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 & Industry 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.
LIST OF KEY COMPANIES PROFILED IN THIS REPORT:
- 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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DRIVERS & RESTRAINTS-
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.
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COVID-19 IMPACT-
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.
REGIONAL INSIGHTS-
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.
A NOTABLE INDUSTRY 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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