Top 10 Leading Companies In Video Conferencing Industry


 

The global video conferencing market size is expected to reach USD 9.95 billion by 2028 with a CAGR of 11.4% over the forecast period, according to a new report by Grand View Research, Inc. Trends such as the increasing transition towards cloud and the growing adoption of Video Conferencing as a Service (VCaaS) are expected to drive market growth. As remote and globalized working models are becoming popular, the move to the cloud is becoming inevitable, thereby driving the demand for video conferencing solutions.

Due to the COVID-19 pandemic, a large number of organizations globally have encouraged their employees to work from home or remotely, driving the demand for video conferencing applications and software. The education sector witnessed a notable rise in the demand for these solutions in 2020 to continue with online learning and seminars. The primary growth driver for the market, especially in 2020, remained the need for organizations to facilitate employee collaboration, which led to the demand for conferencing apps such as Microsoft Teams, Google Meet, and Zoom. Several companies have witnessed the digital transformation in just 2 to 3 months that would otherwise occur over two years due to the COVID-19 pandemic. However, despite the elevated demand, security concerns have posed to be a challenge to market growth.

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Video Conferencing Market Report Highlights

·         In terms of components, the software segment is expected to register the highest CAGR over the forecast period. This can be attributed to the increase in cloud-based subscriptions across different platforms

·         Small and medium-sized companies are adopting these services to rapidly expand their geographic operations by establishing a centralized communication platform that uses advanced technologies, such as 4G and VoIP. Hence, the small and medium enterprises segment is expected to expand at a promising pace over the forecast period

·         In terms of end use, the healthcare sector is expected to witness substantial growth over the next few years. The need to remain connected across dispersed teams has elevated the demand for video conferencing solutions in the healthcare sector

·         Growth in the educational sector has also gained traction owing to the increased demand for distance learning. Web conferencing, audio conferencing, and IM are being widely used for delivering notes and streaming live conferences

·         Market players offer a competitive pricing structure and bundle services to help the end users save costs. Recently, companies such as Ring Central and 8x8, Inc. have updated their pricing structures with multiple tiers of pricing plans

 

Key Companies & Market Share Insights

The COVID-19 pandemic has encouraged market players to restructure their business strategies and operations. Market players are investing heavily in cloud-based solutions to address the need for creating a digital workplace for remote employees. Furthermore, owing to the accelerated demand, several companies have started diversifying their solutions. For instance, owing to the considerable surge in the number of remote workers globally, Zoom Video Communications, Inc. has entered the hardware market. In July 2020, Zoom announced the launch of its hardware devices category. The first device launched in the category was Zoom for Home - DTEN ME, an all-in-one personal collaboration device for remote workers.

Partnerships, mergers and acquisitions, and collaborations are some other strategies adopted by leading players to remain competitive. In October 2020, Cisco Systems, Inc. acquired BabbleLabs to improve the functionality of the Cisco WebEx Platform via speech enhancement and noise removal technology. This has aided the organization to improve its conferencing and communications applications and raise the quality of its video meeting experience. An increased focus of businesses on reducing communication costs has created a major opportunity for industry players, subsequently leading to the development of advanced conferencing solutions and services, like telepresence and webcasts. Some of the prominent players operating in the global video conferencing market are Avaya, Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd., Logitech International S.A., Microsoft Corporation, Polycom Inc., Zoom Video Communications, Inc.

Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/video-conferencing-market

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