Besides, the increasing demand for visual communication on account of globalization, remote workforce management, and rising internet penetration are factors influencing the growth of the market. Integration of advanced technologies such as the internet of things (IoT), artificial intelligence (AI), and cloud technology is expected to drive the growth of the market in the forthcoming years. Video conferencing is a real-time visual communication session between one or more users, irrespective of their locations.
The significant change in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The market is projected to grow from USD 6.28 billion in 2021 to USD 12.99 billion in 2028 at a CAGR of 10.9% during the 2021-2028 period. Based on our analysis, the global market exhibited a significant growth of 8.1% in 2020 compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with video conferencing witnessing a positive demand shock across all regions amid the pandemic. The global video conferencing market size was USD 5.77 billion in 2020.
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