Video conferencing market expected to hit $3.39 billion by 2025

Over the last year, there has been an increase in the use of video conferencing tools as businesses and organizations use them to connect with remote workers, customers, and employees during the coronavirus pandemic period.

Apart from the pandemic, many businesses see video conferencing as a way to either eliminate or reduce travel for employee transportation, hotels, and meals. As such, many analysts expect the global video conferencing industry to gain more traction in the years to come.

Adroit Market research recently released a new report that assessed the projected endpoint market value of video conferencing. According to the report, the video conference market is expected to reach 3.39 billion by 2025. North America accounted for 37.3% of revenue in the global video conferencing endpoint market and is expected to maintain that position throughout the duration of the forecast.

The government sector comprised 26.5% of overall video conferencing usage, making it the largest contributor. Today, many military, defense, international organizations, and courtrooms are using video conferencing tools to speed up processing times and communicate accordingly. The government’s innovative use of these tools continues to make it possible to maintain essential functions as coronavirus cases dwindle.

Education is another key sector driving continued growth. The majority of educational institutions in America quickly adopted online coursework and classes to prevent delays in educational advancement. Video conferencing in the classroom makes it easier to connect with students in other classrooms, schools, and even countries, breaking down traditional barriers in how students communicate with one another.

Several key factors continue to drive its growth, including the rise of remote work, the accelerated adoption of cloud-based services, various technological advancements, and increasing broadband speed.

The impact of COVID-19 on the growth of video conferencing cannot be ignored. As the pandemic spread worldwide, many businesses were forced to shift towards a fully remote or hybrid work model, boosting the demand for effective video conference solutions. In 2020, more than 60% of Americans were working from home.

Many businesses turned to enterprise video platforms like YouTube, such as Vidyard. These enterprise solutions offer unique content management systems designed specifically for managing video within the business. Another report found that the enterprise video market would grow to $25.6 billion by 2025.