The global video conferencing market size is projected to register a CAGR of 12.6% during the forecast period, reaching 19.1 Billion by 2027 from an estimated USD 10.6 billion in 2022. Major drivers for the market include the growing internet penetration to pave way in the digital world. The market for video conferencing has seen new opportunities arise due to the increasing strength of global internet connectivity. As smartphone use grows and connectivity improves, the number of internet users globally is rising quickly. As a result, telecom companies are spending heavily in the infrastructure to take advantage of these prospects, which are predicted to fuel market expansion. Underlying restraints in the video conferencing market include the issues of privacy and security. Businesses may have significant concerns about the security and privacy of the video footage shared across various platforms. Additionally, because of the potential for abuse, information leaks, and data breaches, businesses are increasingly concerned about copyright and Digital Rights Management. Before implementing these solutions, businesses need to restructure their methods for utilizing video conferencing services to address such issues.
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By vertical, healthcare and life sciences segment to register the highest CAGR during the forecast period
The video conferencing market has been segmented based on vertical into BFSI, IT and Telecom, Healthcare and Life Sciences, Education, Media & Entertainment and other verticals. The adoption of video conferencing has been prevalent in all kinds of enterprises, from small startups and federal governments or globally established large media conglomerates. The growing demand for video conferencing solutions to improved staff training, medical education and healthcare communication enables to witness the growth opportunities in healthcare and life sciences. The healthcare and life sciences segment is anticipated to register the largest market size during the forecast period.
By applications, corporate communication is projected to register largest market size during the forecast period
The video conferencing market has been segmented based on applications into corporate communication, training and development, and marketing and client engagement. Corporate communications solutions facilitate communication with employees irrespective of their geographic locations. Executives can build a more personal relationship with the workforce with the use of video conferencing tools. Due to the growing need for businesses to facilitate communications with both internal and external workers, the market for corporate communications via video conferencing is developing. During the forecast period this segment is anticipated to register the largest market size.
Unique Features in the Video Conferencing Market
Using components of augmented and virtual reality to create more engaging video conferences.
To increase interaction, use augmented reality overlays, virtual backdrops, and 3D avatars.
Artificial Intelligence (AI) integration for functions such as intelligent meeting summaries, automatic transcription, and language translation.
AI-powered backdrop blur and noise suppression to enhance the quality of audio and video.
smooth interaction with the interactive screens, microphones, and smart cameras in conference rooms.
Hardware and software combined into a single solution for a more complete meeting experience.
sophisticated security features, such as multi-factor authentication, secure meeting links, and end-to-end encryption.
Fine-grained control over participant rights and privacy compliance protocols.
Major Highlights of the Video Conferencing Market
Market consolidation occurs when larger organisations buy out or merge with smaller ones in order to expand the range of products they offer.
Fierce rivalry between major players, which spurs ongoing innovation and feature improvements.
With the rise of hybrid work patterns, video conferencing solutions that facilitate both in-person and remote collaboration have been developed.
Integration with tools for collaboration to enable work environments that are hybrid.
A growing focus on privacy and security features to solve issues with data protection and unauthorised access (zoombombing).
Putting in place end-to-end encryption together with additional security measures to boost user confidence.
AI integration is used for functions including facial recognition, backdrop blur, and noise suppression.
Analytics enabled by AI to gain knowledge on meeting efficacy and user engagement.
Top Key Companies in the Video Conferencing Market
Some major players in the video conferencing market include Microsoft (US), Zoom Video Communications (US), Cisco (US), Adobe (US), Huawei (China), Avaya, Inc. (US), AWS (US), Google, LLC (US), HP (US), GoTo (US), Enghouse Systems (Canada), Pexip (Norway), Qumu Corporation (US), Sonic Foundry Inc. (US), Lifesize, Inc. (US), Kaltura Inc. (US), BlueJeans Network (US), Kollective Technology, Inc. (US), StarLeaf Inc. (UK), Dialpad (US), Logitech (US), Barco (Belgium), Fuze Inc. (US), Haivision Inc. (Canada), and Premium Global Services Inc. (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the video conferencing market.
Cisco provides products and services in the fields of routing and switching as well as cutting-edge technologies including wireless, IP telephony, optical networking, security, and home networking. The business had improved its position over time, moving from being a provider of discrete services and products to one of architectural solutions built on networking infrastructure. Cisco offers its products and services to consumers, small businesses, commercial enterprises, and service providers. It has a presence in various regions, such as the Americas, Europe, the Middle East & Africa, and Asia Pacific as well.
Microsoft is a multinational technology corporation, which strives to create and support products, services, and solutions that are based on ongoing innovation. Operating systems, cross-device productivity applications, servers, business solution applications, desktop and server management tools, software development tools, and video games are all part of the product portfolio. Microsoft’s offerings include cloud-based solutions that offer users software, platforms, services, and content in addition to consulting and solution support. Video conferencing solutions, such as Skype for Business and Microsoft Teams, are a part of the office productivity and business processes segment which aims to boost individual, team, and organizational efficiency.
Huawei is one of the top producers and sellers of telecommunications and consumer electronics equipment. It provides products and services for a variety of industries, including manufacturing, energy, transportation, retail, education, healthcare, and internet service providers. The company’s main goal is to provide its end users with cutting-edge solutions in the age of 5G, AI, and cloud. With its video conferencing series, Huawei is aiming toward intelligent collaboration solutions for smart and digital offices. The company is using IdeaHub, intelligent desktop series, and whiteboards to make work conference settings more understandable.
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