Cloud-Based Video Conferencing Market Size, Share, Trends, Growth 2032

Cloud-Based Video Conferencing Industry Prospective:

The global cloud-based video conferencing market size was evaluated at $10.1 billion in 2023 and is slated to hit $21.1 billion by the end of 2032 with a CAGR of nearly 9.5% between 2024 and 2032.

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Cloud-Based Video Conferencing Market: Overview

Cloud-based video conferencing is an online service that facilitates real-time communications with the help of videos and audio over a cloud system and the internet for hoisting meetings.

Moreover, cloud-based video conferencing eliminates the requirement for dedicated hardware and helps the end-users connect from anywhere with the help of a seamless web connection. Benefits incurred by cloud-based video conferencing are cost-efficiency, easy access, scalability, security, and collaboration.

Key Insights

• As per the analysis shared by our research analyst, the global Cloud-Based Video Conferencing market is projected to expand annually at the annual growth rate of around 24% over the forecast timespan (2024-2032)
• In terms of revenue, the global Cloud-Based Video Conferencing market size was evaluated at nearly $17 billion in 2023 and is expected to reach $139 billion by 2032.
• The global Cloud-Based Video Conferencing market is anticipated to grow rapidly over the forecast timespan owing to the massive need for automation along with breakthroughs in technology.
• In terms of component, the software segment is slated to register the highest CAGR over the forecast period.
• Based on deployment mode, the cloud-based segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Based on end-user, the healthcare segment is predicted to dominate the segmental growth in the ensuing years.
• Region-wise, the Asia-Pacific Cloud-Based Video Conferencing industry is projected to register the fastest CAGR during the projected timespan.

Cloud-Based Video Conferencing Market: Growth Factors

An increase in remote working can prop up the global market expansion over forecast period

A rise in remote working activities and technological breakthroughs has culminated in the escalating growth of the global cloud-based video conferencing market. Furthermore, the huge popularity of financial solutions and video banking is projected to push the expansion of the market globally.

Moreover, the swift expansion of the 5G network and the growing penetration of cloud-based solutions in the education sector will expand the scope of growth of the global market. Flourishing healthcare and education sectors are expected to contribute notably toward the global market size in the coming years.

Cloud-Based Video Conferencing Market: Restraints

Technical issues can restrict the expansion of the global industry over the assessment period

Technical glitches, as well as the need for training, can shrink the expansion of the global cloud-based video conferencing market. Moreover, concerns about data privacy and inadequate internet infrastructure can pose a big threat to global industry expansion in the ensuing years.

Cloud-Based Video Conferencing Market: Opportunities

A surge in the use of hybrid working prototypes for minimizing travel prices can open new growth avenues for the global market   

Enhanced demand for hybrid work models, reduction in travel costs, and the need for improving video quality are expected to spur the global cloud-based video conferencing market. Furthermore, growing popularity of webinars along with their easy access can create new growth dimensions for the global market.

Cloud-Based Video Conferencing Market: Challenges

High initial investment costs required for developing novel systems can prove to be a major hurdle in the growth path of the global industry

Growing need for investing in new technologies and data privacy issues can pose a huge challenge for the global cloud-based video conferencing industry. Moreover, rise in latency & bandwidth issues along with strict regulations such as CCPA and GDPR.

Cloud-Based Video Conferencing Market: Segmentation

The global cloud-based video conferencing market is divided into component, deployment type, end-user, and region.                                        

In terms of component, the cloud-based video conferencing market across the globe is segmented into hardware and software segments. Apparently, the software segment, which amassed nearly 75.2% of the global market revenue in 2023, is projected to record the fastest CAGR in the coming years as a result of a prominent surge in the acceptance of SaaS models due to their cost-efficiency.

Apart from this, the growing need for reducing costs of investing in hardware components & eliminating maintenance charges can prop up the segmental growth.  

Based on the deployment type, the global cloud-based video conferencing industry is segmented into on-premise and cloud-based segments. Apparently, the cloud-based segment, which led the global industry in 2023, is likely to contribute significantly to the segmental growth globally in the ensuing years. This can be as a result of their scalability, swift installation, cost-efficiency, and easy access.

On the basis of end-user, the global cloud-based video conferencing market is sectored into corporate enterprises, government & defense, healthcare, large enterprises & SMEs, and education segments.

Moreover, the large enterprises & SMEs segment, which led the end-user segment in 2023, is anticipated to dominate the segmental space over the forecast timeline. Moreover, the segmental expansion can be due to scalability, core management, and technological investments in large enterprises & SMEs.

Cloud-Based Video Conferencing Market: Report Scope

Cloud-Based Video Conferencing Market: Regional Insights

North America is likely to maintain leadership position in the global market over the projected timespan

North America, which contributed about 45.1% of the global cloud-based video conferencing market size in 2023, is set to establish a number one position in the global market in the ensuing years. In addition to this, the regional market progression in the next eight years can be credited to the presence of strong healthcare infrastructure along with an increase in the disposable income of consumers.

Furthermore, a huge focus on research activities and favorable compensation policies are likely to embellish the growth of the market in the region. Escalating health awareness in countries such as the U.S. will proliferate the market size in the region.

Asia-Pacific cloud-based video conferencing industry is expected to record the fastest CAGR annually in the upcoming years. The progression of the industry in APAC can be a result of a rise in the use of remote communication tools and high-speed web connections in nations such as India, Japan, Taiwan, Singapore, China, Philippines, Malaysia, and South Korea. Rapidly expanding education sector and the launch of the 5G network will drive the industry trends in the sub-continent.

Moreover, the large presence of large and mid-sized firms in densely populated countries such as China and India will unleash new growth opportunities for the regional industry.

Cloud-Based Video Conferencing Market: Competitive Space

The global cloud-based video conferencing market profiles key players such as:

• Zoom Video Communications
• Google LLC
• Microsoft Corporation
• Huawei Technologies Company Limited
• StarLeaf
• Polycom
• Cisco Systems Inc.
• Blue Jeans Network
• Avaya Inc.
• Lifesize Inc.

The global cloud-based video conferencing market is segmented as follows:

By Component

• Software
• Hardware

By Deployment Type

• On-Premise
• Cloud-Based

By End-User

• Corporate Enterprises
• Government & Defense
• Healthcare
• Large Enterprises & SMEs
• Education

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa