Report : Video Conferencing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Hardware, Software, and Services); Deployment (On-premise Cloud, and Hybrid); Industry Vertical (Corporate Enterprise, Government & Defense, Healthcare, Education, Manufacturing, and Others
According to our new market research study on “Video Conferencing Market to 2027 – Global Analysis and Forecast – by Type, Deployment, Industry Vertical” the market is expected to reach US$ 1577.6 Million by 2027 from US$ 464.7 Million in 2019. The market is estimated to grow with a CAGR of 16.9% from 2020 to 2027.
The stupendous growth of global industrialization is majorly attributed to large enterprises. However, the small scale and medium scale enterprises also play a critical role in driving industrialization. The developed and developing countries have been continuously witnessing an increase in the number of small and medium enterprises (SMEs) over the past couple of years. As the SMEs across the globe are establishing multiple offices to enhance the productivity and profit year-on-year,the deployment of video conferencing tools is surging rapidly among the SMEs, with an objective to interact with remotely or disparately located teams. The rising demand for virtual video meeting solutions is boosting the growth of the video conferencing market.
The US industries continue to expand their business units across the nation’s borders. This is majorly attributed to the fact that the US government supports the well-established and emerging companies or the SMEs to expand their businesses. The strong financial support from the government enables SMEs and emerging companies to grow their businesses by expanding and incorporating newer and robust technologies such as establishing video conference set up at the new workspace. Thus, with continuous financial support from the government, the demand for video conferencing solutions is expected to rise.
The APAC countries are the fastest-growing economies in the world. The region has been experiencing unprecedented growth and advancements in recent decades. A significant number of SMEsin China and Indiaare reforming international commerce and the global economy. The countries are experiencing substantial growth in the number of SMEs, which have the potential to drive respective country as well as Asia’s economy. On the other hand, a major part of the ASEAN economy consists of the SMEs, accounting for between 89% and 99% of total establishments, and between 52% and 97% of total employment in the 10ASEAN Member States (AMSs). Thus, continuous rise in number of SMEs in the region is expected to create a noteworthy business opportunity for the video conferencing market players.
The Asian countries houses a large number of technology developing companies. These companies constantly engage themselves in developing robust technologies to ease lifestyle. China, India, Japan, and South Korea are among the leading countries with large number of technology developing companies, and pertaining to this, the adoption of advanced technologies is higher in these countries. The growing demand for video conferencing solutions is reflecting emergence of numerous video conferencing hardware manufacturers, software developers, and service providers. This factor is driving the video conferencing market.
The video conferencing market is segmented on the basis of type, deployment, industry vertical, and geography. The type segment comprises hardware, software, and services. The deployment segment in the video conferencing market is classified as on-premise, cloud, and hybrid. The video conferencing solutions are prominent among industry verticals such as corporate enterprise, government & defense, healthcare, education, manufacturing, and others. The video conferencing market is categorized on the basis of five strategic regions—North America, Europe, APAC, MEA, and SAM.
Adobe Systems Inc., Zoom Video Communication, Inc., Avaya Inc., Cisco Systems Inc., Google LLC, Huawei Technologies, Ltd., Lifesize Inc., Microsoft Corporation, Polycom Inc., and ZTE Corporation are among the players operating in the video conferencing market. Several other players are also operating in the global video conferencing market and are contributing substantial revenues toward the growth of market.
The report segments the global video conferencing market as follows:
By Industry Vertical