The global video conferencing market size is expected to reach USD 32.70 billion by 2028 according to a new study by Polaris Market Research. The report Video Conferencing Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Service); By Deployment (On-Premise, Cloud); By Application (Consumer, Enterprise); By End-Use; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The noticeable factors esteeming the global market growth include the increasing rate of adoption of smart devices with an ever-increasing demand for visual communication, along with the growing consumption of cloud-based video conferencing solutions has provided organizations access to massive amounts of data regarding visual meetings are the few integral factors accelerating the industry growth during the forecasting years.
The overall pandemic workforce has further experienced significant demand for visual conferencing solutions and concerned services. For instance, according to the wired UK, in 2020, zoom added almost 2.22 million monthly users. Among the deployment type, the on-premise visual communication segment has taken a leading stake in terms of revenue in the global industry, owing to its increasing adoption among large organizations with respect to the rising concerns associated with data theft and effective conservation of information security systems.
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Major Participants such as Huawei Technologies Co. Ltd., AURA Presence, Avaya Inc., Barco NV, BlueJeans Network, Inc, Cisco Systems, Inc., Lifesize, Inc., Google, Haivision, Inc., HighFive, Inc., Fuze, Inc., Zoom Video Communications, Inc., Sonic Foundry, Inc., Kaltura, Inc., Vidyo, Inc., Kollective Technology, Inc., Amazon Web Services, Inc., Logitech International S.A., LogMeIn, Inc., Pexip, AS, Plantronics, Inc., Qumu Corporation, StarLeaf Inc., and Microsoft Corporation are some of the key players operating in the global industry.
Several manufacturers are often backing to opt for varied marketing strategies in order to expand their business operations and customer base in the wake of the pandemic scenario at a global level. In May 2021, Zoom, a visual communication platform, unveiled a new Zoom Events for hosting large events and improving the in-person visual communication experience. Similarly, in May 2021, Telegram often introduced a visual calling feature with the aim to take over the market share of Zoom in the visual communication industry; therefore, it dramatically surges the growth during the forecast period.
Polaris Market Research has segmented the video conferencing market report on the basis of component, deployment, application, end-use, and region:
Video Conferencing, Component Outlook (Revenue, USD Million, 2016 - 2028)
Video Conferencing, Deployment Type Outlook (Revenue, USD Million, 2016 - 2028)
Video Conferencing, Application Outlook (Revenue, USD Million, 2016 - 2028)
Video Conferencing, End-Use Outlook (Revenue, USD Million, 2016 - 2028)
Video Conferencing, Regional Outlook (Revenue, USD Million, 2016 - 2028)