Enterprise Video Conferencing Market size is estimated to cross USD 20 Billion by the end of 2035, growing at a CAGR of 12% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of enterprise video conferencing was over USD 7 Billion. The growth of the market can primarily be ascribed to faster digitization and the presence of visual data-sharing technology backed by the rising prevalence of the internet. 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.
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 training 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.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
12% |
|
Base Year Market Size (2022) |
USD 7 Billion |
|
Forecast Year Market Size (2035) |
USD 20 Billion |
|
Regional Scope |
|
End-user (Education, Corporate, Healthcare, Government & Defense, Media & Entertainment, BFSI)
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, the 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.
Our in-depth analysis of the global enterprise video conferencing market includes the following segments:
|
By Component |
|
|
By Deployment |
|
|
By Enterprise Size |
|
|
By Application |
|
|
By End-User |
|
North America Market Forecast
The North America enterprise video conferencing market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be ascribed to well-established businesses in the region, constant technological expansions, and increased demand for constant high internet connectivity and visual meetings. For instance, nearly 91% of American companies are estimated to invest in video conferencing technology by 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.
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.
Author Credits: Abhishek Verma, Hetal Singh
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?