Video Conferencing Market is anticipated to grow at a CAGR of approximately 13.5% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Video Conferencing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global video conferencing market accounted for over US$6.78 billion in 2020. It is anticipated to grow at a CAGR of approximately 13.5% from 2020 to 2030.
Rising concerns regarding the recent COVID-19outbreak have led to a worldwide necessity to work from home. Also, many regional governments have been encouraging employees to work from home. This results in an exponentially growing demand for video conferencing technologies to communicate in an effective manner. For instance, in China, Microsoft team meetings, calling, and video conferencing have increased by approximately 500%. Also, the stocks of Zoom Video Communications, Inc. have grown by more than 42% since late January. Therefore, the corona virus outbreak across the globe is fueling market growth.
Additionally, workforce management from different locations, growing geographical expansions of business operations and the emergence of online education programs are the major factors driving market growth. Moreover, the growing adoption of video conferencing for personal use and entertainment owing to the availability of the internet at low costs across the globe is boosting market growth. Furthermore mobile phones, laptops, tablets, etc. are equipped with suitable hardware, including camera, microphone, screen, and speaker further supplementing the market growth.
Increasing collaborations between hardware & software providers to provide better solutions for video conferencing have been creating new business opportunities in the market. However, issues related to the internet in some areas due to the lack of infrastructure, intermittent internet speeds across the globe and security & privacy concerns are the major factors hampering market growth.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Video Conferencing Market By Offering (Software and Hardware), Deployment (On-Premise and Cloud-Based), Type (Telepresence Video, Integrated Video and Desktop Video), Application (Corporate Enterprises, Education, Government, and Entertainment) -Analysis & Forecast 2020-2030. in detail along with the table of contents:https://www.marketindustryreports.com/video-conferencing-market/299
North America accounts for the largest market share followed by Europe. However, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period (2020-2030). This growth can be attributed to the increasing number of users due to the COVID-19outbreak, and the launch of user-friendly software solutions by new technology & service-based start-ups. Also, the ongoing digital infrastructure developments across the Asia Pacific region to provide high-speed internet are supplementing market growth.
Some of the prominent players in the video conferencing market include Zoom Video Communications, Inc., Log MeIn, Inc., Cisco, ON24, Inc., Adobe, Click Meeting, and Microsoft, among others.
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