Cloud Video Conferencing Global Market Report 2024

The cloud video conferencing market size has grown rapidly in recent years. It will grow from $9.13 billion in 2023 to $10.4 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth observed in the historic period can be linked to several factors, including advancements in internet technology, the rise of remote work trends, improvements in video compression technology, globalization fostering international collaboration, and the widespread adoption of mobile devices.

The cloud video conferencing market size is expected to see rapid growth in the next few years. It will grow to $17.59 billion in 2028 at a compound annual growth rate (CAGR) of 14%. Looking ahead to the forecast period, growth is expected to stem from the expansion of remote and hybrid work models, advancements in AI and machine learning, a growing demand for virtual collaboration tools, increased uptake of 5G technology, and the ongoing expansion of cloud infrastructure. Noteworthy trends anticipated in the forecast period include deeper integration with productivity tools, heightened emphasis on security and privacy measures, the proliferation of virtual and augmented reality applications, the broadening of industry-specific solutions, and the increasing prevalence of AI-powered features and analytics.

The growth of the cloud video conferencing market is anticipated to be propelled by the increasing necessity for managing virtual workforces. A virtual workforce denotes an environment where employees carry out their tasks remotely, utilizing technologies such as laptops, smartphones, and video conferencing tools. This rising need for managing virtual workforces is being driven by factors such as globalization, technological advancements, evolving workforce expectations, cost efficiencies, demographic changes, and scalability requirements. Cloud-based video conferencing solutions effectively cater to the management and support needs of virtual workforces by providing accessibility, scalability, cost-effectiveness, flexibility, integration, security, reliability, and compliance with remote work policies. For example, in September 2022, the Census Bureau reported that the number of individuals primarily working from home tripled from 5.7% to around 27.6 million people in 2021, constituting 17.9% of the workforce. Hence, the increasing demand for managing virtual workforces is fostering the growth of the cloud video conferencing market.

Key players in the cloud video conferencing market are actively developing artificial intelligence (AI) video conferencing solutions to enhance user experience and boost video productivity. These AI-driven solutions aim to streamline meeting processes, enhance communication quality, and deliver valuable insights, thereby improving the overall effectiveness of virtual collaboration. For instance, in January 2024, Thundercomm, a US-based technology firm, unveiled a comprehensive suite of AI video conferencing solutions designed to elevate the efficiency and experience of business communication and collaboration. Leveraging powerful video collaboration platforms from Qualcomm Technologies and Rubik's large language model services, these solutions enable the deployment of optimized models locally on video collaboration devices with minimal latency and enhanced security.

In August 2022, HP Inc., a US-based IT company, completed the acquisition of Poly for $3.3 Billion. This strategic move by HP Inc. aims to broaden its portfolio by integrating Poly's expertise, thus creating a more growth-oriented portfolio and reinforcing its position in hybrid work solutions. The acquisition positions the combined organization for long-term sustainable growth and value creation, leveraging Poly Inc.'s offerings in cloud video conferencing solutions.

Major companies operating in the cloud video conferencing market are Microsoft Corporation, Huawei Technologies Co. Ltd., NTT Ltd., Tencent Holdings Ltd., Cisco Systems Inc., NEC Corp., ZTE Corp., Zoom Video Communications Inc., Avaya Inc., Poly, Yealink Inc., Kedacom, Sangoma Technologies Corp., Lifesize Inc., Webex Communications Inc., BlueJeans Networks Inc., Pexip AS, Owl Labs Inc., ClearOne Inc., Qumu Corporation, Starleaf Ltd., Vidyo Inc., Fuze, TKO Video Communications, Tely Labs.

North America was the largest region in the cloud video conferencing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud video conferencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cloud video conferencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cloud video conferencing technology facilitates real-time video communication via the internet using cloud-based services. It enables participants to engage in virtual meetings from any location, utilizing devices such as computers, tablets, and smartphones. With features such as high-definition video, screen sharing, and collaboration tools, this technology enhances the efficiency and effectiveness of remote communication.

Cloud video conferencing can be categorized into hardware and software types. Hardware encompasses the physical components of a computer, including the processor, memory, motherboard, storage drives, and other tangible devices. These solutions are deployed through the cloud and on-premise, catering to a range of end-users such as banking, financial services, and insurance (BFSI), manufacturing, information and communications technology (ICT), healthcare, among others.

The cloud video conference market research report is one of a series of new reports that provides cloud video conference market statistics, including cloud video conference industry global market size, regional shares, competitors with a cloud video conference market share, detailed cloud video conference market segments, market trends, and opportunities, and any further data you may need to thrive in the cloud video conference industry. This cloud video conference market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cloud video conferencing market consists of revenues earned by entities by providing services such as cloud-hosted video meetings, meeting recordings, webinars, integration with calendar services, and extensive collaboration tools. The market value includes the value of related goods sold by the service provider or included within the service offering. The cloud video conferencing market also includes sales of cloud-based video conferencing platforms, integrated video conferencing systems, and desktop video conferencing software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.