Video Conferencing Market size was estimated at $4,231.2 Million in 2019 and is expected to reach $8,193 Million by 2027, growing at a CAGR of 9.9% during the forecast period of 2020 to 2027.
Video Conferencing Market Growth Factors
Video conferencing market encompasses technological, economical and communication frontiers which have enabled to its significant expansion. In healthcare, virtual presence lets doctors help their patients residing in remote locations. The widespread prevalence of the COVID-19 virus worldwide has generated great concern among people about their health. Countries have shutdown to contain transmission of the virus, forcing companies to make their employees from home. This poses as a stellar opportunity for this market as video conferencing is being seen as the only feasible way out to this pandemic. Novel applications like Google Classroom, Google Meet and Microsoft Teams have bound the corporate world and Zoom saw a stellar rise.
On the technological front, the development of 5th generation telecom technology is opening newer doors for companies, especially in developed countries. Further, cloud-based systems are also gaining popularity. Next, there has been the adoption of biometrics like facial recognition, for validation of users. All such drivers are pushing for greater market growth.
Rapidly growing demand for video conferencing can also be attributed to the integration of geographically scattered business operations as well as scattered workforce monitoring. This subsequently improves productivity. Businesses are also able to make faster decisions and eliminate travel time and related operational costs. Furthermore, various multinational companies are training their employees over video conferences because of its infinite reach. For instance, IBM Corporation is using video conferencing solutions from Cisco Systems, Inc. for providing training to employees scattered at various locations worldwide.
However, high initial investments and high implementation costs of the product and related tools, coupled with threats to privacy and security are expected to be the major obstacles for the market. Availability of selected features hampers the product’s usage. Though the pay for subscription models have been lifted due to the onset of coronavirus which has led to a large dependency of the general public on the product. Fields of medicine and online education have become increasingly popular and expected to benefit the product market for years to come.
Video Conferencing Market Segmentation
Video Conferencing Market is segmented by Type (Telepresence, Integrated, Desktop, Service-based), Application (Small Room, Huddle Rooms, Middle Rooms, Large Rooms), Enterprises Size (Small and Medium Enterprises, Large Enterprises), and Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa and Rest of World)
Video Conferencing Market Country Analysis
The need for effective collaboration techniques by organizations during the lockdown period, coupled with increasing globalization among businesses across the world, is one of the factors driving growth in the video conferencing market. The market is expected to grow steadily in the next 8 years. At the moment, North America holds the biggest share of the global video conferencing market, with Europe following closely. Asia-Pacific, particularly in China and India is estimated to show the highest growth. Key players in this market include Cisco Systems Inc., Avaya Inc., Polycom Inc., Zoom Video Communications Inc., Microsoft Corporation, Google LLC., Adobe Systems Inc., and ZTE Corporation among others.
Video Conferencing Market Share and Competition
Key companies operating in this industry are: Avaya Inc., ZTE Corporation, Microsoft Corporation, Adobe Systems, Blue Jeans Network, Inc., Huawei Technologies, Panasonic Corporation, Logitech International S.A., Polycom Inc. (Plantronics, Inc.), Cisco Systems. Owl Labs, a global leader in providing video conferencing solutions, has launched a new smart tech device Meeting Owl Pro, on 9 June 2020. The company proudly announced the device which features a 360 camera, mic and a speaker with 1080p resolution. Another great capability of the new tech is that it will automatically focus on the person talking in the room using audio and visual cues. This smart and innovative idea has had a great impact on the market and is urging other companies to improve their technologies.
In June 2020, Asana announced that its Work Management Software ASANA is collaborating with Microsoft’s Team collaboration software Microsoft Teams. WebEx, a secure collaboration software designed by Cisco, has announced the addition of new features in its platform including Retention, Legal Hold, DLP and e-Discovery. The company is further working on improving the security of its platform. Kaltura, a team collaborations solutions provider, has launched a new platform Kaltura Meetings’ on 5 May 2020. The company has brought various features onto the platform providing solutions to a vast range of modern-day technologies.
Report Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2020 – 2027)
• Data breakdown for every market segment (2020 – 2027)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2020 - 2027)
• Telepresence
• Integrated
• Desktop
• Service-based
Application Analysis (Revenue, USD Million, 2020 - 2027)
• Small Room
• Huddle Rooms
• Middle Rooms
• Large Rooms
Enterprises Size Analysis (Revenue, USD Million, 2020 - 2027)
• Small and Medium Enterprises
• Large Enterprises
Region Analysis (Revenue, USD Million, 2020 - 2027)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Video Conferencing Market Companies
• Avaya Inc.
• ZTE Corporation
• Microsoft Corporation
• Adobe Systems
• Blue Jeans Network, Inc.
• Huawei Technologies
• Panasonic Corporation
• Logitech International S.A.
• Polycom Inc. (Plantronics, Inc.)
• Cisco Systems
Available Versions:-
United States Video Conferencing Market Industry Research Report
Europe Video Conferencing Market Industry Research Report
Asia Pacific Video Conferencing Market Industry Research Report
