Video Conferencing Market Growth & Trends
The global video conferencing market size is expected to reach USD 19.73 billion by 2030, registering a CAGR of 12.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The substantial growth can be ascribed to the increasing adoption of cloud technologies and Video Conferencing as a Service (VCaaS). The growing popularity of globalized working models has seemingly made video conferencing inevitable across several organizations.
The global outbreak of the COVID-19 pandemic forced several organizations to implement remote working, which created a significant demand for video conferencing software and applications such as Google Meet, Zoom, and Microsoft Teams. These applications are now playing a major role in facilitating employee collaboration and accelerating digital transformation. The heightened demand for these solutions is urging the market players to offer products with enhanced and distinguished features to gain a strong foothold. In 2020, Google LLC made its video meeting tool Google Meet generally available to remain competitive. The tool reportedly had more than 100 million meeting participants during that year.
Besides business communication, video conferencing technology is also gaining momentum for social interaction. The growing need to set up an affordable, flexible, and scalable communication network for effective team collaboration, communication, and decision-making capability will positively influence the industry statistics over the upcoming years.
The industry is also witnessing substantial growth in the healthcare sector due to the emerging trend of telehealth across the globe. The emergence of the pandemic drastically increased the adoption of telehealth solutions. According to a study conducted in 2020, telehealth usage during the initial pandemic period increased from around 1% to as high as 80% across the areas where coronavirus was highly prevalent.
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Report Attribute Details Market size value in 2022 — USD 7.71 billion Revenue forecast in 2030 — USD 19.73 billion Growth Rate — CAGR of 12.5% from 2022 to 2030 Base year for estimation — 2021 Historical data — 2018–2020 Forecast period — 2022–2030
Video Conferencing Market Report Highlights
The software segment is anticipated to witness the highest CAGR of over 13.0% over the forecast period owing to the rising cloud-based subscriptions across several platforms.
Video conferencing services are being highly adopted across the small and medium-sized companies to rapidly expand their global operations by deploying a centralized communication platform that uses advanced technologies, including 4G, 5G, and VoIP.
With regards to end-use, the healthcare sector is estimated to record considerable growth over the coming years considering the rising demand for video conferencing solutions in this domain to connect the dispersed teams.
The market is also witnessing a notable growth in the educational segment with the increasing usage of web conferencing, audio conferencing, and IM for streaming live conferences and delivering notes.
Several major market players are forming strategic alliances with telecommunication companies to gain a competitive edge by offering high-quality services to the end-users.
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