Video Conferencing Market revenue to cross $95 Bn by 2032

Video Conferencing Market size is anticipated to reach USD 95 billion by 2032, according to a new research report by Global Market Insights Inc.
 

Growing trend of IT firms providing partial or permanent WFH options to their employees is likely shaping the industry outlook. According to the U.S. Census Bureau, the number of people working from home has tripled from 9 million to 27.6 million between 2019 and 2021. 
 

A 2020 BRS survey conducted by the U.S. Bureau of Labor Statistics, between July and September 2020, found that more than 31% of the surveyed establishments increased their telework capabilities in response to the pandemic. Meanwhile, as corporate enterprises truly turn global, many are increasingly turning to video conferencing as a vital tool to connect with employees, workforces, and customers across vast distances. 
 

Rising product adoption among SMEs to foster software component segment expansion

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Video conferencing market from the software component segment is slated to surpass USD 30 billion by 2032, owing to the growing adoption of cloud-based video conferencing solutions among small enterprises. Many SMEs are adopting these solutions due to budgetary constraints related to the construction of on-premises hardware capabilities. In addition, cloud-based video conferencing systems also remove the interoperability and provide increased security, augmenting segment development.
 

High demand for compact collaboration systems to fuel room-based type segment size

The room-based segment is expected to grow at over 10% CAGR from 2023 to 2032. The segment growth is being propelled by the rising demand for room-based video conferencing systems among small and medium-scale businesses. These enterprises need a scaled-down version of the vast unified collaboration system that are used across bigger organizations. The compact nature of room-based video conferencing solutions is ideal for SMEs for their virtual meetings and webinars.
 

Browse key industry insights spread across 300 pages with 376 market data tables and 33 figures & charts from the report, “Video Conferencing Market Size By Component (Hardware [Multipoint Control Unit (MCU), Codecs, Peripheral Devices], Software [On-Premise, Cloud], Service [Professional, Managed]), By Type (Room-Based, Telepresence, Desktop), By Application (Corporate Enterprise, Education, Government, Healthcare), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/video-conferencing-market
 

Surging telehealth sector to support healthcare application segment growth

Based on application, the video conferencing market from healthcare segment is poised to depict around 15% growth through 2032, driven by rising demand for telehealth services across the healthcare sector. The accelerated demand for video conferencing technology in the sector is being impelled by the rapid evolution of the global healthcare industry, where more and more technological advancements are being incorporating in the field. Video conferencing-based telehealth services help patients get a proper medicinal consultation from the comfort of their home, saving both time and money.
 

Developing education sector to strengthen the Latin America market

Latin America video conferencing market is set to cross a valuation of USD 4 billion by 2032 on account of the region’s burgeoning education sector. Increasing penetration of distance learning solutions is creating numerous opportunities for the market by stimulating a strong demand for advanced video conferencing solutions that enable efficient learner-teacher collaboration.
 

Mergers and acquisitions to define the competitive landscape

Some key video conferencing market players include Adobe Systems Incorporated, Cisco Systems, Inc., Google LLC, Avaya Inc., Microsoft Corporation, Zoom Video Communications, Inc., Logitech, and BlueJeans, among others. With the pandemic as the catalyst, the industry has witnessed momentous growth over the past couple of years, with many players turning to mergers and acquisition to expand their presence in a growing market.
 

To cite an instance, in 2021, Pexip, an enterprise video communication platform provider, acquired Skedify, a Belgium-based SaaS customer engagement solution, to expedite the delivery of video-based B2C applications. This strategic move has help Pexip provide an end-to-end solution that caters to customer requirements in key verticals, including high-involvement retail, and financial services, among others.