The worldwide video conferencing market size is poised to reach 19.73 billion by 2030, according to a new report by Grand View Research.
A compound annual growth rate (CAGR) of 12.5% is anticipated for the market between 2022 to 2030, owing to the increased adoption of cloud technologies and Video Conferencing as a Service (VCaaS).
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Avaya, Cisco, Huawei, Logitech, Microsoft, Polycom, and Zoom are among the top vendors influencing the video conferencing industry.
“The global outbreak of the COVID-19 pandemic forced several organizations to implement remote working, which created a significant demand for video conferencing software and applications such as Google Meet, Zoom, and Microsoft Teams.”
“These applications are now playing a major role in facilitating employee collaboration and accelerating digital transformation,” stated Grand View Research in its report.
Emerging telehealth solutions are also influencing the market. The global healthcare video conferencing solutions market size is slated to reach 114.46 million by 2028. The burgeoning growth is attributable to urbanization and the increased penetration of telemedicine solutions.
The video conferencing market is also experiencing rapid growth in the education sector, with educators increasingly opting for web conferencing, audio conferencing, and instant messaging to deliver notes and stream live conferences.
However, the software segment is projected to register the highest CAGR of over 13.0% over the forecast period, driven by mounting cloud-based subscriptions across several platforms.
