The global Video Conferencing Market size is expected to reach USD 45.91 Billion in 2030 and register a revenue CAGR of 19.5% over the forecast period, according to latest report by Reports and Data. Factors such as growing communication infrastructure that supports high-speed data, rising workplace mobility, Bring Your Own Device (BYOD) trend, increasing adoption of Cloud Video Conferencing in organizations to support offshore operations, and work from home culture are boosting market revenue growth.

A Cloud Video Conferencing session is a real-time visual communication session between one or more participants, regardless of their location. Cloud Video Conferencing solutions are designed to facilitate communication between two or more entities, and they include advanced features such as screen sharing, video recording, remote desktop connection, file sharing, printing, and others. The main challenge for the global Video Conferencing Market is the growing number of unethical activities, as well as data security and privacy concerns. Misdemeanors such as hijacking video conversations by uninvited parties to disrupt usual proceedings are being reported, which is hampering market revenue growth.

Cloud Video Conferencing solutions are sold as a wide array of methods that allow for Cloud Video Conferencing between devices, and are available in a variety of delivery modalities, including cloud and on-premises, depending on user needs. However, cost, quality, and flexibility are some major barriers in large-scale adoption of Cloud Video Conferencing. Extensive research & development funded by various companies, as well as enhancements in cloud computing services, are expected to help in overcoming these barriers and thus, drive market revenue growth. The main impact of Cloud Video Conferencing on a business is that it reduces cost and is less time-consuming.

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Global Collaboration: Cloud Video Conferencing enables businesses to connect with individuals and teams located anywhere in the world. This allows for seamless collaboration, real-time communication, and effective teamwork, regardless of geographical boundaries. Teams can work together on projects, share ideas, and make decisions more efficiently.

Cost and Time Savings: One of the significant advantages of Cloud Video Conferencing is its ability to save businesses time and money. With video meetings, there is no need for extensive travel, accommodation, and other associated costs. Companies can conduct meetings, training sessions, and interviews remotely, eliminating the need for physical presence. This not only reduces expenses but also saves valuable time that can be utilized for other productive tasks.

Enhanced Project Collaboration: Cloud Video Conferencing facilitates improved project collaboration among team members. It allows for real-time discussions, screen sharing, and file sharing, enabling employees to work together more transparently and efficiently. This enhances productivity, accelerates decision-making processes, and ensures that everyone is on the same page regarding project goals and progress.

Online Training and Remote Employee Attendance: Cloud Video Conferencing is instrumental in providing online training and improving attendance systems for remote employees. Companies can conduct webinars, virtual training sessions, and workshops, reaching employees located in different regions. This enhances training effectiveness, reduces costs associated with traditional training methods, and ensures consistent attendance and participation.

Streamlined Recruitment Process: Cloud Video Conferencing has revolutionized the recruitment process. Human resource managers can conduct initial interviews with candidates remotely, eliminating the need for extensive travel and enabling a more efficient evaluation of candidates. Video recordings of interviews can be shared with other decision-makers, allowing for collaborative decision-making and faster recruitment cycles.

Component Type Outlook (Revenue, USD Billion; 2019–2030)

• Solutions
• Services

Deployment Type Outlook (Revenue, USD Billion; 2019–2030)

• Cloud
• On-Premises

Organization Size Outlook (Revenue, USD Billion; 2019–2030)

• Large Enterprises
• Small and Medium Enterprises (SMEs)

End-use Outlook (Revenue, USD Billion; 2019–2030)

• Banking, Financial Services, and Insurance (BFSI)
• Healthcare
• Telecommunication and IT
• Retail and Consumer Goods
• Government and Public Sector
• Legal
• Energy and Utilities
• Manufacturing
• Others

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Key Regional Markets Covered in the Report:

·       North America (U.S., Canada, Mexico)

·       Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)

·       Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)

·       Latin America (Chile, Brazil, Argentina, Rest of Latin America)

·       The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Top 10 Companies Operating in the Global Video Conferencing Market:

Cisco Systems, Inc., Microsoft Corporation, Lifesize, Adobe Inc, Skype, ZTE Corporation, Zoom Video Communications, Inc., Plantronics, Inc., Vidyo, Inc, and LogMeIn, Inc.

Some Key Highlights from the Report

·       In February 2021, HP moved deeper into Cloud Video Conferencing with the launch of New Presence Line. The new HP Presence portfolio consists of a PC for management and security, meeting software that uses sensors to detect presence, a new 4K camera with Artificial Intelligence (AI), and an AC bar and hub unit with satellite microphones.

·       Solutions segment accounted for a significantly large revenue share in 2020. During lockdowns, use of room conferencing sessions has boosted demand for hardware including phones, cameras, and microphones. Furthermore, increasing adoption of cloud-based software such as Zoom, Teams, WebEx, and Meet on a daily basis is driving market revenue growth.

·       Cloud segment accounted for a larger revenue share in 2020, owing to its low-cost implementation and flexible subscription models suitable for users. Use of the cloud helps organizations to benefit from reduced on-premises storage. Additionally, information stored in the cloud is easier to access and is available to other organizations in case of any inquiry.

·       Large enterprises segment accounted for a larger revenue share in 2020. Cloud Video Conferencing solutions help large enterprises to achieve their desired goals by discussing strategies and providing training over video conferences to improve business output. The Video Conferencing Market for major corporations has grown dramatically in recent times due to introduction of web-based technologies with fewer complexities, thereby allowing businesses to expand and operate efficiently from remote places.

·       The telecom and IT segment is expected to register the highest revenue growth rate during the forecast period due to increasing use of Cloud Video Conferencing solutions for training and understanding of resources to keep them technologically informed.

·       The market in North America accounted for largest revenue share in 2020. Enterprises in the U.S. and Canada are well-aware of the benefits of Cloud Video Conferencing solutions available in the market. Upgrades to existing equipment and cloud-based service subscriptions, and high rate of adoption of latest technologies owing to advanced IT infrastructure are driving growth of the market. Furthermore, market expansion is also being driven by the presence of headquarters of major corporations in the region.

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Overall, Cloud Video Conferencing has become an indispensable tool for businesses, enabling them to overcome geographical barriers, save costs, improve collaboration, streamline operations, and enhance management effectiveness. As technology continues to advance, Cloud Video Conferencing is expected to further evolve, offering even more benefits and opportunities for businesses in the future.

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