Global Video Conferencing Market Is Estimated To Witness High Growth Owing to Rapid Urbanization and Increased Demand for Video Conferencing During the Pandemic

Video conferencing is a technology that allows two or more people to meet online. This can be done through a conference room, desktop computer, or mobile device. Using a video conferencing solution is important as it improves communication. It also allows team members to work more efficiently. Some of the features of a good video conferencing solution include screen sharing, file transfer, live streaming, and chat. Aside from improving communications, video conferencing helps keep meetings on track. It can also help with decision-making and customer service. One of the most important aspects of any meeting is clear communication. It is vital to understanding projects and setting expectations. Another aspect of video conferencing is the ability to engage remote workers. The latest versions of video conferencing solutions are also capable of adding thousands of participants to a single conference. New tools come with plug and play capabilities, requiring no IT expertise. They also have high-performance servers that handle even the largest of meetings.

Increasing product launches is estimated to augment growth of the global video conferencing market during the forecast period. For instance, first set of TWS earphones were launched by Logitech in September 2021. These new TWS earphones can be paired with smartphones and computers simultaneously. Moreover, growing security concerns are anticipated to restrain growth of the global video conferencing market during the forecast period.

The global Video Conferencing Market was valued at US$ 6,308.7 Mn in 2020 and is forecast to reach a value of US$ 11,177.2 Mn by 2028 at a CAGR of 6.4% between 2021 and 2028.

Impact of COVID-19:

COVID-19 was recognized in 2019 in China and later on it was transmitted to many countries. The virus spreads by being in close proximity with an infected person, or coughing, sneezing on by touching any infected surface. Due to this, government in many nations had to impose strict social distancing regulations in many parts of the world. Events and social gatherings were cancelled, schools, colleges were being conducted online. Many companies also shifted to working from home and this increased the demand of video conferencing. Video conferencing was adopted for conducting events, academic institutes, offices and even government meetings. This resulted in augmenting the growth of the global video conferencing market.

Key Takeaways:

The global video market is expected to witness high growth, exhibiting CAGR of XX% over the forecast period, due to increasing acquisitions by key players. For instance, Cisco Systems, Inc., acquired BabbleLabs in October 2020, for enhancing the functionality of their Cisco WebEx Platform. This acquisition will help in enhancing their video meeting experience by improving their communications and conferencing applications.

North America is anticipated to witness significant growth in the global video market over the forecast period, owing to increased rate of adoption and rising demand for high quality internet. Major players operating in the global video market are Huawei Technologies Co., Ltd., Avaya, Inc., Adobe Inc., Cisco Systems, Inc., Polycom Inc., Logitech International S.A., Huawei Technologies Co., Ltd., Array Telepresence Inc., and Microsoft Corporation.

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