Video Conferencing Global Market Report 2024

The video conferencing market size has grown strongly in recent years. It will grow from $7.01 billion in 2023 to $7.62 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed in the historical period stemmed from several key drivers. There was a push for business travel cost reduction, leading to the adoption of remote communication technologies that facilitated real-time communication and collaboration. The need for flexible work environments drove the implementation of technologies enabling remote work and distributed teams. Additionally, there was a growing emphasis on environmental sustainability, prompting businesses to explore eco-friendly solutions and practices in their operations.

The video conferencing market size is expected to see strong growth in the next few years. It will grow to $10.96 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period is expected to be driven by several key factors. The rise of hybrid work models will continue to shape the market, prompting investments in technologies that support remote and flexible work setups. There will be increased emphasis on security and compliance considerations, leading to the adoption of solutions that ensure data protection and regulatory adherence. Customization for industry-specific needs will be pivotal, with tailored solutions catering to diverse business requirements. Additionally, advanced meeting analytics and insights will become crucial for optimizing productivity and decision-making in collaborative settings.

The video conferencing market is experiencing growth due to the advent of 5G technology. 5G's faster networks and higher frequency bands significantly enhance video conferencing, offering top-quality calls in HD or 3D without interruptions. With the projected 65% global coverage of 5G by 2025, remote work and high-quality video conferences are set to be more accessible, fostering the growth of the video conferencing market.

The burgeoning cloud adoption is expected to boost the video conferencing market. Cloud services are increasingly embraced, and video conferencing plays a pivotal role in this adoption. By December 2021, 41% of EU enterprises utilized cloud computing, primarily for email hosting and file storage, marking a 5% increase from 2020. In the EU, large, medium, and small businesses demonstrated notable increases in cloud computing adoption. Hence, rising cloud adoption propels the video conferencing market.

An emerging trend in the video conferencing market is the incorporation of gamification to enhance corporate video meetings. Companies are integrating gamification elements - such as task assignments, points, and rewards - to foster employee engagement and boost productivity. Meta Platforms, Inc.'s September 2023 launch of Meta Quest 3 - a mixed reality headset catering to virtual meetings and collaborative activities - illustrates the industry's pursuit of innovative solutions for immersive experiences.

In the realm of video conferencing, leading companies are dedicated to pioneering novel solutions, exemplified by the creation of a multi-camera ecosystem. This innovative system comprises interconnected cameras collaborating to capture diverse perspectives, exemplified by Owl Labs' March 2023 launch of the Owl Bar. This AI-powered ecosystem enhances hybrid meetings with automatic speaker framing, wireless connectivity, and seamless integration with major conferencing platforms. The device's synergy with other Owl Labs products improves non-verbal communication cues, significantly elevating the user experience to meet evolving market needs.

In August 2022, HP Inc., a US-based technology company, completed the acquisition of Poly Inc., a major developer of communication and collaboration technology. This $3.3 billion acquisition, encompassing Poly's debt, significantly bolsters HP's position in the video conferencing market. The acquisition is poised to provide an extended range of hybrid work solutions, advanced video conferencing capabilities, and cross-selling opportunities, enabling HP to scale efficiencies and bolster its market presence.

Major companies operating in the video conferencing market report are Alphabet Inc., Microsoft Corporation, Verizon Communication Inc., Facebook Inc., Huawei Technologies Co. Ltd., Panasonic Corporation, Cisco Systems Inc., McDonald's Corporation, Bharti Airtel Ltd., ZTE Corporation, Adobe Systems Incorporated, Reliance Jio Infocomm Limited, Logitech International S.A., Zoom Video Communication Inc., Atlassian Corporation PLC, Avaya Inc., Axis Communications AB, West Corporation, LogMeIn Inc., Poly Co., Lifesize Inc., Premiere Global Services Inc., Fuze Inc., Kudo Inc., Vidyo Inc., Blue Jeans Network Inc., Starleaf Ltd., Owl Labs Inc., ezTalks Technology Co. Ltd., 100ms Inc., Airmeet Network Pvt. Ltd., Livestorm SAS, Visual Systems Group Inc.

North America was the largest region in the video conferencing market in 2023. The regions covered in the video conferencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the video conferencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The video conferencing market discussed in this report is categorized based on conference type, comprising telepresence, integrated, desktop, and service-based video conferencing systems. It is further classified by deployment options, distinguishing between cloud-based and on-premises solutions. The segmentation also considers enterprise size, targeting both small and medium enterprises (SMEs) as well as large enterprises (LEs). Additionally, the market is segmented by end-use, encompassing corporate entities, educational institutions, BFSI (Banking, Financial Services, and Insurance) sectors, media and entertainment industries, government and defense sectors, and other miscellaneous sectors.

The video conferencing market research report is one of a series of new reports that provides video conferencing market statistics, including video conferencing industry global market size, regional shares, competitors with a video conferencing market share, detailed video conferencing market segments, market trends and opportunities, and any further data you may need to thrive in the video conferencing industry. This video conferencing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The video conferencing market includes revenues earned by entities by streaming videos, sharing screen, hosting meetings, and integrating with online calendar or email client. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.