Video Conferencing Market to Reach over US$21 Bn by 2026, COVID-19 Pandemic a Major Growth Catalyst

October 2021

Although video conferencing has gradually gained traction in terms of adoption for both personal and occupational purposes, the onset of COVID-19 had an exponentially considerable influence on the growth trajectory of the global video conferencing market. As organizations were compelled to resume operational activities through a work-from-home model owing to the implementation of precautionary safeguards to curb the further spread of this virus. As these restrictions were imposed with an almost immediate effect, many businesses spread across a wide array of sectors and industries had to resort to remote operations to avoid further losses.

Applications such as Zoom registered an overwhelming increase in download numbers, further establishing a work-from-home culture for the better part of two years. Moreover, ever since, there continues to be a steady adoption of this working model as a means of lending employees a better work-life balance, as well as a significant reduction in expenditures meant for building leases or rent, apart from various other amenities such as electricity, transportation, and catering. Fairfield Market Research has found that this pandemic has had a profound influence on the growth trajectory of the global video conferencing market, and the residuals effects of COVID-19 is expected to continue to do so, over the next few years.

Key Research Insights

  • The global video conferencing market is expected to grow at a CAGR of 16.6%

  • COVID-19 singled out as a defining factor for market growth

  • The deployment of 5G technology to have a positive influence on this global market

  • Asia Pacific to remain a key revenue contributor in the global video conferencing market

5G Infrastructure to Enhance Adoption of Video Conferencing

The deployment of 5G technology around the world has had a major influence on virtual interaction. Higher bandwidths and lower latency have resulted in an improved internet experience that have laid the foundation for the implementation of cloud and AI-based video applications. Moreover, this technology has led to the significant improvements in streaming, downloads, connections, and ease of communications. As industry players continue to release updated hardware that complements video conferencing solutions that enable a better transition to remote working models, this market is expected to reflect the same in terms of added growth opportunities.

Asia Pacific to Remain the Regional Frontrunner in Video Conferencing Market

According to a study conducted by Fairfield Market Research, Asia Pacific is expected to account for the highest revenue share of the global video conferencing market over the forecast period. This can be accredited to the presence of many countries in this region such as India, that are major hubs for outsourcing business operations, the steady increase in infrastructural development, the deployment of 4G and 5G, a higher adoption of technological advancements, and the presence of a large workforce that extensively uses video conferencing platforms, among other factors.

Global Video Conferencing Market – Key Competitors

Microsoft, ZOOM, CISCO, Google, Adobe, Avaya, Pexip, Enghouse Systems, and Kaltura, all collectively account for the majority revenue share of the global video conferencing market and are extensively detailed under our comprehensive competitive profiling and strategic analysis.