Albany NY, United States, May 19, 2022 (GLOBE NEWSWIRE) -- Providers of platforms for free video conferencing & online meetings are targeting customers across industries. They have reaped profits by reinforcing flexible installation and host of advanced features for video conferencing meetings teams in remote or working from home. The global video conferencing market is forecast to reach US$ 16 Bn By 2030.
Top video conferencing providers are focusing on the key product attributes of audio & visual quality, user experience, and mobile interface to bolster their core competencies. Profitable avenues have also emanated from the growing use of web conferencing solutions including apps for wide spectrum of corporate communications.
A business intelligence study by TMR analysts found that browser-based conferencing solutions are gathering traction in other end-use industries notably in healthcare, government & defence, and education. The trend is expected to create increment avenues to players in the video conferencing market.
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Key Findings of Video Conferencing Market Study
- Providers Lean on Online Video Conferencing Software Innovations: Solution providers in the video conferencing market are leaning on constant software innovations. They are focusing on improving in-meeting features, platform’s user interface, and flexible pricing to capture stable revenues. Moreover, frontrunners are actively engaged in strengthening security and privacy aspects. The TMR study observed that top video conferencing providers are ensuring multi-layered security models in their services to gain trust.
- On the other hand, hardware accounted for a major share of the global video conferencing market in 2019. The widespread demand for video conferencing hardware notably high definition (HD) displays, microphones, and cameras in enterprise corporate sector has led to the segment’s prominence.
- Growing Adoption by Businesses of All Sizes in Corporate Enterprise Sector Creates Ample Lucrative Opportunities: Rise in use of web conferencing solutions for webinar and employee meeting has been steering the adoption of video conferencing services among businesses. Both small-scale and large-sized businesses have benefitted from the cloud-based solution. Start-ups in particular are increasingly leveraging cloud-based solutions in the video conferencing market.
- Sizable Revenue Potential in Government & Defence Sector and Healthcare Industry: In recent years, telehealth consultations have witnessed a remarkable rise in recent years after COVID-19 pandemic outbreaks all over the world. In Europe especially, the healthcare industry has been presenting enormous revenue potential. The demand for video conferencing market has risen among healthcare providers for post-discharge consultations. The uptake in the government & defence sector will propel incredible revenues in the video conferencing market.
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Video Conferencing Market: Key Drivers
- The past few years have witnessed rise in number of people in organizations adopting working-from-home, expanding the market prospects for video conferencing software providers and app developers. The drive for the video conferencing market gathered immense momentum after COVID-19-related mobility restrictions.
- Growing number of outsourced business processes and projects is fueling the need for video conferencing among the stakeholders, thus spurring the video conferencing market
Video Conferencing Market: Regional Growth Dynamics
- Europe is anticipated to witness new revenue streams, especially coming from the adoption of products in the healthcare industry
- The Asia Pacific video conferencing market is poised to witness enormous demand in the next few years. The regional market is projected to gain shares—from 19% market share in 2020 to ~24% by 2030, globally.
Video Conferencing Market Study: Strategic Landscape
Some of the key players in the video conferencing market are ZTE Corporation, Intrado, Visual Systems Group, Inc. (VSGi), Orange Business Services, Polycom, Inc., Microsoft Corporation, Logitech International S.A., Fuze, Inc., Cisco Systems, Inc., Atlassian Corporation Plc., Adobe Systems Incorporated, and Microsoft.
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Global Video Conferencing Market: Segmentation
Video Conferencing Market, by Component
- Hardware
- Camera
- Codec
- Microphone/Speaker
- Others (Display, Cables, Switches, Projector, & Sensors)
- Software
- On-premise
- Cloud-based
- Services
- Managed/Outsourced
- Others (Consulting, Integration & Maintenance)
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Video Conferencing Market, by End-use Industry
- Corporate Enterprise
- Healthcare
- Government & Defense
- Education
- Others
Video Conferencing Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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