Video Conferencing Market to be Worth $19.73 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 20, 2022 /PRNewswire/ -- The global video conferencing market size is expected to reach USD 19.73 billion by 2030, registering a CAGR of 12.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The substantial growth can be ascribed to the increasing adoption of cloud technologies and Video Conferencing as a Service (VCaaS). The growing popularity of globalized working models has seemingly made video conferencing inevitable across several organizations.

Key Industry Insights & Findings from the report:

• The software segment is anticipated to witness the highest CAGR of over 13.0% over the forecast period owing to the rising cloud-based subscriptions across several platforms.
• Video conferencing services are being highly adopted across the small and medium-sized companies to rapidly expand their global operations by deploying a centralized communication platform that uses advanced technologies, including 4G, 5G, and VoIP.
• With regards to end-use, the healthcare sector is estimated to record considerable growth over the coming years considering the rising demand for video conferencing solutions in this domain to connect the dispersed teams.
• The market is also witnessing a notable growth in the educational segment with the increasing usage of web conferencing, audio conferencing, and IM for streaming live conferences and delivering notes.
• Several major market players are forming strategic alliances with telecommunication companies to gain a competitive edge by offering high-quality services to the end-users.

Get more Insights from 171-page market research report, "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, 2022 - 2030", published by Grand View Research.

Video Conferencing Market Growth & Trends

The global outbreak of the COVID-19 pandemic forced several organizations to implement remote working, which created a significant demand for video conferencing software and applications such as Google Meet, Zoom, and Microsoft Teams. These applications are now playing a major role in facilitating employee collaboration and accelerating digital transformation. The heightened demand for these solutions is urging the market players to offer products with enhanced and distinguished features to gain a strong foothold. In 2020, Google LLC made its video meeting tool Google Meet generally available to remain competitive. The tool reportedly had more than 100 million meeting participants during that year.

Besides business communication, video conferencing technology is also gaining momentum for social interaction. The growing need to set up an affordable, flexible, and scalable communication network for effective team collaboration, communication, and decision-making capability will positively influence the industry statistics over the upcoming years.

The industry is also witnessing substantial growth in the healthcare sector due to the emerging trend of telehealth across the globe. The emergence of the pandemic drastically increased the adoption of telehealth solutions. According to a study conducted in 2020, telehealth usage during the initial pandemic period increased from around 1% to as high as 80% across the areas where coronavirus was highly prevalent.

Video Conferencing Market Segmentation

Grand View Research has segmented the global video conferencing market based on component, deployment, enterprise size, application, end-use, and region:

Video Conferencing Market - Component Outlook (Revenue, USD Million, 2018 - 2030)

•  Hardware
• Camera
• Microphone/Headphone
• Others
• Software
• Services
• Professional Services
• Managed Services

Video Conferencing Market - Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• On-premise
• Cloud

Video Conferencing Market - Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)

• Large Enterprises
• Small and Medium Enterprises

Video Conferencing Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Consumer
• Enterprise

Video Conferencing Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Corporate
• Education
• Healthcare
• Government & Defense
• BFSI
• Media & Entertainment
• Others

Video Conferencing Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

•  North America
• U.S.
• Canada Europe
• U.K.
• Germany
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa

List of Key Players of Video Conferencing Market

• Avaya, Inc.
• Cisco Systems, Inc.
• Huawei Technologies Co., Ltd.
• Logitech International S.A.
• Microsoft Corporation
• Polycom Inc.
• Zoom Video Communications, Inc.

Check out more related studies published by Grand View Research:

• Healthcare Video Conferencing Solutions Market - The global healthcare video conferencing solutions market size is expected to reach USD 114.46 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.9% from 2021 to 2028. The key factors driving the market include robust urbanization and increasing penetration of telemedicine solutions.
• Mobile VoIP Market - The global mobile VoIP market is expected to reach USD 145.76 billion by 2024, according to a new report by Grand View Research, Inc. The transition to packet-switched networks from circuit switch networks is propelling the growth of the mobile VoIP market.
• Smart Education And Learning Market - The global smart education and learning market size is expected to reach USD 680.1 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 17.9% from 2020 to 2027. Demand for smart education and learning solutions is increasing among the growing population in corporate and academic sectors, owing to benefits such as improved education quality and easy access to educational content.

Browse through Grand View Research's Communication Services Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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