June 20, 2022
Look for the global video conferencing market to grow to more than $19.7 billion by 2030. That’s a compound annual growth rate of 12.5% between 2020 and 2030. So says Grand View Research in its latest research. Cloud technologies and video conferencing as a service (VCaaS) are the main drivers behind this global growth.
A big reason for the spike is the increasing adoption of video conferencing services by small and medium-size companies. Not surprisingly, schools are great target customers, the report says. They increasingly are adopting web conferencing, audio conferencing and instant messaging for streaming live conferences and delivering notes.
Trends in the Video Conferencing Market
The remote-work trend has created a significant demand for video conferencing software and applications such as Google Meet, Zoom and Microsoft Teams. These applications now play a major role in facilitating employee collaboration. More demand for these solutions is urging vendors to offer products with enhanced and distinguished features. For example, in 2020, Google made its video meeting tool, Google Meet, generally available to remain competitive. The tool reportedly had more than 100 million meeting participants during that year.
Besides business communication, video conferencing technology is also gaining momentum for social interaction. The growing need to set up an affordable, flexible and scalable communication network for effective team collaboration, communication and decision-making capability will drive success for video conferencing suppliers going forward, the research predicts.
The industry is also witnessing substantial growth in the health care sector due to telehealth growing across the globe. The emergence of the pandemic drastically increased the adoption of telehealth solutions. According to a study from 2020, telehealth usage increased from just 1% to as high as 80% during the initial pandemic period across the areas where coronavirus was highly prevalent.
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