Global Video Conferencing Market was valued US$ 3.30 Bn in 2019 and is expected to reach US$ 6.80 Bn by 2027, at a CAGR of 10.88 % during a forecast period.
Global Video Conferencing Market
The report study has analyzed revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers and market disrupters in the report and same is reflected in our analysis.
Global Video Conferencing Market, Dynamics:
The sheer simplicity feature of video in the consumer mainstream has fundamentally transformed video in the workplace. The current state of video communication has already proven its benefits , which help to increase productivity, connect with distributed teams, cut travel expenses and simplify the way employees meet with customers, clients and partners. The impacts of video conferencing usage on work, which can be done at anytime from anywhere are expected to drive the global video conferencing market growth. The social-distancing has empowered peoples to move their social lives online that is expected to increase the number of video conferencing software adoption to connect with friends and family and attend virtual quizzes and exercise classes.
The video conferencing has enabled a massive global remote workforce that relies on high quality face-to-face interactions with their teams at home office, remote office, coworking space, coffee shop. According to the research, more than 76% of employees have conducted a video call from a laptop or desktop computer and more than 24 % have used a mobile phone at any time. However, limited functionality provided by video conferencing systems are expected to limit their usage.
COVID-19 Impact Insights
Video conferencing software and video chat applications usage are increasing at a rapid rate as a result of the COVID-19 pandemic. The video conferencing apps saw a record 62 million downloads at the time 2020(Q2). The growth in the market is attributed to the conferencing adoption of platforms like Google Hangouts Meet, Microsoft Teams and Zoom. Many businesses have switched to remote working to limit the spread of the virus. In addition, most of the corporate organizations are adopting ‘Work from Home’ strategy because of the risk of the pandemic and order to track the work related activities and meetings.
Various governments and law enforcement agencies across the globe are focusing on carrying out their operations through video conferencing systems because the lockdowns have imposed across countries. For instance, the Supreme Court of India has issued a notice to regional courts for carrying out their judgments through video conferencing.
Global Video Conferencing Market, Segment Analysis:
Cloud Video Conferencing, Video Conferencing as a Service, or VCaaS, has exploded highly in the current situation. Many enterprises keen to embrace a video-first culture that assists to boost video conferencing productivity, team engagement. The cloud-based video conferencing is emerged as the biggest industry disruptor in the invention of HD-quality video. Currently, video conferencing and communication solution providers have transitioned to cloud. The cloud video conferencing is becoming a suitable deployment solution at the workplace, which helps to capable of higher resolution content and more reliable connections.
Software is projected to grow at a XX % rate of CAGR during the forecast period. An increase in adoption of cloud-based video conferencing solutions is the primary factor that drives the global video conferencing market growth. The benefits offered by video conferencing solutions like video conferencing solutions are expected to increase the demand for video conference software. Additionally, the rise in trend of the BYOD and enterprise mobility solutions among the organizations is also increasing the demand for the video conferencing software.
The Impact of the Video Conferencing
Global Video Conferencing Market1
Global Video Conferencing Market, Regional Analysis:
The Asia Pacific region is expected to contribute XX% share in the global video conferencing market . The region is contributing a major role in the growth of the video conferencing market because of the pandemic situation in the developing countries like India and China. The developing countries in the region have been experiencing damage in the economy because of the the rapid spread of the coronavirus. Chinese economy hit unbreakable by the corona virus outbreak and the country has lock downed itself. An increase in demand for streamlining enterprise communication infrastructure, adoption of cloud-based video conferencing solutions, and favorable government initiatives for modernizing ICT infrastructure are some of the prominent factors behind the Asia Pacific regional market growth.
Global Video Conferencing Market, Competitive Analysis:
The video conferencing market players are offering their services for free or at minimal cost to the enterprises and government organizations. For instance, Zoom Video Communications, Inc., conferencing Services Company has announced the free right of entry to video conferencing tools for K-12 schools during COVID-19 crisis. Some of the prominent vendors are currently focusing on advanced software and integrating new capabilities to enable video conferencing across company boundaries to manage video delivery and quality. Additionally, video conferencing solution providers are developing innovative products , which can match customers’ expectations for enhanced features and integrated capability over connected devices.
The objective of the report is to present a comprehensive analysis of the Global Video Conferencing Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Video Conferencing Market dynamics, structure by analyzing the market segments and projects the Global Video Conferencing Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Video Conferencing Market make the report investor’s guide.
Scope of the Global Video Conferencing Market
Global Video Conferencing Market, By Component
• Hardware
o Camera
o Microphone & Headphone
o Others
• Software
• Services
o Professional Service
o Managed Service
Global Video Conferencing Market, By Deployment Model
• On-Premises
• Cloud
Global Video Conferencing Market, By Organization Size
• Large Enterprises
• Small & Medium Enterprises (SMEs)
Global Video Conferencing Market, By End User
• Corporate
• Education
• Healthcare
• Government & Defense
• BFSI
• Media & Entertainment
• Others
Global Video Conferencing Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Video Conferencing Market
• Adobe Systems Incorporated.
• LogMeIn, Inc.
• Microsoft Corporation
• Orange Business Services
• Polycom, Inc.
• Vidyo, Inc.
• Visual Systems Group, Inc
• West Corporation
• ZTE Corporation
• Atlassian Corporation Plc
• Cisco Systems, Inc.
• Fuze, Inc.
• Huawei Technologies Co., Ltd.
• Logitech International S.A.
• Zoom
• Skype
• GoToMeeting
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