Pune, India, June 30, 2021 (GLOBE NEWSWIRE) -- The global video conferencing market size is expected to gain momentum by reaching USD 12.99 billion by 2028 while exhibiting a CAGR of 10.9% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Video Conferencing Market, 2021-2028.” The report further mentions that the market stood at USD 5.77 billion in 2020. Factors such as the growing preference for remote learning and the increasing adoption of cloud-based solutions will propel the demand for the product globally. For instance, in April 2021, Telegram, the popular messaging platform, announced the launch of a new feature that is expected to be included with the upcoming update. The group video conferencing will allow the users to make a group video call.
COVID-19 Impact:
Market Exhibited a Growth Rate of 8.1% in 2020; Increasing Adoption of Tele Video Calling Propels Growth
The lockdown implemented in 2020 led to the emergence of remote working globally. As office gatherings were prohibited to limit the spread of the virus, several companies announced work-from-home facilities for their employees. This led to the surge in the adoption of telecommunication solutions. Meetings and important business discussions were being held remotely through internet connectivity. This propelled the market to exhibit a positive growth rate of 8.1% in 2020, and it is projected to showcase exponential growth in the forthcoming years.
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Market Segmentation:
Based on the component, the market is bifurcated into solutions and services. On the basis of the conference type, the market is classified into telepresence system, integrated system, desktop system, and service-based system. Moreover, based on the deployment segment, the market is divided into the cloud and on-premises. On the basis of enterprise size, the market is categorized into small & medium enterprise and large enterprise. Based on application, the market is segmented into small rooms, middle rooms, large rooms, and huddle rooms.
- On the basis of application, the small room segment held a global video conferencing market share of about 39.0% in 2020 and is expected to experience considerable growth in the forthcoming years. This is due to the affordability and extensive adoption of small rooms for conferencing services worldwide.
Lastly, on the basis of region, the market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
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DRIVING FACTORS
Growing Preference for Remote Learning to Promote Growth
The widespread COVID-19 pandemic has led to a paradigm shift in the working of industries. The work-from-home culture has gained traction, and several companies are focusing on remote working. According to the Bureau of Economic Analysis, businesses in the U.S. have been spending significantly on telecommunication technology, indicating that the remote working culture is likely to gain traction. This presents a lucrative opportunity for the companies working in the market as the demand for remote calling is projected to rise exponentially. Additionally, the increasing adoption of the cloud-based network owing to its feasibility and cost-effectiveness is anticipated to contribute to the global video conferencing market growth during the forecast period.
REGIONAL INSIGHTS
North America – The market in the region is expected to remain at the forefront during the forecast period. This is due to the presence of prominent video conferencing companies in the region, such as Microsoft Corporation, Cisco Systems, Inc., and Zoom Video Communications, Inc. North America stood at USD 2.33 billion in 2020.
Asia-Pacific – The market in the region is expected to showcase considerable growth. This is owing to the growing incorporation of advanced automation processes that is likely to favor the demand for video conferencing solutions across the education and research sectors between 2021 and 2028.
COMPETITIVE LANDSCAPE
Product Launches by Key Players to Leverage Lucrative Market Opportunities
The market comprises small, medium, and large companies that are focusing on introducing advanced video conferencing solutions to maintain their strongholds during the forecast period. Additionally, other key players are adopting strategies such as partnership, merger and acquisition, and collaboration to maintain their presence in the fiercely competitive marketplace.
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Industry Development:
- May 2021 - One Touch Video Banking partnered NuSource Financial intending to expand its relationship with several banks and credit unions through advanced video banking technology.
List of the Companies Profiled in the Global Market:
- Avaya Inc. (California, United States)
- AVer Information Inc. (Taipei City, Taiwan)
- Blue Jeans Network, Inc. (California, United States)
- Cisco Systems, Inc. (California, United States)
- Huawei Technologies Co. Ltd. (Shenzhen, China)
- Logitech International S.A. (Lausanne, Switzerland)
- Microsoft Corporation (New Mexico, United States)
- Panasonic Corporation (Osaka, Japan)
- Polycom Inc. (Plantronics, Inc.) (California, United States)
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Video Conferencing Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Overview
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- Past and Current Revenue
- Geographical Share
- Business Segment Share
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- Recent Developments
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