Pune, Oct. 12, 2020 (GLOBE NEWSWIRE) — The global video conferencing market size is expected to reach USD 10.92 billion by 2027, exhibiting a CAGR of 9.7% during the forecast period. The increasing globalization and high demand for internet connection are factors expected to boost the market growth, states Fortune Business Insights, in a report, titled “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.” The market size stood at USD 5.32 billion in 2019.
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The report on the video conferencing market includes:
- An insightful study of the market
- Vital market trends and drivers
- Emerging industry developments
- Comprehensive data about eminent players
- COVID-19 influence on the market
Market Driver:
Rising Acceptance of Cloud-based Solutions to Amplify Growth
The growing adoption of cloud-based video conferencing solutions in s government, IT and telecom, education, and other sectors will aid the expansion of the market. The rising demand for such solutions to improve business productivity, diminish maintenance costs, and accelerate processes will enable speedy expansion of the market. Furthermore, the introduction of cloud-based video solutions by major companies is expected to foster the healthy growth of the market. For instance, in June 2020, Yealink Network Tech, a communication equipment manufacturer announced the launch of a cloud-based video solution “Yealink Meeting.” In addition, the growing demand for video conferencing solutions in the banking and finance sector owing to its secured communication connection between clients and coworkers, thus boosting operational efficiency. This factor is expected to augur well for the market.
Escalated Need for Video Solutions to Aid Development Amid Coronavirus
The coronavirus crisis has led to cancellations of different corporate events, including international seminars, trade shows, product launches, and others. This has urged corporate organizations to adopt video conferencing solutions such as Zoom, Teams, google meets to host such events, which has proven to be advantageous for the market. As per an article published by CNBC, in 2020, Zoom added 2.22 million monthly active users. Moreover, Zoom shares were up 40% in February, the best month since the company went public in April. Besides, the growing utilization of video conferencing in government and law enforcement agencies will intensify the market demand in the time of the pandemic. For instance, in April 2020, the Supreme Court of India has issued a notice to the regional courts to conduct their judgments via video conferencing.
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Regional Analysis:
Presence of Prominent Companies to Aid Growth in North America
The market in North America is expected to lead the global market during the forecast period owing to the existing key players in the region such as Zoom Video Communications, Inc., Microsoft Corporation, and others the across US and Canada. The market in Asia Pacific is predicted to witness a high growth rate during the forecast period owing to the growing demand for video collaboration solutions in various sectors. The increasing product launches will bolster the healthy growth of the market in the region. For instance, in June 2020, AVer Information Inc. announced the launch of a certified video collaboration solution for Microsoft Teams meeting devices in collaboration with Microsoft Corporation. This collaboration will expedite simple, fast, and cost-efficient Teams meeting product offerings for large and medium enterprises.
Key Development:
July 2020: – Reliance Industries Limited introduced a cost-effective video conferencing solution – “JioMeet” as a rival to the Zoom app. JioMeet supports HD video and audio call quality with more than 100 participants and offers various features such as meeting schedules, screen sharing, and others.
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Lists Of Main Companies in the Video Conferencing Market:
- Cisco Systems, Inc. (California, United States)
- Verizon Communications Inc. (New York, United States)
- Polycom Inc. (Plantronics, Inc.) (California, United States)
- Alphabet Inc. (Google LLC) (California, United States)
- Adobe Systems (California, United States)
- Microsoft Corporation (New Mexico, United States)
- Vidyo Inc. (New Jersey, United States)
- Zoom Video Communication Inc. (California, United States)
- Logitech International S.A. (Lausanne, Switzerland)
- Panasonic Corporation (Osaka, Japan)
- ZTE Corporation (Shenzhen, China)
- Fuze Inc. (Massachusetts, United States)
- Huawei Technologies Co. Ltd. (Shenzhen, China)
- Avaya Inc. (California, United States)
- Facebook Inc. (California, United States)
- Lifesize Inc. (Texas, United States)
- StarLeaf (Watford, United Kingdom)
- Premiere Global Services, Inc. (PGi) (Georgia, United States)
- ezTalks Technology Co., Ltd. (Wan Chai, Hong Kong)
- Bharti Airtel Limited (New Delhi, India)
- Reliance Jio Infocomm Limited (Mumbai, India)
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Detailed Table of Content:
- 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)
- By Conference Type (Value)
- Telepresence System
- Integrated System
- Desktop System
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