Quick Summary:
The evolving global video conferencing devices market is continuing to transform in line with the sweeping changes in our modes of work and communication. This transformation is triggered by the far-reaching shift towards hybrid work, which has resulted in a rapid growth of video conferencing. This change has become normalized and is shaping the future of work and collaboration.
Despite various challenges including delays in return to office, supply chain issues, and broader economic complications causing fluctuating device sales, the indisputable value of video communications across all business sectors is driving a constant market ascension. This rise is supported by the ongoing development of inclusive and well-being-centered technology. Furthermore, features and user experience are being continuously refined to prioritize the visibility and audibility of all participants. The report is an invaluable resource for varied organizations ranging from technology vendors to decision-makers in the IT/telecom sector.
Post-pandemic Market Normalization and Economic Headwinds Put Brakes on Growth in 2022: Long-term Momentum for Video-First Enterprise will Continue
The $3.85 billion global video conferencing devices market is undergoing seismic changes in the wake of massive work, workplace, and workforce transformation. Driven by the shift to remote work, video adoption saw hyper-growth during the pandemic years. The market is currently undergoing significant normalization, as it gets aligned with the new future of hybrid work.
A complex stew of trends, including delays in return to office, supply chain disruptions, and macroeconomic challenges, has resulted in choppy video conferencing device sales in recent quarters. Despite challenging market conditions, the value of video communications has become deeply entrenched across all industries creating a long-term upward market trajectory. The long-term secular growth trends in hybrid work will drive the video-first transformation of meeting spaces, including investments in intelligent audio-video devices and digital whiteboards. Inclusivity and employee well-being are big themes in technology development. The user experience and feature sets are evolving to make sure every participant is seen and heard.
The 5-year revenue compound annual growth rate (CAGR) is a robust 23.9 percent with the total market reaching $11.25 billion in 2027. The unit CAGR is forecasted at 15.3 percent driven by greater video-enablement of all meeting spaces for better hybrid work. Video conferencing penetration rate will grow roughly 3X in 7 years (2020-2027) driven by the momentum for the video-first transformation of businesses and education.
Customer organizations and market participants including technology vendors, service providers, channel partners, resellers, IT/telecom decision-makers, among others will find value in leveraging the findings of this study to develop sustainable workplace growth strategies.
Research Scope
The publisher's research team has been covering evolving hybrid work practices and technologies that address the new future of work. In this report, we summarize emerging hybrid work trends, their impact on the meeting space, and the growth in video conferencing devices. This report covers the market for business/professional use of video conferencing devices. The three main categories of devices that are enabling video in meeting spaces, home offices, and classrooms include:
- Room solutions
- USB conference room cameras
- Personal video devices
