Video Conferencing Market Insights, Analysis and Trends during Forecast period 2021-2028, Coherent Market Insights

 

Video Conferencing Market

By leveraging technology that enable two-way, real-time video and audio transmission, conferences may be held via video conferencing. Most businesses are switching to conference meetings to cut down on travel time and facilitate quicker decision-making. The five regions that make up the global video conferencing market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

The trend toward remote work, geographically dispersed company activities, and growing globalisation are the main drivers of this rise. Additionally, the expanding market is being fueled by the rising demand for video conferencing solutions in the healthcare and education sectors. Due to the rapid increase in the usage of video and teleconferencing systems over the past few years, the business has experienced tremendous growth, particularly during the COVID-19 epidemic that followed the lockdown limitations.

The industry has significant development opportunities because to the emergence of conferencing systems based on machine learning and artificial intelligence (AI). By utilising facial recognition and virtual assistant technology, these solutions enable businesses to maximise the use of collaboration platforms and increase meeting productivity. AI in conferencing systems aids firms in determining the perfect number of attendees, meeting length, and time of day to have a conference. The NVIDIA Maxine platform, which offers a cloud-based selection of GPU-powered AI video conferencing software to enhance the streaming video, was introduced by NVIDIA Corporation in October 2020.

According to Coherent Market Insights, The global Video Conferencing Market was valued at US$ 6,308.7 Mn in 2020 and is forecast to reach a value of US$ 11,177.2 Mn by 2028 at a CAGR of 6.4% between 2021 and 2028.

Over the projected period, it is predicted that the cloud deployment segment will see a substantial growth rate of around 14.0 percent. Higher accessibility is made possible by cloud technology, which makes it simple to use video conferencing services on a variety of devices including computers and mobile phones. Additionally, the expansion of the category is being substantially supported by the rising popularity of the Software as a Service (SaaS) platform, which has drawn countless small- and medium-sized businesses. Small and medium-sized businesses are anticipated to lead India's cloud market in 2022, according to projections by Amazon Web Services, Inc.

Due to the increased demand for conference video endpoints, which are room-based hardware solutions installed and set up in conference rooms, the enterprise category had amassed a market share of more than 85.0 percent in 2021. Given the rising product acceptance as a means of communication and cooperation among employees, it was anticipated that the growth prospects for enterprise-based video conferencing solutions would be stronger before the pandemic. However, the pandemic prompted an increase in the purchase of consumer-grade solutions, which in turn prompted market participants to add improved features to their goods and services in order to draw in a wider clientele. For instance, Logitech introduced its first pair of TWS earbuds in September 2021, which were created particularly for the burgeoning work-from-home market. The new TWS earphones can simultaneously pair with computers and smartphones

Top Companies involved 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.)

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