Growing communication infrastructure supporting high speed data, increasing Enterprise mobility and BYOD, increased adoption of video conferencing in enterprises to support off-shore operations, research, and constant innovation are some of the factors driving the video conferencing market.
New York – November 14, 2019 – According to the current analysis of Reports and Data, the video conferencing market was valued at USD 3,702.80 Million in 2018 and is expected to reach USD 8,449.26 Million by the year 2026, at a CAGR of 11%. Video conferencing market research study offers an all-inclusive analysis of the revenue generated by the video conferencing vendors locally and globally. It includes the analysis of key strategies, business models, geographic presence, market dynamics, industry outlook, competitive landscape, and video conferencing market revenue for all segments. The study provides an overall insight into the factors responsible for the growth in the video conferencing market. The factors driving the video conferencing market are the growing communication infrastructure supporting high speed data, increasing enterprise mobility and BYOD, increased adoption of video conferencing in enterprises to support off-shore operations, and advancements in 4G and 5G technology.
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Owing to rising urbanization, globalization, and digitalization across the world, the enterprises from all the industry are implementing the video conferencing solutions to manage and communicate with the off-shore business activities, which are expected to supplement the growth of video conferencing market. An increasing number of key players are partnering up with the major core companies in the above sectors to provide superior and more efficient customer engagement to help them grow their business as well as redefine experiences for the learners. The telecom and IT corporate end-user is estimated to hold the largest video conferencing market size in 2018. Business in the IT software and technology industry face the need of advanced communication solutions as a major part of the business is outsources to some other geography. Due to the highly competitive nature and ever changing technology in the IT industry to maintain a competitive edge over the competitors the enterprises have implemented the solutions to increase employee productivity. The video conferencing market presents several opportunities for the vendors due increasing communication infrastructure, increasing standards of living in developing countries. The growth of video conferencing market is expected to be restrained due data security and privacy concerns and growing unethical activities.
It is anticipated that extensive research and development funded by various companies, along with the enhancements of the cloud computing services would help in overcoming this challenge and convert it into an opportunity for the video conferencing market to thrive upon. Video calling, audio calling, file sharing, text chat, scheduling, presentation, document sharing, and screen sharing tools are the key benefits offered by the video conferencing solutions. The ecosystem of the video conferencing market comprises of several small and large enterprises. These players are developing in house solutions by spending a larger share of revenue in the innovation of the products.
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Further key findings from the report suggest
- The video conferencing market is forecasted to grow at a CAGR of 9% in Asia Pacific due to the rapid industrialization, urbanization, and digitalization of the developing countries and the increased use of digital communication in developing countries such as India, China, and Singapore.
- Global modernization and emergence of technologies like the AI and ML, IoT, has increased the use of electronic devices like smartphones, tablets, and laptops in the communication industry which is expected to increase the use of video conferencing and expand its market size.
- The cloud deployment model is expected to dominate the video conferencing market owing to its low-cost implementation and flexible subscription models suitable for the end-users.
- The large enterprises are estimated to hold the larger market share in the organization size of the video conferencing due to the increasing use of these solutions to enable remote workplace and distance working capabilities.
- The telecom and IT is estimated to be the fastest growing segment in the corporate end-user due to the increasing use of video conferencing solutions for training and learning of the resources to keep them technologically updated.
- The vendors in the video conferencing market have adopted various strategies to increase the product ecosystem and gain a competitive edge over its competitors. For instance, Cisco’s partnership with Adelboden Tourist Center to offer Cisco Webex Collaboration, Cisco Meraki Wireless, and Security solutions for collabration
- Key participants include Cisco Systems, Microsoft Corporation, Avaya, Inc., Adobe Systems, ZTE Corporation, NTT Communications Corporation, Lifesize, BT Conferencing, Visions Connected Netherlands BV, Level 3 Communications, LLC, Vidyo, Inc Pty Limited, Polycom Inc., and Singtel Optus.
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Component type (Revenue in USD Million; 2016–2026)
- Solution
- Services
- Professional Services
- System Integration and deployment
- Technical Support
- Managed
Deployment type (Revenue in USD Million; 2016–2026)
- Cloud
- On-premise
- Managed
Organization Size (Revenue in USD Million; 2016–2026)
- Large Enterprise
- Small and Medium Enterprise
End-User (Revenue in USD Million; 2016–2026)
- Banking, Financial Service and Insurance
- Telecom and IT
- Consumer Goods and Retail
- Healthcare
- Public Sector and Utilities
- Education
- Travel and Hospitality
- Other
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
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