Video Conferencing Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Deployment (On-premise, Cloud), By Enterprise Size, By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Video Conferencing Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Deployment (On-premise, Cloud), By Enterprise Size, By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Video Conferencing Market Growth & Trends

The global video conferencing market size is anticipated to reach USD 20.02 billion by 2030, exhibiting a CAGR of 9.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. market is experiencing significant expansion, primarily driven by the widespread integration of cloud technologies and the rising preference for Video Conferencing as a Service (VCaaS). The market is further fueled by the growing popularity of globalized working models, positioning video conferencing as an essential tool for communication within numerous organizations.

The ongoing technological advancements in video conferencing are significantly driving the product demand across corporate, education, healthcare, among other verticals. For instance, in March 2024, Avaya LLC launched the Avaya Communication and Collaboration Suite that delivers seamless communication and collaboration experiences to customers, where they can connect with people and tools on a single platform, such as meet, call, chat, share files, manage tasks, and more. Such developments are fueling the video conferencing market in the coming years.

Moreover, the rising need to create a cost-effective, adaptable, and scalable communication system for better team collaboration, conversation, and decision-making is expected to have a considerable impact on industry trends in the coming years. The demand for solutions that simplify collaboration and enhance decision-making is on the rise among businesses and individuals alike. This trend is anticipated to further propel the expansion of the video conferencing market.

Video Conferencing Market Report Highlights

• Based on deployment, the on-premise segment dominated the market in 2023, driven by industries complying with strict data security requirements, existing investments in IT infrastructure, and challenges pertaining to internet reliability, latency, and bandwidth.
• Based on components, the hardware segment dominated the market in 2023, owing to increasing adoption of endpoints, including laptops, smartphones, and desktops equipped with high-resolution cameras, speakers, and microphones.
• Based on enterprise size, the large enterprises segment dominated the market in 2023. The segment growth is attributed to the high adoption of video conferencing solutions among these enterprises for business communications across geographies.
• Based on application, the enterprise segment dominated the market in 2023, owing to the higher demand for conference video endpoints that are room-based hardware solutions deployed and configured in meeting rooms.
• Based on end use, the corporate segment dominated the market in 2023. The segment growth is attributed to the growing consumer interest in cloud-based communication and collaboration solutions.
• Based on the region, North America accounted for the highest market share in 2023.The strong presence of various major technology companies, such as Microsoft Corporation, Google LLC, Cisco Systems, Inc., etc., providing high-end collaboration tools is contributing to the market growth.
• Key market players operating in the market include Adobe Inc.; AURA Presence, LLC; Avaya LLC; Cisco Systems, Inc.; Google LLC; Huawei Technologies Co., Ltd.; Logitech International S.A.; Microsoft Corporation; Plantronics, Inc. (acquired by HP Development Company, L.P.); Enghouse Video (formerly Vidyo, Inc.); West Corporation (Intrado Life & Safety, Inc.); Zoom Video Communications, Inc.
• In April 2024, Zoom Video Communications, Inc. announced the general availability of Zoom Workplace, the company’s AI-powered collaboration platform that includes new features to help users reimagine teamwork, facilitate connections, and improve productivity.

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