Enterprise Video Conferencing Market Size

Enterprise Video Conferencing Market size was over USD 7.85 Billion in 2023 and is projected to exceed USD 34.64 Billion by the end of 2036, witnessing over 12.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of enterprise video conferencing is evaluated at USD 8.7 Billion. The growth of the market can primarily be ascribed to faster digitization and the presence of visual data-sharing technology backed by the rising prevalence of the internet. According to the data released by the World Bank, until April 2022, the digital economy accounts for 15.5% of global GDP and has grown 2.5 times faster than global GDP over the last 15 years. 

As the entire world is moving closer to globalization, multinational corporations are relying more on video conferencing and meetings to get the best information and decisions from their offshore operations. Real-time visual sessions between one or more participants are referred to as video conferencing sessions. Video conferencing solutions assist organizations in achieving their priorities by discussing strategies and providing training via video conference platforms to improve business performance. Furthermore, as businesses and individuals aspire to stay connected, global lockdowns imposed in response to the COVID-19 pandemic have resulted in a significant increase in demand for video conferencing and teleconferencing options. For instance, as a consequence of COVID-19, web conferencing technologies were used for the first time by around 35% of enterprises globally in 2020.