Video Conferencing Software Developers in the US - Industry Market Research Report

Video Conferencing Software Developers in the US - Industry Market Research Report

Video Conferencing Software Developers in the US

The Video Conferencing Software Developers industry has become indispensable over the past five years, transformed extensively by extreme digitization pressures during the COVID-19 pandemic, particularly at large corporations. This trend has been encouraged by several key factors shaping the corporate landscape, including highly globalized workforces, work-from-home policies and flatter organizational structures. The functionality and accessibility of video conferencing software were also forced to improve dramatically during the pandemic, as consumers spent more on webcams, microphones and laptops than ever. Seamless functionality and greater integration have popularized the unified communications as a service (UCaaS) designation for more robust, enterprise-level platforms serviced by major players. Overall, the industry's product innovation and growing indispensability have driven an average annualized growth of 15.6% over the past five years, with revenue reaching an estimated $13.0 billion in 2023. This includes expected growth of 9.4% in 2023 alone, while profit is projected to sit at 20.4%

Companies in this industry develop software and systems for online conferencing, which enables multiple individuals to communicate and share information simultaneously across geographically dispersed locations over the internet. Most vendors also provide either a recorded copy of an event or a means for the user to record an event.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.