The global video conferencing market size, valued at $7.75 billion in 2020 is projected to $32.7bn by 2028, providing an annual growth rate of 19.8% between 2021- 2028, according to market research company Polaris Market Research and Consulting.
The video conferencing market landscape is being shaped by several factors. These include:
Rise of remote and hybrid work models - In recent times, many companies have adopted remote and hybrid work models. This has created a long-term requirement for reliable video conferencing tools. Many companies now prioritise systems that enable seamless collaboration between in-office and remote employees, fueling the demand for scalable and secure video communication platforms.
Increasing Globalisation - The global expansion of companies has made real-time communication increasingly critical. Video conferencing allows businesses to manage dispersed workforces, foster robust customer relationships, and collaborate with international partners efficiently without the high costs and time associated with travel.
Technological Advancements - Advancements in AI, 5G, and cloud computing have transformed video conferencing by improving the quality, reliability, and accessibility of video conferencing systems. Improved resolution, reduced latency, and AI-driven meeting transcriptions are making virtual meetings more productive and user-friendly.
Growing Demand for Cost-Effective Communication Solutions - Businesses globally are constantly seeking ways to lower their operational costs. Video conferencing offers a cost-effective alternative to events and physical meetings, making it an attractive solution for organisations seeking to businesses looking to optimise operations while maintaining strong communication links.