Newark, NJ, June 16, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global video conferencing market is expected to grow from USD 5.84 billion in 2020 and to reach USD 11.89 billion by 2028, growing at a CAGR of 10.70% during the forecast period 2021-2028.
The market will grow as a result of the introduction of new technologies such as cloud computing, IoT, AI, VR, and improved video compression. The incorporation of virtual reality into video conferencing has created an innovative option for holding 3D events, allowing clients to have a more dynamic and engaging experience. AI-enabled technologies have aided in boosting video quality and improved the conference experience for both enterprises and employees. During the coronavirus outbreak, the video conferencing market has increased rapidly. To avoid direct contact, businesses and government agencies are increasingly turning to video conferencing as a vital tool for connecting with remote consumers, workforces, and employees. Market companies are capitalising on the opportunity by expanding their enterprise and government services.
Video conferencing is a technology that allows individuals in various locations to conduct face-to-face meetings without having to travel to the same location, saving time, money, and aggravation. This technology is particularly beneficial to corporate users in different cities or even countries. Video conferencing can also be used for teaching, allowing an instructor to conduct a remote class from almost anywhere. This can also be done in the workplace, particularly to provide people with the knowledge they need to perform their jobs more efficiently. In the academic field, video conferencing can be utilised to connect a regular classroom environment with students who reside far away from the institution.
The constantly expanding need for video communication as a result of globalisation of organisations with geographically distributed business activities and remote workforce management is a primary driver of the industry. Specific areas, such as telemedicine and online education, have seen a large surge in demand for these solutions, which have gained in popularity in emerging nations such as Brazil, India, China and Philippines. In recent years, the number of online international workshops, seminars, and conferences have expanded, increasing demand for these solutions.
However, the market is projected to face significant obstacles, including high initial investments in market solution procurement and deployment, as well as concerns about data privacy and security. The high cost of adopting these solutions is due to the use of data security software solutions for safe data transport. Furthermore, the restricted capability of these systems makes them difficult to use.
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Key players operating in global video conferencing market include Adobe Inc., Cisco Systems, Inc., Huawei Technologies Co. Ltd., Logitech International S.A, West Corporation, Array Telepresence Inc., Microsoft Corporation, Plantronics Inc., Vidyo Inc., and Avaya Inc.
- Messenger Rooms, a service that allows users to hold meetings with up to 50 people, will be available in April 2020, according to Facebook, Inc. The company has focused on privacy and security features as a result of rising concerns about cybersecurity in video conferencing services, particularly during the coronavirus pandemic.
Services segment dominated the market and held the largest market share of 65% in the year 2020
On the basis of Component, the global Video Conferencing Market is segmented into Services and Solutions. Services segment dominated the market and held the largest market share of 65% in the year 2020. This aspect has improved the interoperability of many firms' equipment. Furthermore, the rising emphasis of camera manufacturers like AVer Information Inc. is on developing video conferencing cameras with technologies like facial recognition and artificial intelligence bodes well for the category. The use of these systems in coaching activities for numerous sports such as cricket, football, and badminton has resulted in an increase in demand for microphones as well.
Large Enterprise segment dominated the market and held the largest market share of 52% in the year 2020
On the basis of Enterprises Size, the global Video Conferencing Market is segmented into Small and Medium Enterprise (SMEs) and Large Enterprise. Large Enterprise segment dominated the market and held the largest market share of 52% in the year 2020. Various IT and telecom businesses, such as Cisco Systems, Inc., and Logitech S.A., have entered long-term partnerships with service providers in recent years, further driving the category. In the coming years, the small and medium enterprises market is likely to increase significantly. This might be linked to government funding for small and medium businesses to adopt cloud-based solutions, which is likely to increase demand for video conferencing among SMEs.
Cloud segment dominated the market and held the largest market share of 65% in the year 2020
On the basis of Deployment Mode, the global Video Conferencing Market is segmented into On-premise and cloud delivery. Cloud segment dominated the market and held the largest market share of 65% in the year 2020. End-users benefit from cloud-based solutions since they can access the video conferencing platform from a variety of devices, including mobile phones and computers. In addition, service providers are promoting the use of a software-as-a-service platform for video conferencing services, which has attracted a huge number of small and medium-sized businesses.
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Regional Segment of Video Conferencing Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The market has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America is now leading the industry due to the presence of well-established businesses and significant technology adoption in the region. In terms of adoption of these systems, the markets in the United States and Europe are more developed, and demand for upgrades or replacements is expected. Asia Pacific is expected to be the fastest-growing region over the forecast period. An increase in the number of technology and service-based start-ups in India and China is likely to aid regional market expansion. The presence of business and knowledge process outsourcing companies in the region is expected to be a major driver of the industry.
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About the report:
The video conferencing market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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