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.
Report ID : 299 | Published Date : Jun 2020 | Pages : 150 | Region : Global | Report Code : ICT-29
Video Conferencing Market Overview and Introduction
When two or more users at different locations can communicate visually with audio in real-time, such communication is called as video conferencing. In other words, video conferencing is a technology that facilitates the transmission and reception of video images and audios between multiple locations with the help of software and hardware in real-time. Nowadays, video conferencing is utilized extensively for corporate applications such as team meetings, webinars, one-on-one training & support, job interviews, and others. Additionally, the adoption of video conferencing has been increasing for personal use due to the availability of high-speed internet at low cost as well as smart phones that are equipped with suitable hardware.
Globalization of businesses, managing work force present at different locations, and geographically scattered business operations are the major factors that are driving market growth. Additionally, simple setup requirements to enable video conferencing and user-friendly software are among several other factors that are supplementing market growth. Moreover, the necessity to work from home due to the COVID-19 outbreak is further propelling the demand for video conferencing.
Online education, telemedicine practices and collaborations between hardware &software providers can further create new opportunities for market growth. However, fluctuations in internet speeds and rising concerns regarding the privacy and security of information are the major factors that are hampering the overall market growth.
The global video conferencing market can be segmented into offering, deployment, type, application and region.
Video Conferencing Market By Offering
Based on offering, the market can be segmented into hardware and software. The software segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the growing adoption of cloud-based software and Smartphone applications for video conferencing. Also, monthly subscription models for video conferencing are boosting the growth of this segment.
Video Conferencing Market By Deployment
Based on deployment, the market can be segmented into on-premise and cloud-based. The cloud-based segment is likely to grow at the highest CAGR due to several advantages that it offers over the on-premise segment such as reduced complexity, high scalability, subscription model, high security, and others. Hence, large-scale organizations have been adopting cloud-based video conferencing.
Video Conferencing Market By Type
Based on type, the market can be segmented into telepresence video, integrated video, desktop video and others. The desktop video segment accounts for the largest market share and is expected to grow at the highest CAGR for a few years. The growth of the desktop video segment can be attributed to the rising use of desktop video conferences for online education, training, and corporate meetings & presentations.
Video Conferencing Market By Application
Based on application, the market can be segmented into corporate enterprises, education, government, entertainment, and others. The corporate enterprises segment accounts for the largest market share and is expected to grow at the highest CAGR during the forecast period.Furthermore, various organizations across the globe have instructed employees to work from home owing to outbreak of the COVID-19 pandemic. This has further generated a high demand for video conferencing to manage the workforce present at different locations in an effective manner. Also, geographically scattered businesses have been boosting the need for video conferencing in large-scale organizations, further fueling the growth of this segment.
Video Conferencing Market by Region
Based on region, the global video conferencing market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America is dominating the video conferencing market followed by Europe. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the increasing adoption of video conferencing for online education and the emergence of new technology &service-based start-ups in China, Japan, and India.
Video Conferencing Market Prominent Players
Some of the prominent players in the video conferencing market include Zoom Video Communications, Inc., LogMeIn, Inc., Cisco, ON24, Inc., Adobe, Click Meeting, and Microsoft, among others.