Video Conferencing Market size worth around $50 Bn by 2026
Published Date: May 19, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Video Conferencing Market size is expected to cross USD 50 billion by 2026, according to a new research report by Global Market Insights Inc.
The growing demand for technology-enabled video conferencing solutions is driving the video conferencing industry growth. Rapid adoption of cloud-based solutions and incorporation of 3D technology have enhanced the quality of human-centric communication. The 3D video conference system provides immersive telepresence and real representation of all participants. It ensures eye contact and gesture-based interactions of participants in a conference room. Moreover, the technology providers are integrating innovative technologies, such as AR/VR, for extending the capabilities of solutions.
With the ongoing coronavirus (COVID-19) pandemic and disruptions in large gatherings, the market demand for remote training is increasing, driving awareness and adoption of the solution. Several global enterprises including Microsoft Corporation, Google LLC, Apple Inc., Hitachi Ltd., and Amazon have announced mandatory work-from-home policies to prevent the spread of COVID-19. The rapidly increasing cases of virus has necessitated the demand for video conferencing software as business travel, educational institutes, conferences are cancelled globally.
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Need to reduce communication cost is propelling the cloud-based video conferencing software market
With rapidly changing business dynamics, companies are shifting toward cloud applications for maintaining and expanding communication resources in a cost-effective manner. This has helped enterprises to reduce upfront expenses by transferring designing of communication solutions to expert service providers. Video conferencing market players are focusing on software innovations to capitalize growth opportunities. For instance, in November 2019, 8x8, Inc., a Software-as-a-Service (SAAS) provider launched 8x8 Video Meetings, a cloud-based solution for its new and existing customers to join meetings directly from their browser without the need to download plugins.
Increasing demand for affordable and high-quality solutions will boost the desktops-based systems demand
The desktop segment growth is attributed to its benefits of high quality and low cost of optimization. The availability of desktop integrated with advanced microphones, camera, and speakers allows effective processing of information. Companies are focusing on providing desktop conferencing solutions for personal video conferences with innovative design and HD quality. For instance, Cisco Systems, Inc., is offering Cisco DX80, a part of its DX series desktop line for audio & video conferencing collaboration.
Browse key industry insights spread across 270 pages with 377 market data tables and 33 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), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Impact of COVID-19 and rapid digitalization in the education sector to surge advanced solutions demand
Education application holds more than 10% of the video conferencing market share. The growing evolution of the education sector has resulted in the increased demand for new curriculum standards globally. Universities, schools, and community colleges are majorly investing in HD video collaboration for improving engagement between educators and students. The trend of distance learning programs among students for upgrading their knowledge base has resulted in the increased demand for high-quality and affordable solution.
Video conferencing platforms, such as Google Hangouts, Adobe Connect, and Cisco WebEx, are offering customized solutions for students with specific e-learning needs and budget. The ongoing COVID-19 pandemic has further encouraged institutions to adopt online learning. According to the UNESCO, in March 2020, over 1.2 billion students in 186 countries were affected by school closures due to the pandemic. Video conferencing applications along with virtual tutoring and online learning software have witnessed significant surge since the COVID-19 outbreak.
Established industry players focused on introducing innovative solutions in North America
The North America video conferencing market size captured over 40% share on account of the presence of established players along with the availability of highly sophisticated network infrastructure. The industry players are continuously focusing on integrating innovative technologies into the solution to attract a large customer base and expand their presence in the market. For instance, in May 2020, Kaltura, the U.S.-based video platform provider launched Kaltura Meetings provide one-click entry and eliminating the need for cumbersome installation and downloads.
The COVID-19 pandemic has accelerated the adoption of meeting solutions by businesses in North America. The crisis has resulted in the cancellation of large conferences and smaller meetings in the region.
Strategic alliances between leading market players and other prominent players to boost industry expansion
Key players operating in video conferencing market include Adobe Systems Inc., KOLLECTIVE, Citrix Systems Inc., BlueJeans Network, Inc., LogMeIn Inc., Huawei Technologies Co. Ltd., Lifesize Inc., ReadyTalk, Pexip, Zoom Video Communication Inc., Google Inc., Premiere Global Services Inc., Polycom, Cisco systems, Inc., Microsoft Corporation, Highfive, Vidyo Inc., Vbrick, uStudio Inc., MediaPlatform, Inc., Avaya Inc., and Fuze Inc.
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