hardware as a component dominated the Video Conferencing market in 2021. The rise in creation and use of endpoints with high-resolution cameras, microphones, and speakers, such as laptops, smartphones, and desktops, can be attributed to the growth. As some businesses embrace the work-from-home paradigm in 2020, the demand for and investment in enterprise-based gear has declined. As a result of this tendency, companies are investing more in consumer items rather than business equipment. The hardware part is segregated from the cameras and microphones/headphones. The microphones/headphones market developed fast in 2020, owing to the need for good communication and the development of the work-from-home paradigm.
• On-premises and Cloud deployment modes are available for Video Conferencing. On-premise is the most popular application mode in the global video conferencing market. This could be because large businesses are increasingly adopting on-premise deployment in response to growing concerns about data theft and effective information security system maintenance. However, because cloud-based solutions are becoming increasingly popular, the category is expected to rise slightly over the forecast period. Businesses have begun to migrate their revenue generation methods to the cloud in response to this trend. For example, Avaya, Inc. moved its revenue generation strategy from on-premise to cloud.
• The regional market for video conferencing solutions is well-developed in North America. However, there is space for growth in terms of existing equipment upgrades and cloud-based service subscriptions in the region. Increased demand for continuous access to high-quality internet and visual meetings is projected to assist regional prosperity. The presence of multiple major players, together with the rising popularity of Bring Your Own Device (BYOD) solutions, which has resulted in the widespread use of webcams and headphones, is expected to propel market growth even further. The Asia Pacific regional market is estimated to grow at the quickest rate throughout the forecast period. Despite the fact that the region's business organizations and governments had been encouraging work-style innovation before the COVID-19 epidemic, the pandemic served as a catalyst for the region's development of high-quality internet infrastructure, allowing people to work remotely.
• The report contains qualitative and quantitative research on the global Video Conferencing Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
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• Multi point Control Unit
• Hard Codec
• Peripheral Devices
By Deployment Mode
• Corporate Communications
• Training and Development
• Marketing and client engagement
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East and Africa
o South Africa
o Rest of Middle East and Africa (MEA)
Ready to generate outstanding revenue opportunities with 'Business Intelligence Insights (BII)’ exclusive Video Conferencing market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as–
• What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
• What is the current trend taking place in the market space?
• What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
• What market drivers, restraints, and challenges are influencing market demand and growth?
• In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?
The Video Conferencing Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Video Conferencing Market Forecast Report 2022- 2030 - Order Now!
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