![]() had around 2.22 million active monthly users in 2020. According to the Wired UK, Zoom Video Communications, Inc.As a result, corporate organizations are adopting livestream communication solutions including Teams, Zoom, and others to host such events, which has influenced market growth positively. The COVID-19 pandemic causes the cancellation of a variety of business events, including international seminars, trade exhibits, investor presentations, product launches, and others. Rising Demand for Conferencing Software and Services to Ease Business Operations amid COVID-19 Such initiatives are anticipated to drive the market growth. launched Messenger Rooms which allows end-users to hold video conferences with up to 50 people. ![]() Similarly, Logitech launched the Logitech StreamCam for content creators and broadcasters. ![]() which provides a visual conferencing meeting solution series for Microsoft Teams rooms, including the G80-T, Poly G40-T, and G10-T. These items also encourage the use of hybrid workspaces.Īlso, key market players are offering advanced video conferencing solutions such as Plantronics, Inc. launched Webex Devices, including the Webex Desk, Webex Desk Camera, and Webex Desk Hub, to enhance the remote working experience. For instance, in December 2020 – Cisco Systems, Inc. Further, increasing demand for remote learning is anticipated to drive market growth. ![]() Organizations and corporations are adopting video collaboration solutions with the aim to make faster decisions and avoid high costs associated with traveling. Furthermore, the growing need for video communication, virtual workforce management, and cloud-based collaboration platform are some of the major factors impacting the market growth. The integration of developed technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud technology is expected to drive market growth in the near future. Video conferencing sessions are real-time visual sessions between one or more participants. Based on our analysis, the global video conferencing market share exhibited an average growth of 8.1% in 2020, as compared to 2019. The market is projected to grow from USD 6.87 billion in 2022 to USD 14.58 billion by 2029, exhibiting a CAGR of 11.3% during the forecast period. The global video conferencing market size was valued at USD 6.28 billion in 2021.
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