Video Conferencing Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

A report decodes several prominent factors responsible for the growth of the global video conferencing market. The report finds that the global value of the video conferencing market would be pegged at US$ 21,907.2 Mn by the end of 2026, rising from a value of US$ 9,790.2 Mn in 2021. Video conferencing technologies have got the better of large organizations and multinational companies in recent times. There is no contention about the visible shift from offline interactions to online meetings across corporate and non-corporate arenas. Video conferencing and other digital interaction platforms were under scrutiny and assessment even before the pandemic. However, the outbreak of the novel coronavirus accelerated digital transformation efforts at an exponential pace, especially across the corporate sector. This resulted in seamless improvements in ICT, cloud technology, and virtual platforms.

Healthcare Sector Emerges as a Leading Consumer of Video Conferencing Technologies

Advancements in telemedicine and telehealth technologies have created a pressing need for improved video conferencing platforms. The healthcare segment is expected to create an incremental opportunity worth US$ 807.7 Mn between 2021 and 2026 across the video conferencing market. The popularity of virtual visits and virtual care delivery systems within the healthcare industry has driven sales across the global video conferencing market.

Growth in ICT Spending across Large Corporate Houses

Companies across the globe have shown an inclination towards increasing their ICT spending to develop or subscribe to robust, seamless, and value-driven digital platforms. This has contributed towards the growth of the global video conferencing market as employees and managers develop collaborative workflows that require digital video platforms for key interactions. Cloud-based deployment is assessed to be the fastest growing segment, with an expected CAGR of 17.4% between 2021 and 2026.

Development of User-Friendly Interfaces and Functionalities for Video Conferencing Platforms

All major providers of video conferencing platforms have evolved from having rudimentary functionality to cutting-edge features that serve increased utility to consumers. Therefore, the role played by user-interface (UI) and user-experience (UX) in increased adoption of video conferencing has been humongous. Furthermore, availability of better communication networks such as LTE and 5G has is also projected to accelerate the adoption of video conferencing technologies.

Asia Pacific to Dominate Growth within the Video conferencing Market

Asia Pacific is found to be the largest regional segment within the video conferencing market, and is projected to grow at annual rate of 18.3% over 2021 and 2022. Remote work policies have become a norm across several of the IT companies in the region. Furthermore, several companies based out of the US have outsourced their work and activities to vendors operating from the subcontinent. These factors have directly contributed towards the growth of the video conferencing market in Asia Pacific.

Some of the prominent vendors pertaining to the global video conferencing market are Microsoft Corporation, Cisco Systems, Inc., Zoom Video Communications, Inc., and Huawei Technologies Co. Ltd.