The global Video Conferencing Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global video conferencing market is estimated to attain USD 8.56 billion, by the end of 2027, and is anticipated to grow at a CAGR of 9.9% over the forecasted period, 2020 to 2027, according to a new report by Million Insights. Increasing demand for video solutions in organizations, educational institutes especially in developing countries is projected to support the market growth. In addition, the growing adoption of 4G service in mobile devices is anticipated to bolster the demand for video conferencing solutions.
Key Players:
- Adobe
- Array Telepresence Inc.
- Avaya
- Cisco Systems, Inc.
- Huawei Technologies Co., Ltd.
- Logitech International SA
- Microsoft Corporation
- Polycom Inc.
- Vidyo Inc.
- West Corporation
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Growth Drivers:
Rapid globalization in business and rising need for remote workforce are boosting the demand for video communication solutions. In developing countries such as India, Philippines, and Brazil, there is a huge demand for online education, and telemedicine. Furthermore, growing number of international workshops and online seminars are expected to increase the demand for video solutions.
Furthermore, development in 5G technology is projected to create ample opportunities for market growth. Companies like Microsoft Corporation and Cisco Systems are focusing on developing video solutions using VoIP (Voice over internet protocol) technology. Additionally, increasing adoption of cloud-based solution like Zoom, and AvayaLive Video are boosting the market growth.
End-use Outlook:
- Corporate
- Education
- Healthcare
- Government & Defense
- BFSI
- Media & Entertainment
Regional Outlook:
In 2019, North America led the market with the highest share in the market. The presence of a high tech companies in the market are mainly driving the demand for these systems. In addition, high speed internet access is expected to support the market growth. Several enterprises offer innovative services such as digital tours.
Asia Pacific is anticipated to grow at the fastest CAGR during the forecasted period, 2020 to 2027. Rising number of technology and service based companies across countries such as China, and India is projected to boost the market growth. Moreover, development in broadband technologies such as WiMAX, and High Speed Downlink Access is estimated to proliferate demand for video conferencing solutions.
COVID-19 Impact Insights:
Various corporate events, trade shows, and international seminars have been canceled owing to the COVID-19 crisis initiated earlier January 2020. Thus, several companies are focusing on adopting video conferencing tools, which is expected to surge the market growth, various government agencies also are carrying out their procedures through video conferencing due to lockdown situation.
The majority of the corporate businesses are adopting Work from Home policy due to coronavirus pandemic. Thus, network analytics companies like Kentik have foreseen growth in video traffic. For example, Eighth Conference on Learning Representation was projected to be held in March 2020, but owing to COVID-19, this was scheduled in April 2020 through video conference.
However, due to COVID-19 outbreak, the market is expected to witness a decline in the demand for hardware components. Governments across Japan, China, and India have made mandatory to its service providers to lower down the video quality to reduce the strain on the network.
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