The Global Video Conferencing Market, By Deployment Model (On-premise, Managed, and Cloud-based), By End-use industry (Corporate enterprises, Healthcare, Government and defense, Education, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2028, is expected to be valued at US$ 11,177.2 million by 2028, exhibiting a CAGR of 6.4 % during the forecast period (2021-2028), as highlighted in a report published by Coherent Market Insights.
Video conferencing or also referred to as videotelephony is comprised of technologies for reception and transmission of audio-video signals by users at different locations for communication in real-time. This communication can between two or more users irrespective of their location, which features audio and video transmission. Organizations across the world are adopting video conferencing so as to reduce the cost of traveling and enhance the productivity of the company. Various industries are adopting video conferencing including healthcare, government, defense, education, corporate, and more.
The global video conferencing market is estimated to account for US$ 11,177.2 Mn in terms of value by the end of 2028.
Increasing global telemedicine expenditure is expected to boost the global video conferencing market during the forecast period
The developed telemedicine market in Europe and North America are rapidly witnessing strong demand for video conferencing. If a company has a robust healthcare IT infrastructure, video conferencing solutions can be easily incorporated. Since there is increasing expenditure on telemedicine in both Europe and North America, video conferencing solutions can be implemented on a large scale in the healthcare sector in the respective regions. Furthermore, the developing markets for telemedicine including Asia Pacific, Latin America, and Africa are also experiencing a growing demand for video conferencing solutions. Inadequate healthcare infrastructure in developing countries supports the demand for telemedicine. The key benefits of telemedicine include its ability to reach a larger consumer base at minimal cost and with higher efficiency. Therefore, these factors are expected to propel the global video conferencing market growth over the forecast period.
Rising adoption of VC in the education sector can present lucrative growth opportunities
With the rising need to lower the educational costs and increase the reach and availability of educational services, video conferencing solutions have achieved a faster rate of adoption in the education sector. Various universities across the world make use of video conferencing solutions in order to establish communication between the tutors and students. Students are able to attend lectures, seminars, and workshops on their laptops, tablets, and smartphones using video conferencing solutions. Moreover, video conferencing solutions have enabled organizations to plan and conduct sessions with subject matter experts across the world. Furthermore, they have offered a viable solution for educational institutes to create a platform for students to interact with their global counterparts. Such real-time communication helps the students to inculcate new skills and imbibe knowledge.
Network connectivity issues and lack of supporting infrastructure is expected to hinder the global video conferencing market growth over the forecast period
For seamless video conferencing, organizations are required to have high-speed internet connection and adequate internet connection. Moreover, it also requires supporting infrastructure including dedicated desktop, full browser support, and hybrid or cloud solution. This incurs into additional cost. Therefore, these factors are expected to hinder the global video conferencing market growth over the forecast period.
Video conferencing solutions have found wide applications in the government sector. Various government authorities make use of video conferencing services in order to contact co-workers, foreign delegates, and embassies located across the world. Video conferencing solutions have enabled governments across the world to reduce the traveling and accommodation costs incurred during foreign travel. Moreover, the use of video conferencing services enables government authorities to make quick and efficient decisions. In addition, video conferencing solutions can prove crucial in ensuring communal peace and harmony during crises and emergencies. Thereby, video conferencing solutions offer a robust communication network for the governments to plan and execute their governing activities. Video conferencing has been widely accepted in the defense sector across the world.
Video conferencing solutions are widely accepted in several sectors including manufacturing, retail, media, and entertainment industries. Since the various industry participants including management, product developers, administrative staff, and manufacturing operatives are located at disparate locations, there is a steadily rising need for robust communication channels that can enable effective communication. In the manufacturing and retail segments, video conferencing solutions are adopted to lower the cost and time involved in managing the supply chain, organizational operations, and interaction with customers. Moreover, other applications in the media and entertainment sector have also led to exponential growth in the video conferencing market. Various promotional events can be conducted over the video conferencing systems to address large crowds and to increase the reach of such events. Considering the need for ensuring security and accessibility, video conferencing solutions have become the preferred means of achieving real-time communication with audiences across the world.
Key players operating in the global video conferencing market are Polycom, Inc., InterCall (West Corporation), Avaya, Inc., Adobe Systems, Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd, Microsoft Corporation, ZTE Corporation, Vidyo, Inc., and Lifesize (Division of Logitech International S.A.).
Major market players are involved in product launches, in order to gain a competitive advantage in the market. For instance in February 2017, Huawei Technologies Co. Ltd. launched HD video conferencing system TE30.