Global Video Conferencing Market Segmented By Component (Hardware, Solution, Services) By Hardware (Multi Point Control Unit, Hard Codec, Peripheral Devices) By Deployment (On-premises, Cloud) By Application (Corporate Communications, Training And Development, Marketing And Client Engagement) & By Region - Forecast And Analysis 2020-2027
Description
The Video Conferencing market was valued at USD 9 Billion in 2020, and it is expected to reach a value of USD 23 billion by 2027, at a CAGR of 19.70% over the forecast period (2020 - 2027).The rising demand for advanced video conferencing solutions is surging the growth of the market. The rapid adoption of video conferencing solutions in communications, In addition, the real estate, leisure, and education sectors will play an important role in the growth of the market. It is difficult for employees to communicate effectively without strong tools efficiencies. A low-quality video or noise during video can cause employees spend more time dealing with misunderstandings or tasks.
Healthcare and life sciences are diverse clinical, daily content covering administrative and financial matters. As a result, the need for channelized content insights and accurate clinical information Video conferencing can be used to consolidate information. Collaborations enable healthcare providers to use telemedicine Healthcare administration, medical education, and patient care. Provide enhanced patient care with applications that provide patient data a better way to communicate.
This report provides in-depth analysis of Global Video Conferencing market. We have analyzed 20+ data points that include product price trends, consumer purchase patterns, company annual sales performance, COVID-19 impact on distribution channels, parent industry performance, regional trends, and technological innovations, for tracking the Global market size and performance in the recent years.
Global Video Conferencing Market Segmentation
The Global Video Conferencing market is segmented based on Component, Hardware, Deployment, Application, and Region. Based on Component it is categorized into: Hardware, Solution, Services. Based on Hardware it is categorized into: Multi point Control Unit, Hard Codec, Peripheral Devices. Based on Deployment it is categorized into: On-premises, Cloud. Based on Application it is categorized into: Corporate Communications, Training and Development, Marketing and client engagement. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Global Video Conferencing Market: Impact of COVID 19
With COVID-19, the entire workforce has been transitioning toward Remote working, paving the way for video conferencing products that are hardware. Applications such as Microsoft Teams, an inbuilt communication tool most enterprises already use Office 365 for this purpose experienced, end-to-end productivity with email and storage capabilities cxceptional growth post-pandemic. Additionally, Zoom meeting solution is available growing due to its ease of use and feasibility..
Key Trends in Global Video Conferencing Market
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A faster rate of growth is predicted for Healthcare and Life Science's vertical during the forecast period.
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Companies are increasingly using cloud-based applications for maintaining and expanding communication resources in a cost-effective way as business dynamics transform.
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Human-centric communication has been improved significantly as a result of the rapid adoption of cloud-based solutions and the incorporation of 3D technologies.
Global Video Conferencing Market: Regional Dynamics
The APAC region is expected to hold the largest market share in 2020.In this region dynamically transforming with the adoption of new technologies diverse technologies across different sectors. As Asia's infrastructure grows in Japan, South Korea, Australia, Singapore, China, and India, and the deployment of 4G and 5G networks, represent a huge opportunity video conferencing opportunities exist.
Global Video Conferencing Market: Competitive Landscape
The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows:
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A partnership between Zoom Video Communications and Lumen is scheduled for September 2020 Adding Zoom to Lumen's Unified Communication will enable an enhanced user experience and improved performance suite for collaboration.
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Google acquired StratoZone, a US-based cloud assessment company, in August 2020 Provides data center planning and automation assistance to customers and partners Migrating to Google Cloud Platform.
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In November 2019, 8x8, Inc., a Software-as-a-Service company A software-as-a-service (SAAS) provider released 8x8 Video Meetings, a cloud-based solution Direct access to meetings for its new and existing customers You don't need to download plugins for the browser.
Key players in Video Conferencing market are:
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Avaya, Inc.
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Cisco Systems, Inc.
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Huawei Technologies Co., Ltd.
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Logitech International S.A.
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Microsoft Corporation
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Polycom Inc.
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Zoom Video Communications, Inc
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Kollective Technology
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Barco
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Haivision
Scope of the Report
The study provides an analysis of the Global Video Conferencing Market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value.