Video Conferencing Market

As the World Health Organization declared a pandemic in the Q1 of 2020, it brought business operations to an unprecedented halt across the globe. Corporates were forced to think out of the box to take up alternative means to continue working, prompting an unheard number of downloads of video conferencing applications. Video conferencing apps such as Zoom transformed nature of workplace, eliminating physical boundaries and enabling users to turn any place into a working space. Zoom became synonymous with work-from-home culture, registering downloads in millions.

In corporate sector video conferencing has become indispensable as travels continue to be banned by countries to prevent surge in COVID-19 waves. It has thus become integral to training and communication.

Video Conferencing to Remain a Critical Tool to a Transitioning Workforce Amidst COVID-19 Pandemic

COVID-19 ushered in a shift toward remote working for the global workforce, opening the door for video conferencing solutions and technology. Following the pandemic, applications like Microsoft Teams, an in-built application of Office 365 that is already in use by most businesses for end-to-end productivity with email and storage capabilities, saw tremendous growth. Zoom meeting solutions also grew in popularity overnight due to its convenience and ease of use. Furthermore, firms like Huawei, Cisco, and Poly are releasing hardware that is compatible with superior video conferencing solutions, which is expected to aid the global workforce to smoothly transition to a remote working setup, significantly reducing the need for sprawling offices.

5G Infrastructure Builds Consumer Confidence to Adopt Video Conferencing

5G networks offer 1 Gbps and 10ms better internet experience, which is essential to the foundation of cloud and AI-based video applications. Various data-intensive applications, personal and business-to-business (B2B), operating with augmented reality (AR), virtual reality (VR), and video apps are gaining traction. Global video conferencing market is poised to receive a significant boost with upcoming 5G infrastructure. This will bring a remarkable improvement in downloads, streaming, connections, and ease of communications. The ultra-fast wireless capabilities will mean big business for the global video conferencing market as it promises to eliminate frozen frames and slow downloads.

Privacy and Security Issues to Hurt Market Video Conferencing Market Growth

Enterprises may be concerned about the security and privacy of video content shared across several platforms. Furthermore, corporations are concerned about copyright and Digital Rights Management (DRM) because of the risk of misuse, data leakage, and data breaches. In 2019, the healthcare, finance, manufacturing, information, and public sectors experienced the most data breaches. To overcome these limitations, businesses must rethink their approaches to video conferencing before implementing these solutions. Video conferencing solutions may have a slow adoption rate if policies and processes for proper video content management are not in place. Vendors must also provide interoperable and simple-to-use enterprise-grade video communication solutions with built-in security measures. Resolving privacy and security issues could provide the global video conferencing market newer opportunities.

APAC Accounts for Largest Market Share in Global Video Conferencing Market

APAC held the largest market share in 2020. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in Japan, South Korea, Australia, Singapore, China, and India, and the increasing deployment of 4G and 5G networks present huge opportunities for the implementation of the video conferencing.

During the COVID-19 pandemic, the video conferencing industry in APAC expanded at a rapid pace. In order to successfully operate linked devices in hospitals, medical facilities, and other healthcare organizations, the use of technologies such as cloud computing, AI, and IoT is rising in the region. Organizations in this region are embracing a remote working method for their staff in order to preserve business continuity. As a result, video conferencing solutions are in high demand across the region's businesses. Fairfield Market Research states that Asia Pacific video conferencing market will register a whopping CAGR of 18.3% between the forecast period of 2021 and 2026.

Companies Focus on Interoperability Integration to Make a Mark

The global video conferencing market is diversified with multinational companies such as Microsoft, Cisco, Google, Enghouse systems, Zoom, Adobe, Avaya, Pexip and many others. Currently, these companies face tough competition from regional players who have a strong influence. Market leaders are leading the way in interoperability integration, which is expected to the upcoming trend.

In 2021, Zoom announced Smart Gallery view for Zoom Rooms customers. The new feature takes a single camera view and uses AI to transform it into multiple video streams for each participant in a conference room, enhancing the face-to-face meeting experience. The aim of Smart Gallery is to focus more closely on groups of participants in a Zoom Room and display these people more clearly to remote attendees, ensuring equity and inclusion for remote meeting attendees.

Leading Companies:

• Zoom Video Communications, Inc. (US)
• Microsoft Corporation (US)
• Cisco Systems, Inc. (US)
• Google LLC (US)
• RingCentral, Inc. (US)
• BlueJeans Network, Inc. (US)
• Logitech International S.A. (CH)
• Lifesize, Inc. (US)
• Pexip Holding ASA

The Global Video Conferencing Market is Segmented as Below:

By Industry

• IT & Telecom
• Government
• Healthcare
• Manufacturing
• BFSI
• Education
• Media & Entertainment
• Others

By Component

• Hardware
• Software

By Deployment

• Cloud
• On-premises

By Application

• Small Room
• Huddle Rooms
• Middle Rooms
• Large Rooms

By Conference Type

• Telepresence System
• Integrated System
• Desktop System
• Service-based System
• Others

By Enterprise Type

• Small and Medium Enterprises
• Large Enterprises

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa