According to a recent study conducted by Fairfield Market Research, the global video conferencing market was valued at US$6.9 billion in 2018 and is projected to reach a staggering value of US$21.1 billion by 2026, with a remarkable compound annual rise rate (CAGR) of 16.6% between 2021 and 2026.
Video conferencing has become an indispensable tool in the corporate sector, especially as travel restrictions remain in place to mitigate the risks of COVID-19 outbreaks. It has become integral to training and communication strategies within organizations.
The World Health Organisation proclaimed the COVID-19 pandemic in the first quarter of 2020, bringing global corporate activities to a standstill. As a result, corporations sought alternative means to sustain their operations, leading to a surge in video conferencing application downloads. Video conferencing apps, such as Zoom, revolutionized the concept of the workplace by eliminating physical boundaries and enabling users to work from any location. Zoom quickly became synonymous with the work-from-home culture, registering millions of downloads.
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Amidst the ongoing pandemic, remote working has become a significant trend globally, opening doors to video conferencing solutions and technology. Applications like Microsoft Teams, an in-built application of Office 365 widely used for end-to-end productivity, witnessed tremendous growth. Zoom meeting solutions also experienced a surge in popularity due to their convenience and user-friendly interfaces. Additionally, companies like Huawei, Cisco, and Poly have released hardware that is compatible with superior video conferencing solutions, facilitating the smooth transition of the global workforce to remote working setups, thereby reducing the need for extensive office spaces.
The deployment of 5G infrastructure instills consumer confidence in adopting video conferencing solutions. With 5G networks offering an enhanced internet experience of 1 Gbps and latency as low as 10ms, data-intensive applications including augmented reality (AR), virtual reality (VR), and video apps are gaining traction. The worldwide video conferencing industry is set to benefit greatly from the future 5G infrastructure, which will result in considerable improvements in downloads, streaming, connections, and overall communication experience. 5G's ultra-fast wireless capabilities will remove frozen frames and delayed downloads, propelling the global video conferencing business forward.
While video conferencing adoption continues to rise, concerns regarding privacy and security pose challenges to market expansion. Enterprises are increasingly conscious of the security and privacy of video content shared across multiple platforms. Copyright and Digital Rights Management (DRM) issues also raise concerns due to the risks of misuse, data leakage, and breaches. In 2019, sectors such as healthcare, finance, manufacturing, information, and the public sector experienced significant data breaches. To overcome these limitations, businesses must carefully evaluate their video conferencing approaches and implement robust policies and processes for video content management. Vendors must provide interoperable and user-friendly enterprise-grade video communication solutions with built-in security measures. Addressing privacy and security concerns will unlock new opportunities for the global video conferencing market.
The global video conferencing market is diverse, with multinational companies such as Microsoft, Cisco, Google, Enghouse Systems, Zoom, Adobe, Avaya, Pexip, and others leading the way. However, they face tough competition from regional players with a strong influence. Market leaders are at the forefront of interoperability integration, which is expected to be the upcoming trend in the industry.
In 2021, Zoom announced the Smart Gallery view for Zoom Rooms customers. This innovative feature utilizes AI technology to transform a single camera view into multiple video streams, enhancing the face-to-face meeting experience. The Smart Gallery aims to focus more closely on groups of participants in a Zoom Room, providing clear visibility to remote attendees and ensuring equity and inclusion for all meeting participants.
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