Global Video Conferencing Market By Component (Hardware, Solution, Services) By Hardware (Multipoint Control Unit, Hard Codec, Peripheral Devices) By Deployment Mode (On-premises and Cloud), By Application (Corporate Communications, Training and Development, Marketing and client engagement), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa) – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030

Global Video Conferencing Market Overview

Video conferencing is a technology that allows people in various areas to hold face-to-face meetings without having to go to the same spot. Because it reduces time, money, and irritation connected with business travel, the technology is useful for business users in distant cities or nations. Routine meetings, commercial negotiations, and applicant interviews are all examples of video conferencing applications. Video conferencing improves productivity, saves time, reduces travel costs, and encourages collaboration. Video conferencing enables all of these advantages to be promoted without the necessity for regular face-to-face communication. However, less human touch and understanding, network instability and time lag, technical challenges and employee training, as well as increased stress and less organization, are some of the factors limiting the market's growth. 

Video conferencing increases productivity, saves time, lowers travel costs, and encourages overall collaboration. Video conferencing has the advantage of providing all of these advantages without requiring continual travel for face-to-face conversation. Organizations are also concerned about copyright and Digital Rights Management (DRM) because of the risk of abuse, data leaks, and data breaches. In 2019, the healthcare, finance, manufacturing, information, and public sectors experienced the most data breaches. To overcome these limitations, businesses must rethink their video conferencing strategy before implementing these solutions. Video conferencing solutions may have a slow adoption rate if policies and processes for proper video content management are not in place. 

Market Size

According to Business Intelligence Insights Global Video Conferencing Market is expected to grow from USD 8.90 billion in 2021 to USD 36.27 billion by 2028, at a CAGR of 19.20% during the forecast period 2022-2030

Covid -19 Impact Analysis

COVID-19 cases were increasing by the day, with multiple infected cases on the rise. COVID-19 has a significant impact on major organizations and SMEs, as it does on individuals. Manufacturing, automotive, textiles, transportation and logistics, travel and hospitality, and consumer products have all been shut down as a result of country-level lockdowns around the world. In terms of GDP reduction, this would have a significant impact on the world economy. SMEs have long been considered the economic backbone. Because of the COVID-19 epidemic, SMEs are currently the most affected. The widespread adoption of a "work from home" policy in various firms has resulted in an unparalleled increase in video conferencing usage. As a result, ZOOM Cloud Meetings — a free HD meeting program — grew in popularity among users until it was reported for a variety of security vulnerabilities in the video conferencing market. As a result, India's Ministry of Electronics and Information Technology (MeitY) has announced the Digital India Program's 'Innovation Challenge for the Development of a Video Conferencing (VC) Solution.

Market Dynamics

•    Drivers
o    Business Organizations are becoming more global.
o    Remote working is becoming more popular. 

•    Restraints
o    Privacy and security concerns.
o    Issues with Video Quality are Increasing

Segmentation Insights

The hardware category dominated the market with more than 50% of the market share

In 2021, the market for Video Conferencing was dominated by hardware as a component. The expansion can be ascribed to the rising development and use of endpoints with high-resolution cameras, microphones, and speakers, such as laptops, smartphones, and desktops. The need for and investments in enterprise-based hardware have decreased as some firms have embraced the work from home model in 2020. As a result of this trend, businesses are investing more in individual goods rather than enterprise gear. Cameras and microphones/headphones are separated from the hardware segment. Due to the requirement for good communication and the adoption of the work-from-home paradigm, the microphones/headphones market grew rapidly in 2020. 

The on-premise category dominated the market with more than 55% of the market share

The Deployment mode in which Video Conferencing can be taken is On-premises and Cloud. In the worldwide Video Conferencing industry, on-premise is the most popular application mode. This can be due to large enterprises' increasing embrace of on-premise deployment in response to growing worries about data theft and effective information security system maintenance. However, due to the growing popularity of cloud-based solutions, the category is likely to increase slowly throughout the projection period. In reaction to this trend, businesses have begun to shift their income generation models to the cloud. Avaya, Inc., for example, shifted its income generation approach from on-premise to cloud. 

By Component
•    Hardware
•    Solution
•    Services

By Hardware
•    Multi point Control Unit
•    Hard Codec
•    Peripheral Devices

By Deployment Mode
•    On-premises
•    Cloud

By Application
•    Corporate Communications
•    Training and Development
•    Marketing and client engagement

By Region
•    North America
o    U.S.
o    Canada
•    Europe 
o    Germany
o    U.K.
o    France
o    Italy
o    Spain
o    Rest of Europe
•    Asia Pacific 
o    China
o    India
o    Japan
o    Rest of Asia Pacific
•    Latin America 
o    Brazil
o    Mexico
o    Rest of Latin America
•    Middle East and Africa 
o    UAE
o    South Africa
o    Rest of Middle East and Africa (MEA)

Regional Insights

North America dominated the market with more than 39% of the market share

In terms of video conferencing solutions usage, the regional market is mature. However, the region has room for expansion in terms of existing equipment improvements and cloud-based service subscriptions.The existence of numerous significant players, together with the growing popularity of Bring Your Own Device (BYOD) solutions, which has resulted in the widespread use of webcams and headphones, is projected to fuel market expansion even further. Over the projected period, the Asia Pacific regional market is expected to develop at the fastest rate. Although the region's corporate groups and governments had been fostering work style innovation before the COVID-19 epidemic, the pandemic functioned as a stimulus for the region's development of high-quality internet infrastructure, allowing people to work remotely. Despite the fact that the region's business organizations and governments had been encouraging workstyle innovation before the COVID-19 epidemic, the pandemic acted as a catalyst for the construction of high-quality internet infrastructure, allowing people to work remotely.

Table

Report Attributes	Details
Market Size Value in 2021	USD 8.90 billion
Market Size Value in 2027	USD 36.27 billion
Growth Rate	+19.20%
Base Year	2021
Forecast Period	2021-2030
Historical Data	2018-2020
Forecast Units	(USD Billion)
Countries Covered	North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE
Segments Covered	By Component, By Hardware, By Deployment Mode, By Application, By Region

 

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