SNS Insider reported that the video conferencing system market will grow at a CAGR of 19.3 percent over its forecast period, 2023-2030. This climb is attributed to mounting need for seamless connectivity and collaboration, as well as increasing reliance on virtual communications.
SNS claims that the market should hit $46.5 billion (2030), compared to 2022’s $11.33 billion.
Of note, the report covered the globalization of business (amidst growing instances of remote and hybrid work), heightened internet penetration and increased availability of high-resolution cameras as “key contributors.” Cited challenges included high initial investments, bandwidth requirements and security concerns.
Within the segment, hardware – driven by the growing acceptance of high-res devices, plus microphones, headphones and other accessories – should continue to dominate, especially in a post-pandemic world that relies increasingly on video conferencing for remote and hybrid worker collaboration. Other areas of consideration included solutions (including software to facilitate video conferencing, hosting platforms and other applications for managing participants and sharing content) and services (among them installation, integration, maintenance, training and support toward seamlessly operating such systems).
Similarly, on-premise deployment leads, driven by concerns about data theft and information security, with cloud-based solutions increasing in popularity based on their ability to extend convenience and accessibility through channels.
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