REDDING, Calif., March 8, 2022 /PRNewswire/ -- According to a new
market research report titled "Video Conferencing Market by Technology (VaaS,
USB-VC, Room-based Codec System), Component, Deployment Mode,
Organization Size, End User (Education, IT & Comm., Healthcare,
BFSI, Oil & Gas, Legal, Media) - Global Forecast to
2028", published by Meticulous Research®, the video
conferencing market is expected to grow at a CAGR of 15.5% from
2021 to 2028 to reach $24.4 billion
by 2028.
Download Free Sample Report Now
@ https://www.meticulousresearch.com/download-sample-report/cp_id=5195
Video conferencing is a technology that allows users in
different locations to hold face-to-face meetings. It is widely
utilized for business meetings and training purposes. The use of
video conferencing witnessed remarkable growth from 2020 due to the
lockdowns imposed by several governments worldwide.
The growth of the overall video conferencing market is mainly
attributed to the COVID-19 pandemic and the consequent global
lockdown, which affected most industries impacting the global
economy. To counter this escalating situation, many industries
adopted the remote working culture, where employees could safely
work from their chosen locations and collaborate using video
conferencing apps such as Zoom, Meet, and Teams.
In addition to the growing acceptance of the work-from-home
culture among various sectors, many industries are also adopting
video conferencing tools to reduce quarterly and annual spending on
infrastructure maintenance. Companies that have adopted video
conferencing tools have also recorded improved employee
productivity, time and cost savings on transportation, and improved
communication & collaboration among team members, further
boosting the demand for video conferencing solutions among various
industries.
The pandemic has severely affected many sectors globally,
including the education sector. However, this sector has quickly
adopted the new collaboration solutions and restored itself within
just a few months post the lockdown. IT & telecommunication has
been the leading adopter of this technology from even before the
outbreak of the COVID-19 pandemic. However, the global lockdown
further boosted the use of video conferencing technology in the
industry. Additionally, the healthcare sector has also increased
the adoption of video conferencing solutions to improve patient
care & monitoring and reduce the burden on hospital staff and
infrastructure.
The Impact of COVID-19 on the Video Conferencing
Market
The spread of COVID-19 has had an unprecedented impact on public
health and industrial structures, accelerating social reforms in
several areas. Due to stringent government policies of social
distancing, lockdowns, and work from home culture adoption, people
were forced to communicate through the latest tools and devices to
complete their work. Thus, video conferencing tools gained huge
demand through this period. Amongst the disruption caused by the
pandemic in the business sector, video conferencing was one of
those few entities that witnessed exponential growth in adoption as
the need for communicating through remote places grew
extensively.
The video conferencing market witnessed tremendous growth amidst
the pandemic as lockdowns forced many individuals across the globe
to work-from-home and attend online classes, which led to a surge
in the adoption of popular software like Zoom, Skype, and Microsoft
Teams. For instance, in October 2020,
Microsoft Teams registered more than 115 million daily active
users. Thus, with advancements in technology and increasing usage
of this technology, the market is poised to grow immensely.
Speak to our Analysts to Understand the Impact of COVID-19 on
Your
Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5195
Work-from-home Culture to Drive the Video Conferencing Market
Growth
The outbreak of the COVID-19 pandemic changed the overall
working culture of the majority of the companies around the world
due to lockdowns and social distancing policies. The companies had
to adopt work from home culture. This led to an increase in
dependency of the employees, students, and other professional
workers on video conferencing tools such as Skype, Zoom, Google
Duo, and Microsoft Teams, among others, for effective
communication. As a result, the market observed high traction in
the demand and adoption of these tools.
Furthermore, by working from home, the companies witnessed
improved employee productivity due to less time for commuting,
better work-life balance, and location independence. This factor
allowed companies to retain this policy for a longer period,
increasing the usage of video conferencing tools. In April 2020, Tata Consultancy Services (TCS), an
India-based IT service provider,
announced its plan to allow 75% of employees, around 4.5 lakh, to
work from home until 2025. Furthermore, Infosys, a major IT service
provider, has permanently announced flexible work from home
model.
Video Conferencing Market
Overview
Meticulous Research® has segmented the overall video
conferencing market based on technology (VaaS, USB-VC, room-based
codec systems), component, deployment mode, organization size, end
user (education, IT & communication, healthcare, BFSI, oil
& gas, legal, media), and geography (Asia-Pacific, Europe, North
America, Latin America, and
the Middle East & Africa).
Based on technology, the video conferencing market is segmented
into video-as-a-service (VaaS), USB video conferencing, and
room-based codec systems. In 2021, the video-as-a-service (VaaS)
segment is expected to account for the largest share of the overall
video conferencing market. The growing adoption of
video-as-a-service in the corporate, IT & telecommunication,
healthcare, education, and public, among other sectors, is driving
the growth of this segment. In its most recent versions,
video-as-a-service allows for the transmission of
full-motion video and high-quality audio between multiple
locations. In addition, cloud-based video services enable
organizations to deploy video conferencing solutions
quickly and with minimal infrastructural investments.
Based on component, the video conferencing market is segmented
into solutions and services. In 2021, the solutions segment
accounted for the largest share of the overall video conferencing
market. The larger share of the solutions segment is mainly
attributed to the exponential adoption of video conferencing apps
such as Zoom, Microsoft Teams, WebEx, and Google Meet among various
industries, such as IT & communications and education.
Based on deployment mode, the video conferencing market is
segmented as cloud deployment and on-premise deployment. In 2021,
the cloud deployment segment is estimated to account for the larger
share of the overall video conferencing market. The large share of
this segment is mainly attributed to the higher efficiency and
lower investment requirements of cloud deployment compared to
on-premise. The segment is also expected to register a higher CAGR
during the forecast period due to the entry of major cloud service
providers such as Amazon, Google, and Microsoft.
Based on organization size, the video conferencing market is
segmented into large enterprises and small & medium-sized
enterprises (SMEs). In 2021, the SMEs segment is estimated to
account for the larger share of the video conferencing market. The
large share of this segment is mainly attributed to the affordable
subscription plans and customized user interfaces (UIs) offered by
leading video conferencing solution providers.
Quick Buy – Video Conferencing Market Research
Report:
https://www.meticulousresearch.com/Checkout/24911667
Based on end user, the video conferencing market is segmented
into education; healthcare; government, defense, & public
sectors; BFSI; media & entertainment; law & legal;
manufacturing; oil, gas, & energy; and IT &
telecommunication. In 2021, the IT & telecommunication segment
accounted for the largest share of the global video conferencing
market. However, the education segment is expected to record the
highest CAGR during the forecast period due to the growing number
of online education platforms and the need to conduct online
lectures among universities and educational institutions, such as
colleges and schools.
Geographically, the global video conferencing market is
segmented into five major regions: North
America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, the North American region
accounted for the largest share of the global video conferencing
market. The large share of North
America is attributed to the presence of many IT companies
and the growing need to connect their large workforce available at
different locations. Also, the region is technologically advanced,
and there is swift adoption of video conferencing in daily work
schedules. However, the Asia-Pacific region is expected to account for
the fastest growth during the forecast period. Rapid growth in the
number of SMEs in regional economies and increasing internet
penetration are expected to drive the adoption of video
conferencing at a significant rate.
The four key players in this market are Zoom Video
Communication, Inc., Microsoft Corporation, Cisco Systems, Inc.,
and Google, LLC. These players continuously focus on new product
development and launches and agreements, collaborations, &
partnerships to increase their respective market shares. The other
key players operating in the global video conferencing market are
Zoom Video Communication, Inc. (U.S.), Microsoft Corporation
(U.S.), Cisco Systems, Inc. (U.S.), Blue Jeans Network
Inc. (Verizon) (U.S.), LogMeIn, Inc. (U.S.), Alphabet Inc.
(U.S.), ON24, Inc. (U.S.), Dialpad, Inc. (U.S.), TeamViewer AG
(Germany), Adobe (U.S.),
Blackboard Inc. (U.S.), and Vidyo, Inc. (U.S.) among
others.
To gain more insights into the market with a detailed table
of content and figures, click
here: https://www.meticulousresearch.com/product/video-conferencing-market-5195
Scope of the Report
Video Conferencing Market, by
Technology
- VaaS
- USB Video Conferencing
- Room-based Codec Systems
Video Conferencing Market, by
Component
- Solutions
-
- Hardware
-
- Multi-Codec Endpoints
- Single Codec Endpoints
- Executive Desktop Endpoints
- Software
- Services
Video Conferencing Market, by
Deployment Mode
Video Conferencing Market, by
Organization Size
Video Conferencing Market, by
End User
- Education
- Healthcare
- Government, Defense, & Public Sector
- BFSI
- Media & Entertainment
- Legal & Law Profession
- Manufacturing
- Oil, Gas, & Energy
- IT & Communication
Video Conferencing Market, by
Geography
- North America
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
-
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Download Free Sample Report Now
@ https://www.meticulousresearch.com/download-sample-report/cp_id=5195
Amidst this crisis, Meticulous Research® is
continuously assessing the impact of COVID-19 pandemic on various
sub-markets and enables global organizations to strategize for the
post-COVID-19 world and sustain their growth. Let us know if you
would like to assess the impact of COVID-19 on any industry
here- https://www.meticulousresearch.com/custom-research
Related Reports:
Live Streaming Market By Component (Platform, Services),
Offering Model (B2B, B2C), Streaming Type (Audio, Video, Game),
Vertical (Media & Entertainment, Education, Sports &
Gaming, Government, Fitness), and Region - Global Forecast To
2028
https://www.meticulousresearch.com/product/live-streaming-market-5225
Online Language Learning Market by Product (SaaS, Apps,
Tutoring), Mode (Consumer, Government, K-12, Corporate), Language
(English, German, Japanese, Korean, Mandarin Chinese) and Geography
- Global Forecast to 2027
https://www.meticulousresearch.com/product/online-language-learning-market-5025
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as
Meticulous Market Research Pvt. Ltd. in 2013 as a private limited
company under the Companies Act, 1956. Since its incorporation, the
company has become the leading provider of premium market
intelligence in North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa.
The name of our company defines our services, strengths, and
values. Since the inception, we have only thrived to research,
analyze, and present the critical market data with great attention
to details. With the meticulous primary and secondary research
techniques, we have built strong capabilities in data collection,
interpretation, and analysis of data including qualitative and
quantitative research with the finest team of analysts. We design
our meticulously analyzed intelligent and value-driven syndicate
market research reports, custom studies, quick turnaround research,
and consulting solutions to address business challenges of
sustainable growth.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on
LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source:
https://www.meticulousresearch.com/pressrelease/414/video-conferencing-market-2028
View original
content:https://www.prnewswire.com/news-releases/video-conferencing-market-is-expected-to-grow-at-a-cagr-of-15-5-from-2021-to-2028-to-reach-24-4-billion-by-2028--according-to-meticulous-research-301497725.html
SOURCE Meticulous Market Research Pvt. Ltd