Global Video Conferencing Market to Surpass Market Valuation of $13.18 Billion by 2028 | Hardware to Generate Over 47% Market Revenue
Global video conferencing market was valued at USD 6.25 billion in 2021, and it is expected to reach a value of USD 13.18 billion by 2028, at a CAGR of 11.25% over the forecast period (2022-2028).
Westford, USA, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The proliferation of broadband and mobile Internet has spurred the growth of video conferencing market. The ability to connect with people face-to-face regardless of location has made video conferencing an attractive option for businesses and consumers alike. Video conferencing is one solution that is seeing a significant increase in demand. It allows businesses to hold meetings and collaborate remotely, which is essential for many businesses that are now operating remotely. There are many video conferencing solutions available on the market, each with different features and pricing plans. Businesses of all sizes are increasingly turning to video conferencing as a way to stay connected and productive during the pandemic.
Businesses in the global video conferencing market can use video conferencing to hold meetings, give presentations, and collaborate on projects. This type of technology has become increasingly popular in recent years as companies look for ways to save money and be more efficient. In addition, many businesses are now using video conferencing as a way to interview candidates for open positions.
SkyQuest's analysis also found that the leading players in the video conferencing industry are currently Microsoft, Cisco, Google, and Zoom. However, there is a lot of room for new players to enter the market and compete for market share.
Get a sample copy of this report:
Top Trends in Global Video Conferencing Market
The past decade has seen major advances in video conferencing technology. What was once a luxury for big businesses is now affordable and accessible for small businesses and even individuals. Here are some of the top trends in the video conferencing market:
1. The rise of AI and machine learning: AI and machine learning are increasingly being used to improve the quality of video conferencing systems. This includes features such as automatic background noise cancellation and improved image quality.
2. The popularity of cloud-based solutions: Cloud-based video conferencing solutions have become increasingly popular in recent years. This is due to the many advantages they offer, such as scalability, flexibility, and cost-effectiveness.
3. The growth of mobile conferencing: More and more people are using their smartphones and other mobile devices to participate in video conferences. This trend is being driven by the availability of high-quality mobile conferencing apps, such as Zoom and Skype.
4. The rise of web-based conferencing: Web-based conferencing platforms, such as Google Meet and Zoom, are becoming increasingly popular in the global video conferencing market. This is due to their convenience and ease of use.
5. The increasing use of virtual reality: Virtual reality is beginning to be used for video conferencing, with a number of platforms now offering VR capabilities. This allows for a more immersive experience that can be particularly useful for remote team collaboration.
Browse summary of the report and Complete Table of Contents (ToC):
Growing Threat of Data Breach to Remain a Key Concern in Global Video Conferencing Market
As more and more organizations move to video conferencing in an effort to save money and be more efficient, they are increasingly concerned about the potential for data breaches. A recent SkyQuest analysis found that nearly 74% of organizations surveyed said they were very or extremely concerned about the possibility of a data breach during a video conference. This is a significant increase from the 37% of organizations who felt this way in 2017. The study also found that 11% of organizations have experienced at least one data breach in the past year, and that these incidents are becoming more expensive, with the average cost rising from $5.9 million in 2017 to $7.1 million in 2021.
There are a number of factors driving this trend in the global video conferencing market, including the increasing use of public clouds for video conferencing and the rise in Bring Your Own Device (BYOD) policies. With more employees using their own devices for work purposes, there is a greater chance that sensitive data could be compromised if those devices are lost or stolen.
Today, organizations are also struggling to keep up with the pace of change when it comes to security protocols. The SkyQuest’s study found that only 30% of organizations feel they are “very prepared” to deal with data breaches, down from 38% in 2018. This suggests that many businesses are still playing catch-up when it comes to protecting themselves against this growing threat in video conferencing market.
Organizations are clearly aware of the risks associated with video conferencing, and many are taking steps to mitigate those risks. The most common security measures being implemented are password protection (61%), encryption (60%), and two-factor authentication (42%). It is clear that organizations are increasingly aware of the risks associated with video conferencing and are taking steps to mitigate those risks. However, there is still room for improvement when it comes to security features. Kantar's study provides valuable insights into the concerns of IT decision-makers and can help guide future development of security features for video conferencing platforms.
Speak to Analyst for your custom requirements:
Hardware to Generate Over 47% Video Conferencing Market Revenue
Global video conferencing market is expected to generate more than $13.11 billion in revenue by 2028, with hardware sales accounting for the lion's share.
Video conferencing hardware includes cameras, microphones, speakers, and other physical equipment that enable users to communicate via video. This year, sales of video conferencing hardware are expected to exceed $2.9 billion, making up more than 47% of the total market. The demand for video conferencing hardware is being driven by the growing popularity of remote work and distance learning. With more people working from home and attending classes online, there is a need for affordable and reliable video conferencing solutions that can be used by individuals and businesses alike.
There are a variety of conferencing hardware solutions available on the video conferencing market today, ranging from high-end systems designed for large enterprises to simple webcams that can be used by anyone with a computer. Many companies are offering discounts on their products in order to attract new customers and stay competitive in the market. As the demand for video conferencing continues to grow, it is likely that hardware sales will continue to rise in the coming years.
Major Players in Global Video Conferencing Market
Related Reports in SkyQuest’s Library:
Global In-Flight Entertainment System Market
Global Enterprise A2P SMS Market
Global Internet Of Vehicle Market
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
1 Apache Way, Westford, Massachusetts 01886
USA (+1) 617-230-0741