The global video conferencing market size is projected to register a CAGR of 12.6% during the forecast period, reaching 19.1 Billion by 2027 from an estimated USD 10.6 billion in 2022. Major drivers for the market include the growing internet penetration to pave way in the digital world. The market for video conferencing has seen new opportunities arise due to the increasing strength of global internet connectivity. As smartphone use grows and connectivity improves, the number of internet users globally is rising quickly. As a result, telecom companies are spending heavily in the infrastructure to take advantage of these prospects, which are predicted to fuel market expansion. Underlying restraints in the video conferencing market include the issues of privacy and security. Businesses may have significant concerns about the security and privacy of the video footage shared across various platforms. Additionally, because of the potential for abuse, information leaks, and data breaches, businesses are increasingly concerned about copyright and Digital Rights Management. Before implementing these solutions, businesses need to restructure their methods for utilizing video conferencing services to address such issues.
Some major players in the video conferencing market include Microsoft (US), Zoom Video Communications (US), Cisco (US), Adobe (US), Huawei (China), Avaya, Inc. (US), AWS (US), Google, LLC (US), HP (US), GoTo (US), Enghouse Systems (Canada), Pexip (Norway), Qumu Corporation (US), Sonic Foundry Inc. (US), Lifesize, Inc. (US), Kaltura Inc. (US), BlueJeans Network (US), Kollective Technology, Inc. (US), StarLeaf Inc. (UK), Dialpad (US), Logitech (US), Barco (Belgium), Fuze Inc. (US), Haivision Inc. (Canada), and Premium Global Services Inc. (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the video conferencing market.
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Cisco provides products and services in the fields of routing and switching as well as cutting-edge technologies including wireless, IP telephony, optical networking, security, and home networking. The business had improved its position over time, moving from being a provider of discrete services and products to one of architectural solutions built on networking infrastructure. Cisco offers its products and services to consumers, small businesses, commercial enterprises, and service providers. It has a presence in various regions, such as the Americas, Europe, the Middle East & Africa, and Asia Pacific as well.
Microsoft is a multinational technology corporation, which strives to create and support products, services, and solutions that are based on ongoing innovation. Operating systems, cross-device productivity applications, servers, business solution applications, desktop and server management tools, software development tools, and video games are all part of the product portfolio. Microsoft’s offerings include cloud-based solutions that offer users software, platforms, services, and content in addition to consulting and solution support. Video conferencing solutions, such as Skype for Business and Microsoft Teams, are a part of the office productivity and business processes segment which aims to boost individual, team, and organizational efficiency.
Huawei is one of the top producers and sellers of telecommunications and consumer electronics equipment. It provides products and services for a variety of industries, including manufacturing, energy, transportation, retail, education, healthcare, and internet service providers. The company’s main goal is to provide its end users with cutting-edge solutions in the age of 5G, AI, and cloud. With its video conferencing series, Huawei is aiming toward intelligent collaboration solutions for smart and digital offices. The company is using IdeaHub, intelligent desktop series, and whiteboards to make work conference settings more understandable.
Video Conferencing Market by Component (Hardware, Solutions, and Services), Application (Corporate Communications, Training and Development, and Marketing and Client Engagement), Deployment Mode, Vertical and Region - Global Forecast to 2027
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