Pune, India, May 28, 2021 (GLOBE NEWSWIRE) -- The global video conferencing market size is projected to reach USD 10.92 billion by 2027, exhibiting a CAGR of 9.7% during the forecast period. The combination of video conferencing solutions with technologies such as artificial intelligence and the internet is expected to boost market growth, states Fortune Business Insights™ in its report titled "Video Conferencing Market, 2020-2027." As per the report, the market size stood at USD 5.32 billion in 2019.
Visual communication technology is fused with several technologies such as artificial intelligence (AI), the internet, and virtual reality to enhance the product's features. For example, Oterr.ai launched Live Notes and video captions during calls for Google Meet on 21st January 2020. Several businesses and workplaces across the world utilize video conferencing technologies because of their benefits during the outbreak, eliminating the risks of infection and reducing operational costs. Furthermore, the incorporation of video banking helps the bank representative and the people communicate directly and enhance work efficiency. The banking and finance sectors extensively use the technology to connect the customers with advisors, representatives, and officers to satisfy the consumer demand for virtual video banking. For example, National Westminster Bank announced video banking solutions for small and medium-sized enterprises (SME) in July 2019. The solutions offered the enterprises to conduct secure video calls on multiple platforms such as mobile, PC, laptops, and tablets. Hence because of the rising adoption of video conferencing in several technologies, the market is expected to grow.
Impact of COVID-19
This market is expected to be positively impacted by the COVID-19 pandemic because of the shutdown of various business activities and strict regulations regarding social distancing. Business entities use video-based communication technologies such as Zooms, Google Meet, and other programs for conducting business activities. As per the article published by the Wired UK, Zoom gained over 2.22 million users every day in 2020. Despite the new strain of the virus, the market is expected to sustain growth.
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Segments
By component, the market is segmented into solutions and services. Based on conference type, it is segregated into telepresence system, integrated system, desktop system, and service-based video conferencing system. On the basis of deployment, the market is bifurcated into cloud and on-premises. The enterprise size is divided into small and medium enterprises (SMEs) and large enterprises. It is classified by application into small rooms, huddle rooms, middle rooms, and large rooms. Geographically, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
The report analyzes the top segments and the latest trends. It comprehensively studies the impact of COVID-19 on the market and the driving and restraining factors. Additionally, it examines the strategies undertaken by the market's key players and the regional developments.
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Drivers and Restraints
Rising Adoption of Cloud-based Video Communication Services in Several Sectors to Foster Market Growth
Video communication technologies such as Zoom, Skype, AvayaLive Video, and other services have enabled several sectors to function efficiently and tackle losses incurred due to the shutdown of activities. The services utilize advanced AI technologies that enhance the efficiency of calls and offer exceptional connection and help solve difficulties during communication. The incorporation of advanced video communication technology helps reduce the operating cost and improves work efficiency. For example, Yealink Network Tech announced Yealink Meeting, powered by a cloud-based video communication that offers a one-click setup with easy installation that eliminates difficulties during the conferencing and improves work efficiency.
The availability of efficient and convenient video conferencing solutions is expected to drive the video conferencing market growth.
However, the high cost of deploying advanced video communication technologies is expected to hamper the market growth.
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Regional Insights
Early Adoption of Video Communication Technology to Support Market Growth in North America
North America is expected to lead the video conferencing market share because of the early adoption of the technology in the region for increasing work efficiency. Additionally, the prominent presence of players in the region has bolstered the product demand. For example, Zoom Video Communications, Inc. announced "Zoom for Home DTEN ME" in July 2020. It is a video conference device that offers an excellent connection priced at USD 599.
The rising demand for video communication devices for the research and education industry is expected to boost the market in Asia Pacific. Additionally, the players in the region have undertaken product launches to improve the portfolio. For example, Aver Information Inc launched a video collaboration service with Microsoft to enhance the work efficiency of the team at Microsoft and enhance their product portfolio.
Competitive Landscape
Companies to Enhance Product Quality to Attract Consumers
Major companies of the competitive market such as Cisco Systems, Microsoft Corporation, Verizon Communication, and others have incorporated advanced AI, Machine learning, and Cloud services in their video conference systems to enhance the product quality. Several prominent players have announced video conference technologies to compete with other players. For example, Facebook, Inc. introduced the Messenger Rooms solution in April 2020 to enable the end-users to accommodate 50 users in a call. Additionally, companies have launched communication solutions for connection through several devices. For example, Tata Corporation announced a multi-device communication device powered by a cloud service named "jamvee" that provides the organizations with the ability to connect to video calls through laptops, desktops, smartphones, tablets, and telepresence rooms.
Industry Development
July 2020: Plantronics, Inc launched a slew of video communication services comprising G80-T, G10-T, and Poly G40-T. These solutions were created to provide Microsoft teams with a seamless experience.
List of Key Players Profiled in the Video Conferencing Market Report
- Cisco Systems, Inc.
- Verizon Communications Inc.
- Polycom Inc.
- Alphabet Inc.
- Adobe Systems
- Microsoft Corporation
- Vidyo Inc.
- Zoom Video Communication Inc.
- Logitech International S.A.
- Panasonic Corporation
- ZTE Corporation
- Fuze Inc.
- Huawei Technologies
- Avaya Inc.
- Facebook Inc.
- Lifesize Inc.
- StarLeaf
- Premiere Global Services Inc.
- ezTalks Technology Co., Ltd
- Bharti Airtel Limited
- Reliance Jio Infocom Limited
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- 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 Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Video Conferencing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Solution
- Services
- By Conference Type (Value)
- Telepresence System
- Integrated System
- Desktop System
- Service-based Video Conferencing System
- By Deployment (Value)
- Cloud
- On-premises
- By Enterprise Size (Value)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Application (Value)
- Small Rooms
- Huddle Rooms
- Middle Rooms
- Large Rooms
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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Video Conferencing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Conference Type (Telepresence, Integrated, Desktop, and Service-based Video Conferencing System), By Deployment (Cloud, On-premises), By Enterprises Size (Small and Medium Enterprises (SMEs), Large Enterprises), By Application (Small Rooms, Huddle Rooms, Middle Rooms, and Large Rooms), and Regional Forecast, 2020-2027
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