June 23, 2020
As per the report titled ‘Video Conferencing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Deployment; Industry Vertical, available with Market Study Report LLC, global video conferencing market was worth USD 5,970.3 million in the year 2019 is expected to reach USD 12,005.7 million by the year 2027.
According to the report, factors such as favorable conditions for collaborations among various companies, increasing focus on simplifying and organizing meetings and rising information sharing activities are bolstering the growth of global video conferencing market. Growing popularity of flexible work hours has resulted in productive work environment, which in turn is propelling the expansion of the market. Additionally, high concentration of corporate, education, healthcare, financial services, manufacturing, government, and public sectors in regions such as North America, Europe, and APAC are fostering the demand for video conferencing solutions.
An upsurge in search volumes of video conferencing and meetings along with availability of advanced internet infrastructure in the US, India, the UK, and China among others are adding significant traction to the video conferencing market. Rising adoption of BYOD (bring your own device) technology in the education sector in order to allow for remote training of students in tandem with growing inclination towards video training and conferencing solutions is fueling the market growth.
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Several countries across Asia-Pacific region have imposed strict lockdowns in order to limit the spread of COVID-19 disease, which in turn has impelled the demand for video conferencing tools in schools, enterprises, and government sector, thereby favoring the market scenario.
Based on type, the report states that the hardware segment accounted for a substantial share in 2019 and is predicted to expand significantly during the estimated timeframe.
Considering the regional landscape, North America accounted for a significant market share in 2019, with US and Canada being the largest contributors towards the regional market growth.
On the other hand, Asia-Pacific video conferencing industry is anticipated to exhibit the highest CAGR during the analysis timeframe. As per the report, factors like rapid industrialization and increasing number of SMEs with high capital investments are swaying the business dynamics in the region.
Video conferring market in Middle East & Africa as well as in South America are also expected to register considerable growth during the study period.
Major companies which formulate the competitive terrain of global video conferencing market are Lifesize Inc., Adobe Systems Inc., Avaya Inc., Zoom Video Communications Inc., Cisco Systems Inc., Polycom Inc., Huawei Technologies, Ltd., Microsoft Corporation, Google LLC, and ZTE Corporation among others.