Advancements in Internet technology globally and increasing adoption of video conferencing in enterprises to support offshore operations are driving market revenue growth
Market Size – USD 7.67 Billion in 2020, Market Growth –
at a CAGR of 19.5%, Market Trend – Rapid adoption of big data among enterprises
The global Video
Conferencing Market size is expected to reach USD 32.02 Billion in
2028 and register a revenue CAGR of 19.5% over the forecast period, according
to latest report by Reports and Data. Factors such as growing communication
infrastructure that supports high-speed data, rising workplace mobility, Bring
Your Own Device (BYOD) trend, increasing adoption of video conferencing in
organizations to support offshore operations, and work from home culture are
boosting market revenue growth.
A video conferencing session is a real-time visual
communication session between one or more participants, regardless of their
location. Video conferencing solutions are designed to facilitate communication
between two or more entities, and they include advanced features such as screen
sharing, video recording, remote desktop connection, file sharing, printing,
and others. The main challenge for the global video conferencing market is the
growing number of unethical activities, as well as data security and privacy
concerns. Misdemeanors such as hijacking video conversations by uninvited
parties to disrupt usual proceedings are being reported, which is hampering
market revenue growth.
Video conferencing solutions are sold as a wide array of
methods that allow for video conferencing between devices, and are available in
a variety of delivery modalities, including cloud and on-premises, depending on
user needs. However, cost, quality, and flexibility are some major barriers in
large-scale adoption of video conferencing. Extensive research &
development funded by various companies, as well as enhancements in cloud
computing services, are expected to help in overcoming these barriers and thus,
drive market revenue growth. The main impact of video conferencing on a
business is that it reduces cost and is less time-consuming.
Companies profiled in the global market report include
Cisco Systems, Inc., Microsoft Corporation, Lifesize, Adobe Inc, Skype, ZTE
Corporation, Zoom Video Communications, Inc., Plantronics, Inc., Vidyo, Inc,
and LogMeIn, Inc.
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a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2178
Some
Key Highlights From the Report
- In
February 2021, HP moved deeper into video conferencing with the launch of
New Presence Line. The new HP Presence portfolio consists of a PC for
management and security, meeting software that uses sensors to detect
presence, a new 4K camera with Artificial Intelligence (AI), and an AC bar
and hub unit with satellite microphones.
- Solutions
segment accounted for a significantly large revenue share in 2020. During
lockdowns, use of room conferencing sessions has boosted demand for
hardware including phones, cameras, and microphones. Furthermore,
increasing adoption of cloud-based software such as Zoom, Teams, WebEx,
and Meet on a daily basis is driving market revenue growth.
- Cloud
segment accounted for a larger revenue share in 2020, owing to its
low-cost implementation and flexible subscription models suitable for
users. Use of the cloud helps organizations to benefit from reduced
on-premises storage. Additionally, information stored in the cloud is
easier to access and is available to other organizations in case of any
inquiry.
- Large
enterprises segment accounted for a larger revenue share in 2020. Video
conferencing solutions help large enterprises to achieve their desired
goals by discussing strategies and providing training over video
conferences to improve business output. The video conferencing market for
major corporations has grown dramatically in recent times due to
introduction of web-based technologies with fewer complexities, thereby
allowing businesses to expand and operate efficiently from remote places.
- The
telecom and IT segment is expected to register the highest revenue growth
rate during the forecast period due to increasing use of video
conferencing solutions for training and understanding of resources to keep
them technologically informed.
- The
market in North America accounted for largest revenue share in 2020.
Enterprises in the U.S. and Canada are well-aware of the benefits of video
conferencing solutions available in the market. Upgrades to existing
equipment and cloud-based service subscriptions, and high rate of adoption
of latest technologies owing to advanced IT infrastructure are driving
growth of the market. Furthermore, market expansion is also being driven
by the presence of headquarters of major corporations in the region.
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For this report, Reports and Data has segmented the global
video conferencing market on the basis of component, deployment type,
organization size, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Solutions
- Hardware
- Software
- Services
- Professional
Services
- System
Integration and deployment
- Technical
Support
- Managed
Services
Deployment Type Outlook (Revenue, USD Billion;
2018–2028)
- Cloud
- On-Premises
Organization Size Outlook (Revenue, USD Billion;
2018–2028)
- Large
Enterprises
- Small
and Medium-Sized Enterprises
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- BFSI
- Healthcare
- Telecom
and IT
- Retail
and Consumer Goods
- Government
and Public Sector
- Legal
- Energy
and Utilities
- Manufacturing
- Others
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North
America
- Europe
- Asia-Pacific
- Latin
America
- Middle
East & Africa
