Cloud Video Conferencing Market By Type (Telepresence, Integrated, Software-as-a-Service (SaaS) , On-Premise) , By Application (Corporate, Government and Defense, Education, Healthcare, Media and Entertainment, Others) By Deployment (On-Premises, Cloud) By End-User (Small and Medium Enterprises (SMEs) , Large Enterprises) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Cloud Video Conferencing Market
The cloud video conferencing market was valued at $8.7 billion in 2023 and is projected to reach $21.0 billion by 2032, growing at a CAGR of 10.3% from 2024 to 2032.
Cloud video conferencing is a technology that utilizes cloud computing instead of on-premises hardware to establish real-time video communication. This technology has become an essential tool for different sectors, including businesses, educational institutions, and healthcare providers to ensure global collaboration and online learning. The key features of cloud video conferencing are its scalability and flexibility, which allow users to conduct varying-sized meetings from any internet-enabled device, from anywhere and at any time.
Rise in the remote work culture and surge in global collaboration among businesses are the key drivers of the cloud video conferencing market. In addition, the ability of this technology to reduce different expenditures associated with travel and accommodation for business purposes propels the development of the market. To offer an immersive experience to the participants, the integration of virtual reality is becoming a prominent trend in the market. This synergy is expected to enhance team collaboration in virtual environments by simulating in-person interactions, manipulating virtual objects, and enabling engagement in hands-on activities.
Despite the robust regulatory security measures of cloud video conferencing solutions, industries with high regulations face challenges in ensuring that the solutions cater to their specific compliance requirements. These challenges limit the adoption of cloud video conferencing and hamper the development of the market. On the contrary, rise in the use of cloud video conferencing solutions in the field of healthcare to facilitate telemedicine services is projected to present remunerative opportunities for the market. An American management consulting firm, McKinsey conducted a survey to discover the opinion of individuals regarding telehealth, in which approximately 76% of respondents showed interest in availing digital healthcare facilities in the near future. Therefore, the upsurge of telehealth is poised to elevate the usage of video conferencing solutions to expand access to healthcare for individuals.
Segment ReviewThe cloud video conferencing market is segmented into type, application, deployment, end user, and region. On the basis of type, the market is divided into telepresence, integrated, software-as-a-service (SaaS), and on-premise. According to application, it is classified into corporate, government & defense, education, healthcare, media & entertainment, and others. According to deployment, it is bifurcated into on-premises and cloud. Depending on end user, it is categorized into small & medium enterprises (SMEs) and large enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the software-as-a-service (SaaS) segment held a high share of the market in 2023.
According to application, the corporate segment dominated the market in 2023.
According to deployment, the cloud segment was the highest shareholder in 2023.
Depending on end user, the large enterprises segment acquired a notable stake in the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players in the global cloud video conferencing market include Cisco Systems, Inc., Microsoft Corporation, Kedacom, Zoom, BlueJeans, Vidyo, Arkadin, Avaya, NEC Corporation, ZTE Corporation, and Enghouse Video. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeTelepresence
Integrated
Software-as-a-Service (SaaS)
On-Premise
By ApplicationCorporate
Government and Defense
Education
Healthcare
Media and Entertainment
Others
By DeploymentOn-Premises
Cloud
By End-UserSmall and Medium Enterprises (SMEs)
Large Enterprises
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersCisco Systems, Inc.
Microsoft Corporation
Kedacom
Zoom
BlueJeans
Vidyo
Arkadin
Avaya
NEC Corporation
ZTE Corporation.
Enghouse Video.