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Is Amazon.com (AMZN) the best video conferencing stock to buy, according to analysts?

We recently published a list The 8 Best Video Conferencing Stocks to Buy According to Analysts. In this article, we'll take a look at where analysts say Amazon.com, Inc. (NASDAQ:AMZN) stands compared to other best video conferencing stocks to buy.

Video conferencing software connects two or more participants virtually via video and audio over an Internet connection. During the COVID-19 pandemic, when lockdowns closed almost everything, the video conferencing market saw a surge in demand. According to a report by Grand View Research, the video conferencing market was valued at around $4.21 billion in 2020 and the value increased significantly to around $7 billion in 2022. Furthermore, the latest figures show. The video conferencing market was valued at $28.61 billion in 2023 and is expected to grow from $33.04 billion in 2024 to $60.17 billion in 2032, at a compound annual growth rate of 7 .8% corresponds.

According to a BBC report published on June 3, 2020, usage of the video conferencing platform Zoom increased 30-fold in April 2020 alone during the pandemic. The report also highlighted that daily subscriber usage exceeded 300 million users during the peak of the pandemic.

READ MORE: The 10 Best Internet Retail Stocks to Buy Now and the 8 Best Industrial Stocks to Buy, According to Analysts.

Initially, market growth was driven by the pandemic and lockdowns around the world, which forced companies, government organizations and educational institutions to adopt virtual forms of engagement. For example, the World Health Organization (WHO) held its first virtual meeting in May 2020. Additionally, educational institutions used video conferencing software to conduct graduation ceremonies.

Now that the world has returned to normality, we are quickly moving into the post-pandemic era: the video conferencing market is driven by the increase in remote jobs and e-learning. According to a Pew Research report published on March 30, 2023, approximately 35% of the U.S. workforce worked remotely in 2023. However, that number was down from the 43% in January 2022 and 55% in October 2020, so the pandemic era still saw a 7% increase in the proportion of remote workers compared to pre-pandemic years.

Looking at the regional insights, North America held the largest market share at around 31% in 2023 as it benefits from the large organizations engaged in video conferencing software development. In addition, the region also has an experienced workforce capable of implementing remote work. Besides North America, the Asia Pacific region is expected to witness the fastest CAGR growth due to growing interest in digitalization among businesses, governments and educational institutions.

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