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Enterprise Video Conferencing Market Analysis by Component {Hardware (Camera, Headphone, and Others), Software, and Services}; by Deployment (Cloud-Based, On-Premise, and Managed); by Enterprise Size (SMEs, and Large Enterprises); by Application; and by End-User (Education, Corporate, Healthcare, Government & Defense, Media & Entertainment, BFSI, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • August 9th, 2022: Microsoft Corporation announced Barclays has selected Microsoft Teams as its ideal collaboration platform for more than 120,000 colleagues and service partners across the globe.

  • March 18th, 2021: Avaya Inc., revealed new competencies for its modern workstream collaboration platform - Avaya Spaces that projected to offer enhanced Unified Communications capabilities. With Avaya OneCloud CPaaS (Communications Platform as a Service), meetings are enhanced by artificial intelligence, and voice and video calling are simplified.

Global Enterprise Video Conferencing Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Enterprise Video Conferencing Market CAGR

The global enterprise video conferencing market is estimated to garner a significant revenue by the end of 2031 by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031.

Further, the market generated a revenue of ~USD 7 billion in the year 2021. The growth of the market is primarily attributed to the faster digitization and the presence of visual data sharing technology. According to the data released by the World Bank, until April 2022, the digital economy accounts for 15.5% of global GDP and has grown 2.5 times faster than global GDP over the last 15 years.

Enterprise Video Conferencing Market Overview

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As the entire world is moving closer to globalization, multinational corporations are relying more on video conferencing and meetings to get the best information and decisions from their offshore operations. Real-time visual sessions between one or more participants are referred to as video conferencing sessions. Video conferencing solutions assist organizations in achieving their priorities by discussing strategies and providing trainings via video conference platforms to improve business performance. Furthermore, as businesses and individuals aspire to stay connected, global lockdowns imposed in response to the COVID-19 pandemic have resulted in a significant increase in demand for video conferencing and teleconferencing options. For instance, as a consequence of COVID-19, web conferencing technologies were used for the first time by around 35% of enterprises globally in 2020.

Global Enterprise Video Conferencing Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Integration of Cloud Technology - Cloud computing or cloud technology refers to connecting to online services hosted on the cloud via the internet. These services range from basic cloud storage to cloud infrastructure channels. The integration of cloud technology is highly influencing the enterprise video conferencing. By 2021, cloud data centers are estimated to manage approximately 91% of all workloads.

  • Growing Use of Artificial Intelligence (AI) – Emerging use of Artificial Intelligence (AI) in Natural Language Processing (NLP) is paving a way to create more advanced tools i.e., language translation, voice-to-text transcription, report generation to make video conferencing an easy and advanced medium to stay connected. So, the rise in implementation of Artificial Intelligence is leading the enterprise video conferencing a step ahead. For instance, by 2022, more than 46% of businesses are projected to use several aspects of AI to efficiently use big data.

  • Increasing Deployment of Internet of Things (IoT) - Over 9 billion Internet of Things (IoT) devices were connected as of 2021 and this number is estimated to cross approximately 25 billion IoT connections by the end of 2025.

  • Rising Trend of Remote Work – Since the COVID-19, the work from home model has been much popularized. Now lots of people and organizations have been working remotely and seeking the advantages of this concept in the presence of various type of technological tools i.e., video conferencing. For instance, by January 2022, approximately 58% of global businesses have embraced the fully remote or hybrid working model.

  • Expanding 5G Network - 5G has brought some amazing turns in virtual world. It outperforms 4G LTE networks in terms of speed, connectivity, and capabilities. For instance, globally, the total number of 5G smartphone subscriptions are estimated to reach approximately 1.5 billion in 2022.

Challenges

  • High Cost of Hardware Solutions Deployment
  • Data Privacy and Security Concern
  • Lack of Skilled Software Engineers and Developers

The global enterprise video conferencing market is segmented and analyzed for demand and supply by end-user into education, corporate, healthcare, government & defense, media & entertainment, BFSI, and others, out of which, corporate segment is anticipated to grow at a significant rate over the forecast period owing to an increase in the number of geographically diverse corporate teams to attend training sessions, collaborate and work together. By 2022, 77% of corporate businesses have been using video conferencing software.

Major Macro-Economic Indicators Impacting the Market Growth

Enterprise Video Conferencing Market Regional Growth

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Enterprise Video Conferencing Market Regional Synopsis

Regionally, the global enterprise video conferencing market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 backed by the well-established businesses in the region, constant technological expansions, and increased demand for constantly high internet connectivity and visual meetings. For instance, nearly 91% of American companies are estimated to invest in video conferencing technology by 2022.

Enterprise Video Conferencing Market Share

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The global enterprise video conferencing market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global enterprise video conferencing market includes the following segments:

By Component

  • Hardware
    • Camera
    • Headphone
    • Others
  • Software
  • Services
    • Professional Services
    • Managed Services

By Deployment

  • Cloud-Based
  • On-Premise
  • Managed

By Enterprise Size

  • SMEs
  • Large Enterprises

 

By Application

  • Consumer
  • Enterprise

By End-User

  • Education
  • Corporate
  • Healthcare
  • Government & Defense
  • Media & Entertainment
  • BFSI
  • Others

Top Featured Companies Dominating the Global Enterprise Video Conferencing Market

  • ZTE Corporation

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Microsoft Corporation
  • Cisco Systems, Inc.
  • NTT Communications Corporation
  • Avaya Inc.
  • AVer Information Inc.
  • Zoom Video Communications, Inc.
  • Singtel Optus Pty Limited
  • 8x8, Inc.
  • Lifesize, Inc.

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