Cloud video conferencing is a technology that enables real-time video communication over the internet using cloud-based services. It allows participants to join virtual meetings from anywhere, using various devices such as computers, tablets, and smartphones. This technology offers features such as high-definition video, screen sharing, and collaboration tools, making remote communication more efficient and effective.
Sizing and Forecast
The cloud video conferencing market size has grown rapidly in recent years. It will grow from $9.13 billion in 2023 to $10.40 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to advancements in internet technology, increased remote work trends, improvements in video compression technology, globalization and the need for international collaboration, and widespread adoption of mobile devices.
The cloud video conferencing market size is expected to see rapid growth in the next few years. It will grow to $17.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to rowing remote and hybrid work models, advancements in AI and machine learning, increasing need for virtual collaboration tools, rising adoption of 5G technology, and expansion of cloud infrastructure. Major trends in the forecast period include enhanced integration with productivity tools, increased focus on security and privacy, growth in virtual and augmented reality applications, expansion of industry-specific solutions, and rise of AI-powered features and analytics.
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Segmentation & Regional Insights
The cloud video conferencing market covered in this report is segmented –
1) By Type: Hardware, Software
2) By Deployment Model: Cloud, On-Premise
3) By End User: Banking, Financial Services And Insurance (BFSI), Manufacturing, Information And Communications Technology (ICT), Healthcare, Others End-Users
North America was the largest region in the cloud video conferencing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud video conferencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising need for management of a virtual workforce is expected to propel the growth of the cloud video conferencing market going forward. A virtual workforce refers to a work environment where employees perform their duties remotely, using technology such as laptops, smartphones, and video conferencing tools. The rising need for management of virtual workforces is fueled by globalization, technological advancements, changing workforce expectations, cost savings, demographic shifts, and scalability demands. Cloud-based video conferencing solutions efficiently manage and support a virtual workforce by offering accessibility, scalability, cost-effectiveness, flexibility, integration, security, reliability, and support for remote work policies. For instance, in September 2022, according to a news article published by the Census Bureau, a US-based government statistical agency, in 2021, the number of people primarily working from home tripled from 5.7% to approximately 27.6 million people, comprising 17.9% of the workforce. Therefore, the rising need for management of a virtual workforce is driving the growth of the cloud video conferencing market.
Key Industry Players
Major companies operating in the cloud video conferencing market are Microsoft Corporation, Huawei Technologies Co. Ltd., NTT Ltd., Tencent Holdings Ltd., Cisco Systems Inc., NEC Corp., ZTE Corp., Zoom Video Communications Inc., Avaya Inc., Poly, Yealink Inc., Kedacom, Sangoma Technologies Corp., Lifesize Inc., Webex Communications Inc., BlueJeans Networks Inc., Pexip AS, Owl Labs Inc., ClearOne Inc., Qumu Corporation, Starleaf Ltd., Vidyo Inc., Fuze, TKO Video Communications, Tely Labs
The cloud video conferencing market report table of contents includes:
1. Executive Summary
- Cloud Video Conferencing Market Characteristics
- Cloud Video Conferencing Market Trends And Strategies
- Cloud Video Conferencing Market – Macro Economic Scenario
- Global Cloud Video Conferencing Market Size and Growth
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32. Global Cloud Video Conferencing Market Competitive Benchmarking
- Global Cloud Video Conferencing Market Competitive Dashboard
- Key Mergers And Acquisitions In The Cloud Video Conferencing Market
- Cloud Video Conferencing Market Future Outlook and Potential Analysis
- Appendix
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