Video Conferencing Market - Growth Statistics, Trends Analysis, Revenue and Forecast to 2027
The video conferencing market is expected to record substantial growth by 2027 due to rising prevalence of the work-from-home and online learning trends across the globe.
Video conferencing has become an indispensable part of communication since the COVID-19 outbreak as offices, schools, universities, and various other services relied on it to operate remotely during the pandemic. In an effort to contain and prevent the spread of the novel coronavirus, governments around the world imposed stringent lockdown restrictions and advised social distancing, thereby forcing people to carry out their social and work-related engagements online.
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Video conferencing has also enabled remote treatment delivery for patients who are unable to visit medical centers for treatment. Moreover, video conferencing has facilitated consultation services amidst growing mental health challenges, which have been amplified due to the pandemic. Rapid technological advancements and innovations in cloud computing, virtual reality (VR), and AI to improve video conferencing services have also fueled product uptake in recent years.
Moreover, industry players are employing lucrative strategies to capitalize on emerging market trends, which has augmented the overall business outlook. For instance, in June 2021, Zoom Video Communications, Inc., the video conferencing giant, announced the acquisition of Kites GmbH, a real-time machine translation (MT) solutions provider.
The deal was intended to enhance Zoom's machine translation feature to facilitate the inclusion of multi-language translation capabilities for Zoom users. With the acquisition, Zoom aimed to connect people irrespective of languages and geographical locations as well as to promote efficiency and productivity of meetings.
The video conferencing market has been categorized on the basis of application, component, type, and region. In terms of component, the market has further been divided into service (managed and professional), hardware (peripheral devices, multipoint control unit (MCU), and codecs), and software (cloud and on-premise). Under hardware, the multipoint control unit (MCU) segment is projected to amass notable gains over the study timeline owing to mounting demand for multi-point functionality.
With respect to type, the market has been bifurcated into telepresence, room-based, and desktop. The video conferencing industry form the telepresence segment is anticipated to witness robust growth through the forecast period. Rising demand for high-quality virtual meetings is likely to boost segmental expansion over the following years.
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On the basis of application, the market has been segmented into government, corporate enterprise, healthcare, and education. The education segment is speculated to showcase optimistic growth over the review timeframe on account of the COVID-19 pandemic-induced demand for online classes worldwide.
From the regional point of view, the Latin America video conferencing market is foreseen to gain significant traction by 2027 attributable to increasing penetration of smartphones & affordable internet connection across LATAM.
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