Report : North America Video Conferencing Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Hardware, Software, and Services); Deployment (On-premise, Hybrid, and Cloud); Industry Vertical (Corporate Enterprise, Government & Defense, Healthcare, Education, Manufacturing, and Others), and Country
Hardware Segment to Dominate North America Video Conferencing Market during 2020–2027
According to The Insight Partners market research study on “North America Video Conferencing Market Forecast to 2027– Covid-19 Impact and Analysis by type, deployment, industry, and country” is expected to reach US$ 3,180.3 Mn by 2027 from US$ 2,029.8 Mn in 2019. The market is estimated to grow at a CAGR of 5.2% from 2020 to 2027.The report provides trends prevailing in the North America Video Conferencing Market along with the drivers and restraints pertaining to the market growth. The growth of the North America Video Conferencing Market is attributed to rising adoption of video conferencing solutions among corporate sector. However, weak network infrastructure in various developing countries remain a key challenge for video conferencing market.
The video conferencing market, by type, is segmented into hardware, software, services. The hardware segment held the largest share of the North America market in 2019. The hardware providers play a critical role in supporting the video conferencing market growth, by innovating and delivering robust technology products to the clients. The software developers, on the other hand, are continuously focusing on upgrading the existing software with newer features, which is attracting a significant percentage of end users. The service providers are observing extraordinary demand for their services, the end users of video conferencing solutions are demanding for continuous consultation services, educational service, and maintenance services.
Several key players operating in the video conferencing market include Adobe Systems Inc., Zoom, Avaya Inc., Cisco Systems Inc., Google LLC, Huawei Technologies, Ltd., Lifesize Inc., Microsoft Corporation, Polycom Inc., and ZTE CorporationThe corporate enterprise segment is a vast sector in North America, with a large number of technology developing companies, support service companies, and BPOs/KPOs operating in the region. With an objective to improve the working environment and optimize productivity, the IT players are heavily investing in virtual meeting rooms using audiovisual technologies. Also, with the developments in the cloud technology, the video conferencing market players in this region are experiencing significant demand for their products that are enabled with this technology. The healthcare sector is advancing rapidly in the region owing to the fact that the healthcare institutions experience a significant number of patients from disparate locations. Moreover, the patients, as well as the doctors, are substantially urging to use online consultation. In an attempt to treat the patients located remotely, the hospitals and healthcare facilities are setting up virtual consultation rooms with audiovisual systems. Also, several webinars and seminars are also conducted by healthcare institutions through video conferencing tools. Thus, the modernization of healthcare practices is also contributing to the growth of the market in this region.
North America Video Conferencing Market, By Country, 2019(%)
North America Video Conferencing Market Segmentation
North America Video Conferencing Market – By Type