July 21, 2020
According to the research report titled ‘Global Video Conferencing Market Analysis, 2020’, available with Market Study Report LLC, global video conferencing market is anticipated to showcase a y-o-y growth rate of 9.50% between 2020 and 2025.
Globalization of various businesses along with growing demand for remote workforce management solutions are prime factors fueling the size of global video conferencing market. Notably, video conferencing provides benefits such as cost & time saving as well as improves productivity.
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Growing demand for video conferencing solutions from government & defense, hospitals and educational institutes in order to conduct remote classes, seminars and other meetings are also facilitating the market expansion.
Worldwide lockdown stemmed by COVID-19 pandemic has compelled various organizations to adopt work from home practices in order to maintain social distancing and ensure smooth business operations, which in turn is fostering the demand for video conferencing solutions. Additionally, numerous small-medium enterprises are focusing on promoting employee interaction for flexible & effective business operations, which in turn is driving the market growth.
As per component type, the hardware segment held majority of market share in 2019, primarily driven by provision of advanced microphones and cameras integrated with facial recognition and AI (artificial intelligence) technologies. On the other hand, services segment is set to experience high CAGR through 2026, owing to growing demand for consulting on repair, maintenance and deployment of video conferencing solutions.
In terms of enterprise size, the report states that large enterprise segment accounted for the substantial market share in 2019. Factors such as early adoption of advanced technologies and growing inclination towards cloud-based solutions across geographically scattered businesses are contributing towards the growth of the segment.
Citing the end-user landscape, video conferencing market from corporates segment is poised to accumulate appreciable returns in the ensuing years, on account of benefits such as effective communication and reduced operation costs. Numerous market majors are concentrating on offering video conferencing services to corporates.
Alternatively, healthcare segment is also anticipated to record momentous growth during the forecast period. Growing inclination towards adopting video conferencing solutions owing to rising demand for immediate remote medical assistance coupled with increasing popularity of telemedicine services in France, China and the U.S. are stimulating the industry outlook.
Regionally, North America led the overall market in the year 2019 and is expected to register consistent growth during the study duration. Rising number of startups in Canada and U.S. along with increasing utilization of video conferencing technologies in healthcare and educational institutes are favoring the market scenario in the region.
Meanwhile, Asia-Pacific market is reckoned to experience significant growth in the forthcoming period, primarily driven by shifting preference towards video conferencing solutions among small-medium enterprises.
The prominent companies operating in global video conferencing industry are West Corporation, Cisco Systems Inc., Zoom Video Communications Inc., Vidyo Inc., Avaya Inc., Polycom Inc., Microsoft Corporation, Logitech International SA, Huawei Technologies Co. Ltd., Array Telepresence Inc., and Adobe Inc. among others.