Press Release Description

Remote Working Cultures Spurred Significant Growth in the Video Conferencing Market

According to a recent research report published by MarkNtel Advisors, the Global Video Conferencing Market is set to register around 9.5% CAGR during 2023-28. The growing utilization of the IoT (Internet of Things), AI (Artificial Intelligence), & cloud technologies and the mounting need for remote workforce management are the prime aspects projected to drive the market. Besides, the escalating demand for video communication, virtual workforce management, & cloud-based collaboration platforms is another prominent aspect expected to accelerate the market growth.

With the implementation of remote working cultures across most organizations due to the Covid-19 pandemic, video conferencing solutions like ZOOM, Microsoft Teams, Google Meet, etc., have been witnessing a continuously rising demand worldwide. Additionally, several initiatives being implemented by various governments toward promoting the adoption of digital services across enterprises are further promising lucrative opportunities for the global market in the coming years.

IT/ITeS Sector to Garner a Prominent Share of the Video Conferencing Market

The IT/ITeS Sector is witnessing a rising need to reduce operational costs and promote effective communication from remote locations. Industry giants, Huawei Technologies & Microsoft Corporation, are actively working on maximizing their respective revenues by providing video conferencing solutions, particularly to the corporates. Growing requirements for prompt medical assistance from a remote location, coupled with the adoption of telemedicine services in the US, China, France, etc., are stimulating the adoption of this solutions in the healthcare sector and, consequently, stimulating the overall market expansion.

With Extensive Presence of IT Companies in the US, North America to Dominate the Market

Across North America, the US has an extensive presence of leading IT companies, investing massively in introducing innovative voice conferencing solutions to cater to the burgeoning end-user requirements. Moreover, the ever-increased penetration of remote learning has paved the way for more hybrid workspaces across the region in the past few years, especially after the pandemic. Cisco Systems, Inc. has recently launched Webex Devices to enhance the remote working experience for end-users. Similarly, Facebook, Inc. introduced Messenger Rooms that facilitate end-users to hold video conferencing with up to 50 people.

Competitive Landscape

The key companies in the Video Conferencing Market include Adobe Inc., AURA Presence, LLC., Avaya Inc., AWS, Cisco Systems, Inc., Google, HP, Huawei Technologies Co., Ltd., Logitech International S.A, LumenVox LLC, Microsoft Corporation, Plantronics, Inc., Vidyo, Inc., West Corporation (Intrado Corporation), and Zoom Video Communications, Inc.

Key Questions Answered in the Research Study:

  1. What are the current & future trends in the Global Video Conferencing Market?
  2. How has the industry been evolving in terms of geography & product adoption?
  3. How has the competition been shaping across various countries, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Global Video Conferencing Market?
  5. What are the customer orientation, purchase behavior, and expectations from the key players operating in the Global Video Conferencing Market?

Market Segmentation:

  1. By Component (Hardware (Camera, Microphone/Headphone, Others), Software, Services (Professional, Managed))
  2. By Deployment (On Premise, Cloud)
  3. By Application (Consumer, Enterprise (Corporate Communications, Learning & Development, Client Management, Others (Marketing, Admin, etc.)))
  4. By End-User (IT/ITeS, Banking Finance Services & Insurance (BFSI), Education, Healthcare, Government & Defence, Media & Entertainment, Education Institutes, Others)
  5. By Region (North America, Latin America, Asia-Pacific, Europe, Middle East & Africa)
  6. By Country (The US, Canada, Mexico, Brazil, Germany, Italy, the UK, France, Spain, Sweden, Iceland, Japan, China, India, South Korea, Saudi Arabia, the UAE, South Africa)