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Video Conferencing Market Estimated To Reach USD 12655.15 Mn By 2028, With 11.10% CAGR – Credence Research

Video Conferencing Market Estimated To Reach USD 12655.15 Mn By 2028

The latest market report published by Credence Research, Inc. “Global : Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. Global Video Conferencing Market generated revenue of around USD 6729.5 million in 2021 and is anticipated to grow a CAGR of over 11.10% during the forecast period from 2022 to 2028 to reach around USD 12655.15 million in 2028. While cumulative growth opportunity presented by global Video Conferencing is around USD 5925.65 million during 2022 to 2028.
The key growth drivers include the growing tendency of remote working, geographically dispersed company activities, and more globalization. In addition, the growing demand for video conferencing solutions in the education and healthcare sectors is propelling market expansion. As a result of the significant rise in the use of video and teleconferencing systems in recent years, the industry has gained tremendous impetus, particularly during the COVID-19 outbreak following lockout restrictions. The increased requirement for enterprises to use video conferencing to support offshore operations and a work-from-home culture, as well as the rising need for better engagement than voice conferencing, are all predicted to drive revenue growth in the worldwide video conferencing market. Furthermore, the introduction of conferencing systems based on machine learning and artificial intelligence (AI) is the promising growth potential for the sector. However, inexperience with online meeting technology is projected to stymie market revenue growth during the projection period. Remote connections can be disrupted by environmental changes caused by software, hardware, or network issues. The lack of technical help may also be difficult in the event of an interruption. Furthermore, some issues can impede productivity and induce anxiety in employees while video-conferencing, such as heightened self-consciousness regarding appearance, gaze awareness, and transmission delays, which are likely to impede market revenue growth during the projection period.
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The said research study covers in-depth analysis of multiple market segments based on deployment models, end-users and cross-sectional study across different geographies. The revenue estimates for Government & Defense segment have been evaluated considering different types of government viz. Federal, State and Local. The market, on the basis of deployment model, has been evaluated considering the basic components i.e. hardware, software and services. In order to help strategic decision makers, the report also includes competitive profiling of the leading video conferencing solutions vendors, their SCOT (Strength, Challenges, Opportunities and Weaknesses) analysis, market positioning and key developments.
The global Video Conferencing market is segmented into Component, Hardware, Deployment Mode, Application, and Geography. The market is categorized based on components: Hardware, Solution, and Services. On the basis of hardware, the market is segmented into Multipoint Control Unit, Hard Codec and Peripheral Devices. On the basis of deployment mode, the market is segmented into On-premises and Cloud. Based on application, the market is segmented as Corporate Communications, Training and Development and Marketing and client engagement. On the basis of geography, the market is segmented as North America, Europe, Asia Pacific, Latin America and the Middle East, and Africa.
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