A new analysis from research firm Omdia suggests that the global market for video conferencing is still rising, growing by 5 percent year-over-year in 2024, to reach $18 billion in revenue.
This comes from Omdia’s Market Landscape Report, that projects that market will continue expanding through 2029 – “despite challenging geopolitical conditions and ongoing economic uncertainties”. This includes the many Return-to-Office-Calls from major companies around the world, especially in the US.
Prachi Nema, Principal Analyst, Digital Workplace, Omdia, explains: “”While North America appears saturated and EMEA shows signs of stagnation, Asia & Oceania continue to show promising growth. This reflects the trend in AI adoption, with companies increasingly emphasizing collaboration tools to boost employee productivity in hybrid work settings.”
Omdia projects grow at a 5 percent CAGR over the next five years, with total revenue reaching $21 billion by 2029. This growth will happen mostly in Asia & Oceania, and some of it in Europe.
The company also emphazises that the market s getting extremly commoditized, with little product differentation. So in order to escape the price race, suppliers will need to look at the next big thing: AI integration, with features such as automated summaries or translations. This will need to happen at the hardware as well as on the software side.