The web and video conferencing market will reach $7bn by 2026, according to a recent research report by ReportLinker,
In 2020, the global web and video market is estimated to have been worth $3.5bn, and it will grow at an average CAGR (compound annual growth rate) of 11.9%.
The corporate sector will be worth $4.1bn in 2026
As businesses are spread across the globe and separated by Covid-19 measures and the popularization of hybrid working, video conferencing services have become more in demand.
Coupled with this, the increasing quality of A.I., video, V.R., cloud computing, IoT, and more, are enabling these geographical and internal divisions to take place, often saving time and money in the process.
The corporate sector will be worth $4.1bn in 2026 with a 12.9% CAGR. Education, which occupies 9.7% of the market, has a 10.3% CAGR. The healthcare sector will make up $373m of the web and video SaaS market by 2026.
Geographical breakdown
The U.S. market was valued at $1.4bn in 2021, accounting for 33.49% of the global market.
The Asia-Pacific web and video market is estimated to hit $2.4 Billion by 2026, with a CAGR of 12.9%.
There is a massive demand for online education and telemedicine in developing countries, such as Brazil, China, India, and the Philippines.
The study has predicted the European market worth to be $1.2bn with a 10.5% CAGR. It is calculated Germany will have a CAGR of 11%, slightly higher than the average. 10.5% for Canada will
Healthcare in the web and video conferencing market is set to be worth $373m globally by 2026. The USA, Canada and Europe are forecast to achieve 9.1% within the healthcare sector of this market, translating to $259m. Asia-Pacific countries will account for $115m of healthcare, with China, Australia, India and South Korea leading the region.
The full report by ReportLinker features 331 businesses, including some of the most innovative vendors such as Zoom, Cisco, LogMeIn, Microsoft Teams, Fuze, AWS, Avaya, Google and Dialpad.
