Webcam, headphones, microphones, cameras for meeting rooms, sound bars, lighting systems, among other devices used for video conferencing, are expected to generate a record business volume of 5.1 billion dollars (4.9 billion euros) this year, a 4 % more than last year, when this industry moved 4.9 billion dollars (4.7 billion euros), according to Futuresource Consulting, 54% more than the 3.33 billion dollars (3,170 million euros) estimated by the sector in 2020. The data comes from a report by Futuresource Consulting, which reveals the drivers of growth, key trends and the most notable regional aspects, including the inversely proportional relationship between the growth of web conferencing and decline in business travels. In fact, the reduction in teleworking has not affected an industry that seems to have a life of its own outside of work habits.
The same international consulting firm assures that the global videoconferencing market is going through a period of constant expansion, with volumes that are expected to approach four million units by the end of 2024. Despite the reduction in teleworking in thousands of organizations, work Hybrid has been consolidated in many labor policies where “video conferencing has become an essential tool.” In fact, tools such as Zoom, Microsoft Teams, Whatsapp or Google Meet are very popular both in the personal and business spheres, which indicates the excellent health of this market in the coming years. In fact, meeting room camera sales have grown 8% in value over the past year and represent 59% of total video conferencing peripheral shipments. They have also highlighted the distribution of ‘all-in-one video bars’, which “offer a cost-effective solution for companies seeking to integrate audio and video capabilities while managing budgets, with adaptable and scalable solutions,” they indicate from Futuresource Consulting. .
The same consulting firm points out the vigor of the policies Bring Your Own Device (BYOD), that is, solutions that invite employees to use their own devices in corporate environments. “BYOD approaches appeal to organizations looking for lower upfront costs and minimal user training, especially for small meeting rooms, while room systems offer a streamlined, easy-to-use experience as well as better device management.” equipment,” says Scarlett Woodford, head of collaboration at Futuresource Consulting. “Their higher price than other devices justifies them currently representing 58% of video conferencing revenue in 2024.”
Logitech will retain its first position as the leading manufacturer of video conferencing peripherals this year, with 21% of sales in the first half of the year, due to the commercial success of “the MeetUp video bar and the Rally/Rally System camera”, add the same sources, ahead of the Chinese Yealink, with a single-digit market share. Owl Labs, Jabra and Polycom and Crestron, among other brands, compete in the same business.
The United States accounts for 40% of global volumes of videoconferencing peripherals, therefore it retains its market share from 2023. The EMEA region is in second place, although economic problems in Europe have slowed growth.
The same report values the integration of artificial intelligence in videoconferencing, with a technology that promises transformative capabilities, and with features such as automatic framing of participants to real-time transcription. However, companies are concerned about obsolescence and the limitations of manufacturers focused on perfecting existing product lines, with models that are not very scalable.
“The future of video conferencing is looking up, with the total market value expected to approach $7 billion by 2028.“Despite macroeconomic challenges, companies are willing to replace hardware purchased after the implementation of COVID, aligning these upgrades with clearer hybrid work strategies. What’s more, the deployment of new models based on Android, supported by the Microsoft Device Ecosystem Platform (MDEP), drive the adoption of BYOD,” indicates the same expert.
By 2023, the audio conferencing market will reach a total value of $3.2 billion. Unit volume increased from 40.8 million in 2022 to 41.2 million in 2023. This modest growth underscores the strong adaptive capacity of the sector, which pivots to meet the changing needs of companies in an unpredictable economic landscape. Within the product segments, meeting room microphones have proven to be the most prominent. With a 3% increase in volume and 5% growth in market value, reaching $368 million, this category reflects the demand for high-performance premium microphones that support flexible and dynamic meeting room environments.
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