Video Conferencing Market
The Video Conferencing Market is expected to reach USD 26,843 million by 2027, growing at a CAGR of 19.3% over the forecast period (2020-2027).
The factors driving the growth of Video Conferencing Market includes increasing number of online seminar, conferences, workshops and business meetings, growing application of video conferencing in the end-use industries such as Healthcare, Media, and Education. According to the report published by IBEF, the Hospital Industry in India was valued at USD 61.79 billion in 2017 and is anticipated to reach USD 132.84 billion during the FY 2022 and the Government of India spending on healthcare is set to increase to 2.5% of the India’s GDP by 2025, which will boost the Video Conferencing Market size. Moreover, the integration of advanced technologies such as Artificial Intelligence (AI), Internet of Things and Augmented Reality (AR), which has helped in improving the video quality and rising concept of Work From Home (WFH), around the world, are some of the additional factors supplementing the Video Conferencing Market Growth. In addition, the increasing number of video conferencing platforms such as Google Meet, Zoom and Microsoft Teams and growing penetration of smart phones, are further propelling the Video Conferencing Market share.
However, the growth of Video Conferencing Market is hindered due to high purchasing cost and increasing security concerns in the video conferencing applications.
The major players operating in the market are Verizon Communications Inc., Adobe, Inc., Logitech International S.A., Zoom Video Communications, Inc., AVer Information Inc., Cisco Systems Inc., Panasonic Corporation, ZTE Corporation, Alphabet Inc. and Microsoft Corporation among others.
Component – Segment Analysis
As per the Video Conferencing Market Research, the solution segment is anticipated to capture the largest market share during the forecast period due to growing demand for video conferencing solutions which improves the productivity and saves travel expenses.
Conference Type – Segment Analysis
Based on conference type, the desktop system segment is predicted to expand at a faster CAGR over the forecast period. The increasing application of desktop-based video conferencing systems in media & entertainment and defense and aerospace industries because it provides high versatility, reliability and is cheaper as compared to other conference systems
Regional – Segment Analysis
According to Video Conferencing Market Analysis, the Asia-Pacific region is expected to capture the largest market share over the forecast period. The significant growth in the number of startups, growing internet penetration and expansion of telecommunication and education sector, rising disposable incomes and rise in the trend of trend of remote working, are some of the important factors influencing the market growth in Asia-Pacific.
Market Segmentation
Global Video Conferencing Market by Component
- Solution
- Services
Global Video Conferencing Market by Conference Type
- Telepresence System
- Integrated System
- Desktop System
- Service-Based Video Conferencing
Global Video Conferencing Market by Deployment
- Cloud
- On-Premises
Global Video Conferencing Market by Enterprise Size
- SMEs
- Large Enterprises
Global Video Conferencing Market by Application
- Small Rooms
- Huddle Rooms
- Middle Rooms
- Large Rooms
Global Video Conferencing Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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