Global Cloud Video Conferencing Market Overview
Interactive collaboration has become an integral part of a range of businesses for delivering next-generation communication capabilities. Cloud video conferencing is recognized for creating an interactive and productive workplace by enabling online meetings, wireless screen sharing, and online collaborations. Business globalization, expanding the footprint of companies and organizations, growing digitalization of sectors, rapid technological advancements, rising adoption of remote working models are primary factors influencing the growth of cloud video conferencing solutions. Demand for cloud video conferencing will grow exponentially due to the ongoing and emerging work from home culture, reduced communication cost, and increasing focus towards improving productivity and cutting cost.
According to Value Market Research, the global cloud video conferencing market size was valued at about USD 16.50 billion in 2020 and is estimated to grow at a CAGR of around 12.5% during the forecast period 2021 to 2027.
Rising mobility requirements of remote workforces, growing need for effective communication, deploying work from a home model, surging product launches, and upgrading existing products with value-added features are other factors that encourage market growth. The global cloud video conferencing market skyrocketed during the COVID-19 pandemic due to the stringent social distancing and lockdowns worldwide. A surge in work from home practices driven by stay-at-home measures to inhibit the spread of COVID-19 is making collaboration technology a vital part of business continuity. The increased uses of cloud video conferencing have been found across various applications like the digital classroom, telemedicine, and interactive work team, and customer engagement. The primary constraints faced by this market are technical problems associated with internet usage and data security. Cloud video conferencing solutions were found lacking in enterprise-grade security protocols, exposing organizations to significant protection and privacy risks. The security risks and vulnerabilities concerned with video conferencing solutions usually include unauthorized access to private meetings, insecure data transmission, non-compliance with regulations, threat actors, and hackers.
The global cloud video conferencing market is fragmented. Players adopt partnership and merger & acquisition strategies to serve best-in-class cloud-based solutions and increase their revenue contribution in the overall market. Microsoft, Cisco Systems Inc., Zoom, BlueJeans Network, NEC Corporation, Arkadin, TKO Video Communications, ZTE Corporation, Avaya, and Lifesize are key players operating in the global cloud video conferencing market.
In this research report, the cloud video conferencing market is segmented by type, enterprise size
, application, and region.
Analysis, By Type
By type, the market is fragmented into telepresence, integrated, desktop, and service-based. Desktop-based video conferring held the largest share in the global cloud video conferencing market. It is very popular with people on the go and typical office workers. The segment will remain dominant by the end of the forecast owing to the factors such as easy accessibility, reliability, easy interaction, and high compatibility. Furthermore, it offers high-definition audio and video quality and employment of other presentation tools. Telepresence, integrated, and service-based segments are also heading forward with the feature realization across end-users.
Analysis, By Enterprise Size
By enterprise size, the market is segmented into SMEs and large enterprises. Large enterprises dominated the global cloud video conferencing market with over 65% share. Large enterprises widely prefer cloud solutions for conferencing due to ease of deployment, simplicity, and flexibility. The segment is foreseen to gain growth attributed to the launch of new products considering the security concerns and overcoming technical issues.
Analysis, By Application
By Application, the market is divided into corporate, education, healthcare, government & defense, BFSI, media & entertainment, and others. The corporate application segment accounted for over 35% of the global cloud video conferencing market, followed by education and healthcare. Growing adoption of SaaS platform video conferencing services and the development of better encrypted and password-protected cloud solutions are predicted to drive the segment's growth. Small and medium enterprises, education, and healthcare users prefer cloud solutions for video conferring due to its flexibility, increased accessibility, inexpensiveness, faster deployment, and increased efficiency.
Analysis, By Region
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America held over 35% revenue shares in the global cloud video conferencing market. North America is foremost at the adoption of advanced technologies and is the base of many prominent market players such as Microsoft and others. The Asia Pacific is projected to witness the fastest growth during the forecast period. Robust acceptance of digital technologies across the workplace emerged trend of working remotely, and low cost of communication costs promotes the speedier growth of Asia Pacific. Europe will portray substantial growth as an influence of similar trends. The Middle East and Latin America are stepping steadily forward with increased acceptance of digital technologies, new working practices, and expansion of businesses into these regions.
Market Segmentation covered in the Report:
By Enterprise Size
- Service Based
- Government & Defense
- Media & Entertainment
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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