The global video conferencing market size is expected to reach USD 6.7 billion by 2025, expanding at a CAGR of 9.2% from 2018 to 2025, according to a new report conducted by Grand View Research, Inc. Growing deployment and use of video conferencing solutions in startups, educational institutes, corporates, and healthcare verticals in developing countries, especially in Asia Pacific, is expected to drive the market.
Recently, a majority of countries in Asia Pacific witnessed the development of robust digital communication infrastructure that created the need for video conferencing solutions. Proliferation of video communication-enabled mobile devices and increasing number of video conferencing-as-a-service (VCaaS) providers are also anticipated to contribute to the market growth.
Video conferencing is an effective interaction and communication tool that enables small and large scale enterprises to reduce travel and operational costs incurred in conducting meetings. Demand for remote workforce management using video conferencing solutions has increased owing to rapid globalization. Deployment of such solutions has enabled businesses to effectively communicate with multiple teams or clients in different locations.
Increased adoption of cloud-based video conferencing solutions, owing to benefits such as low operating cost and improved data security, is expected to act as a key driving factor in the global market. Rapid growth in telemedicine, development of startup ecosystem, and increased penetration of online education in developed as well as emerging economies, such as U.S., U.K., Japan, China, and India, are anticipated to play a pivotal role in driving demand for these solutions over the forecast period. Integration of innovative technologies such as virtual reality (VR) is also expected to drive the adoption of these solutions.
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Further key findings from the study suggest:
- The software segment is expected to emerge as the fastest growing segment over the forecast period owing to rapid technological advancements that are propelling organizations to continuously update their systems with the latest available technology
- The cloud segment is expected to expand at the highest CAGR of 10.8% over the forecast period owing to increasing demand for flexibility and remote access
- Asia Pacific is anticipated to be the fastest growing regional market owing to strong presence of business process outsourcing (BPO) and knowledge process outsourcing (KPO) companies. In addition, major global manufacturing and information technology (IT) companies have established their R&D and production centers in the region
- Key industry players operating in the market include Array Telepresence Inc.; Adobe Systems Incorporated; Avaya Inc.; Huawei Technologies Co., Ltd.; Logitech International S.A.; Microsoft Corporation; Cisco Systems, Inc.; Polycom Inc.; Vidyo Inc.; and West Corporation.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.