Major video conferencing market participants include Google, Adobe Systems, Avaya, BlueJeans Network, Cisco Systems, LogMeIn, Citrix Systems, Fuze, Highfive, Microsoft Corporation, Premiere Global Services, Huawei Technologies, KOLLECTIVE, Lifesize, MediaPlatform, Pexip, Polycom, ReadyTalk, uStudio, Zoom Video Communication, Vbrick, and Vidyo Inc.
The video conferencing market is expected to surpass USD 75 billion by 2027, as reported in a research study by Global Market Insights Inc. The ease of use and the pandemic-induced remote working are some of the factors propelling the industry demand.
The increase in outsourcing managed services for IT infrastructure will propel the video conferencing market growth. Many companies are hiring third-party companies to maintain IT services required in the organization including video-conferencing management. It also includes professional consulting services such as operations planning and user training & system recommendations. The managed services include remote solution monitoring, end-to-end ticket resolution, and technical video management. The corporates are also opting for such services as they offer customized video management solutions that include on-site staffing for several infrastructural issues faced by clients.
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The increasing use of video conferencing technology in the government sector will propel the industry growth. The video conferencing software providers offer a dedicated ecosystem to government bodies to conduct secured virtual meetings and discuss confidential information. The utilization of these platforms suddenly increased with travel restrictions imposed due to the COVID-19 outbreak, resulting in authorities conducting virtual meetings to establish reforms & conduct national level meetings for running the regular operations in the country. Video conferencing solutions help the government to reduce the overall operational cost and also conduct remote training sessions of different stakeholders.
The growing work from home culture in Europe will offer growth opportunities to the video conferencing industry. Several companies are offering permanent work from home options to their employees, particularly after the pandemic. The remote working model has encouraged companies to opt for secure video conferencing solutions for training and meetings. In Europe, according the weforum, the work from home population before & after the virus outbreak changed from around 5% to 12.1%. Finland accounted for the highest share of approximately 25% and Ireland & Luxembourg both accounted for 20% of all individuals working remotely.
Browse key industry insights spread across 280 pages with 530 market data tables and 39 figures & charts from the report,“Video Conferencing Market Size By Component (Hardware [Multipoint Control Unit (MCU), Codecs, Peripheral Devices], Software [On-Premise, Cloud], Service [Professional, Managed]), By Type (Room-Based, Telepresence, Desktop), By Application (Corporate Enterprise, Education, Government, Healthcare), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027“ in detail along with the table of contents:
Some of the major findings of the video conferencing market report are:
- The market will witness significant growth on account of the integration of advanced technologies, such as AI, IoT, and machine learning, with the application, resulting in improved facial recognition, audio-video quality, virtual background, automated note taking, chat box, and active noise cancellation, thus creating a better user experience.
- The increasing smartphone penetration globally will boost the video conferencing market. With multiple players entering the smartphone industry, the competition has increased, leading to lower prices of such devices with all the necessary features.
- The evolving healthcare sector is fueling the demand for video conferencing technology. With the increasing adoption of online consulting for regular medical check-ups, individuals can receive proper medicinal support from the comfort of their homes, thereby saving both money and time.
- The growing adoption of cloud-based video conferencing solutions will propel the market growth as there is no requirement of high-end audio-video equipment for conducting video conferencing sessions, thereby saving the overall cost.
- The growing focus on the developing IT infrastructure in several countries will support the market growth. Government authorities are encouraging companies to invest in building the necessary set-up and create a digital transformation across the region.
Key players operating in the video conferencing market include Google, Adobe Systems, Avaya, BlueJeans Network, Cisco Systems, LogMeIn, Citrix Systems, Fuze, Highfive, Microsoft Corporation, Premiere Global Services, Huawei Technologies, KOLLECTIVE, Lifesize, MediaPlatform, Pexip, Polycom, ReadyTalk, uStudio, Zoom Video Communication, Vbrick and Vidyo.