Global Enterprise Videoconferencing $7.9B By End of 2023
The global enterprise videoconferencing market is forecast to experience 7.4 percent compound annual growth through the end of 2023. At that point, this space will be worth $7.9 billion.
All that’s according to strategic market research and consulting firm Research Nester. The company published its “Enterprise Video Conferencing Market: Global Demand Analysis & Opportunity Outlook 2023” report.
Growth in enterprise videoconferencing is being driven in part by uptake of these solutions in the education and health care verticals. The availability of internet connectivity, including 4G-based services, that can support video is also a contributing factor to the uptake of videoconferencing. So are the increased efficiencies and reduced business costs that videoconferencing can provide to a business.
Last year, North America was the enterprise videoconferencing leader, according to Research Nester. This region accounted for 38.1 percent of the global market. And North America is expected to remain the enterprise videoconferencing leader through the forecast period. There’s good adoption and growth for enterprise videoconferencing in Asia Pacific too, according to the report.
The report also profiles several enterprise videoconferencing solution providers. That includes Adobe Systems Inc., Avaya Inc., BT Conferencing, Cisco Systems, Level 3 Communications LLC, Lifesize Inc., Microsoft Corp., NTT Communications Corp., Singtel Optus Pty Ltd., Visions Connected Netherlands BV, and ZTE Corp.
A separate enterprise videoconferencing study, this one from IDC and released in December, reports that total worldwide enterprise video equipment revenue in the third quarter of last year exceeded $542 million. That was up from $505 million the prior quarter.
IDC said Cisco remained the videoconferencing equipment leader, with 11.6 percent quarter over quarter revenue growth and 6.4 percent growth year over year. Polycom and Huawei were second and third in this category.
Of course, that’s just for equipment-based videoconferencing. Enterprise videoconferencing can also be sold as a service, and is sometimes part of a larger unified communications on-premises or as-a-service offering.
Edited by Mandi Nowitz