Video Conferencing Market Size, Trends and Growth Analysis by 2027

The global video conferencing industry was valued at approximately US$ 5,970.3 million in 2019 and is anticipated to grow to around US$ 12,005.7 million by 2027.

This market is divided into five primary regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest share of the global video conferencing market, followed closely by Europe and APAC. The United States and Canada are the leading countries in the North American video conferencing sector. Furthermore, the APAC region is expected to experience the highest compound annual growth rate (CAGR) from 2020 to 2027. Other emerging regions, such as MEA and SAM, are also projected to present significant growth opportunities for video conferencing market participants in the near future.

Several factors are driving the expansion of the video conferencing market. A conducive environment for collaboration, an increasing emphasis on streamlining meeting experiences, and the swift exchange of information are key contributors to this growth. The rising trend of flexible work arrangements fosters more dynamic, engaging, and productive work settings, further propelling the demand for video conferencing solutions. The substantial presence of various sectors, including corporate, education, healthcare, financial services, manufacturing, government, and public sectors in North America, Europe, and APAC, is likely to enhance the adoption of video conferencing technologies and applications, thereby supporting market growth in the coming years.

Moreover, the availability of robust internet infrastructure and resources in countries such as the United States, India, the United Kingdom, and China is another factor that promotes the utilization of video conferencing solutions. Over recent years, there has been a noticeable increase in search interest for video conferencing and office meetings. The growing trend of bring-your-own-device (BYOD) in the education sector allows institutions in remote areas to effectively train students. The rising implementation of video training and conferencing solutions within educational settings is significantly contributing to the growth of the video conferencing market.

Countries in the APAC region are recognized as some of the fastest-growing economies globally. The pace of industrialization in APAC is remarkable and is expected to persist in the coming years. Numerous large enterprises in the region are expanding their operations across APAC, driving industrial growth at an accelerated rate. Additionally, emerging small and medium-sized enterprises (SMEs) with substantial capital investments are likely to enhance the adoption of video conferencing tools. Given the growth potential of both large enterprises and SMEs in the region, video conferencing market players are expected to experience considerable demand.

The video conferencing market is categorized based on type, deployment, industry, and geography. In terms of type, the hardware segment was the dominant force in the global video conferencing market in 2019. Companies such as ZTE Corporation, Polycom, and Lifesize are notable providers of hardware components like cameras and microphones.

Key players in the global video conferencing market include Adobe Systems Inc., Zoom, Avaya Inc., Cisco Systems Inc., Google LLC, Huawei Technologies, Ltd., Lifesize Inc., Microsoft Corporation, Polycom Inc., and ZTE Corporation. Numerous other companies are also active in the global video conferencing market, contributing significantly to its revenue growth.

The overall size of the global video conferencing market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the global video conferencing market. This research also provides an overview and forecast for the video conferencing market across all segments and global regions. Additionally, primary interviews with industry participants and experts are conducted to validate and analyze the data. Participants in this process include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the video conferencing sector.

The COVID-19 pandemic has prompted many countries in the APAC region to implement lockdown measures. Consequently, governments, businesses, and educational institutions have turned to video conferencing tools to maintain communication with individuals. Service providers in the video conferencing market are witnessing a surge in demand from various end users, which is further accelerating the growth of the video conferencing market.