MarketsandMarkets forecasts the global Video Conferencing Market size is expected to grow from USD 9.2 billion in 2021 to USD 22.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.7% during the forecast period. With COVID-19, the entire workforce has experienced a transition toward remote working, paving a way for video conferencing solution and hardware products. The reduced travel time and cost, the importance of involving employees in determining strategic goals, and the rising need for virtual meeting rooms have overall increased the spending of companies on video conferencing solutions.
Cloud mode of deployment segment is expected to grow at the highest CAGR during the forecast period
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Healthcare segment to grow at the highest CAGR during the forecast period
The healthcare and life sciences vertical deals with diverse clinical, administrative, and financial content on a daily basis. This results in the requirement for channelized content insights and accurate clinical information that can be consolidated through video conferencing Solution. The collaborations enable healthcare providers in telemedicine and patient care, medical education, and healthcare administration applications to offer enhanced patient care by providing them with improved communication options. The solution enable face-to-face interactions between patients, healthcare teams, and family members to discuss various treatment options, located anywhere in the world. Video conferencing technology also helps with patient monitoring, consulting, and counseling.
The key and emerging market players in the video conferencing market include Microsoft Corporation (Microsoft), Zoom Video Communications, Inc. (Zoom), Cisco Systems, Inc. (Cisco), Adobe Systems Incorporated (Adobe), Huawei Technologies Co. Ltd (Huawei), Avaya, Inc. (Avaya), Amazon Web Services, Inc. (AWS), Google, LLC (Google), Plantronics, Inc. (Poly), LogMeIn, Inc. (LogMeIn), Enghouse Systems Limited (Enghouse Systems), Pexip, AS (Pexip), Qumu Corporation (Qumu), Sonic Foundry Inc. (Sonic Foundry), Lifesize, Inc. (Lifesize), Kaltura Inc. (Kaltura), BlueJeans Network (BlueJeans Network), Kollective Technology, Inc. (Kollective), StarLeaf Inc. (StarLeaf), HighFive Inc. (HighFive), Logitech International SA (Logitech), Barco NV (Barco), Fuze Inc. (Fuze), Haivision Inc. (Haivision), and Premium Global Services Inc. (PGi). These players have adopted various strategies to grow in the global video conferencing market.
Microsoft provides video conferencing Solution such as Microsoft Teams and Skype for Business. These products integrate seamlessly with other Microsoft tools, via Office 365. They help organizations effortlessly synchronizing their workflows from different devices and locations. Microsoft Teams is an online collaboration platform with video conferencing capabilities, enabling online meetings for enterprises globally. The product has established itself as one of the most used online conferencing software tools. Microsoft teams’ growth is more comparatively to Skype for business due to continuous solution enhancements, ease of usage, and accessibility
Microsoft focuses on Y-o-Y growth with organic and inorganic growth strategies. For instance, in August 2018, Microsoft underwent product enhancements as a part of the company’s strategic plan to replace Skype for Business with Microsoft Teams as the primary communications platform for businesses. In the same year, Microsoft undertook product enhancements to support live video capability in Microsoft Teams. In 2019, the firm planned to introduce eight new features, such as Microsoft Whiteboard, Data Loss Prevention (DLP) in chats and conversations, live events, live captions, information barriers, customized backgrounds, Intelligent Capture, and secure private channels. Microsoft is also focused on collaborating with technology firms, such as Lenovo and SAP, on increasing the revenue generated from productivity and business segment.
Cisco is one of the prominent players in the video conferencing market. The firm intends to enable teleworking, reduce business travel, grow employee productivity, and build resilience for business, partners, and customers. The collaboration tools portfolio paved a way for the transition to extended remote working due to COVID-19 while maintaining employee productivity and customer engagement. The company aims to provide products, Solution, and services that cater to customers’ specific needs, such as a collaboration portfolio, which includes a subscription-based Webex conferencing platform enabling teams to increase productivity.
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Zoom video communications offers Zoom Meetings, around which all the suite of products and services are offered by Zoom. Currently, this application is the world’s most used application with an ever-growing number of subscribers. It is helping organizations to effortlessly communicate with their clients and their workforce from different devices and locations. Ease of access and careful work to keep latency below 150 milliseconds have been cited as potential reasons.
In April 2020, Zoom reached around 300 million daily meeting participants, compared to the 10 million benchmarks in 2019. The subscriptions included both free and paid members. Zoom released around 300 new features in 2019 and offers on-demand customer preferences via its platform. In total, Zoom exited the year 2020 with 81,900 customers, an increase of 31,100 new customers, or 61% year-over-year.
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