Video Conferencing Market is valued at USD 4.70 Billion in 2021 and expected to reach USD 10.20 Billion by 2028 with a CAGR of 11.7% over the forecast period.
The Detailed Market intelligence report on the Video Conferencing Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate Video Conferencing Market place for the forecast 2021– 2028.
Geographically scattered business processes, rapidly increasing requirement for video communication due to globalization of businesses, and remote management of workforce is a major booster for the market. As specific fields such as online education and telemedicine are turning out to be more and more popular in the emerging nations of Asia Pacific, requirement for these solutions in different applications is expected to increase significantly.
The culture of the ronment and business has changed dramatically in the last few years. Presence of visual data sharing technology and digitization alters the business and is shaping it in a new manner to attain desired objectives. Now, the world is shifting towards globalization and multinational companies are heading towards meetings and video conferences so as to attain effective decisions and outcomes from off-shore branches. These factors power the culture of the business which assists to improve the business productivity.
On the basis of deployment, the market has been divided into cloud and on-premise. While the on-premise section added up for the biggest share of the market, the cloud section is predicted to grow at the max over the coming period. Based on end use, the market is divided into education, corporate, government, healthcare, and defense, media and entertainment, and BFSI. During the video conferencing market analysis, it was seen that the corporate segment ruled the global market and the trend is predicted to stay the same over the coming period.
The major players in the global video conferencing market analysis are,
Video Conferencing Market Segmentation :-
The Enhancement In Productivity Amongst The Labor Force Of The Enterprises Via Video Conferences Is Predicted To Trigger The Market
The enhancement in productivity amongst the labor force of the enterprises via meeting and video conferences is predicted to trigger the market during the forecast period for enterprise video conferencing. There is a continuous extension of internet-supported services to improve the quality of video conferencing and launch of fast internet networks has powered the requirement for enterprise video conferencing over the last years. Furthermore, increasing popularity of cloud based conferencing and managed video conferencing as well as improved video-interfaces are some of the major factors that will further power the growth of the market for video conferencing all over the world in future.
On the other hand, rising facilities of installation and communication of internet supported devices in educational institutes are predicted to develop the requirement for video conferencing all over the world. One more major factor powering the development of market is rise in penetration of video conferencing applications in healthcare industries. This was seen during the video conferencing market analysis. Reduction in capital expenditures, flexibility of working via remote locations, increasing requirement for effective communication purposes in corporate enterprise, and owning of powerful tools for communication are supposed to be the major boosters for the video conferencing market over the coming period.
""North America Is Dominating The Market Due To Attendance Of Well-Established Companies And High Tech Acceptance""
North America is dominating the market due to attendance of well-established companies and high tech acceptance. As the markets in Europe and US are relatively established in terms of acceptance of video conferencing systems, they are predicted to observe requirement either for replacement or upgradation of systems. Firms in North America are early acceptors of up-and-coming techs and therefore, the area is predicted to stay the biggest market in terms of income over the coming period.
Asia Pacific is predicted to surface as the quickest-developing area with a max CAGR over the coming period. Rising number of tech and service-supported start-ups in China and India is predicted to power the market development. Solid attendance of business and knowledge process outsourcing firms in the region is also predicted to be a primary booster in the sector.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 4.70 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 10.20 Billion|
|Tables, Charts & Figures:||175|
|IVIG Manufacturers||Array Telepresence Inc., Adobe Systems Inc., Cisco Systems, Inc., Avaya Inc., Logitech International S.A., Huawei Technologies Co., Ltd, Polycom Inc., Microsoft Corporation, West Corporation, Vidyo Inc.|
|Segments Covered||Deployment, End-use.|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|