Video Conferencing Market size is set to surpass USD 75 billion by 2027, according to a new research report by Global Market Insights Inc.
The growing demand for online learning applications will support the video conferencing industry growth. With the onset of the pandemic in 2020, lockdown measures were implemented by regional governments and several schools & colleges were shut down to limit the spread of COVID-19. This surged the need for video conferencing software for conducting online classes.
The video conferencing technology enables content sharing, interactive participation, and live audio-video interaction. It offers features such as session recording that can be helpful in revising topics subsequently and chat boxes, where lecturers can instantly share valuable information. This factor has encouraged various institutions to opt for complete online classes or hybrid models, offering students multiple options as per their convenience.
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The COVID-19 pandemic positively impacted the video conferencing market revenue in 2020. The strict lockdown measures imposed by government bodies resulted in an increase in the number of video conferencing applications. The sudden rise in demand for high-quality virtual meetings & calls encouraged several companies in the industry, such as Google Inc., Microsoft Corporation, Cisco Systems, Inc., and MediaPlatorm Inc., to focus on offering robust video conferencing technologies to consumers.
The surge in demand resulted in an increase in competition in the market among multiple companies, which led to the companies offering functions, such as group conference, virtual background, and multiple device connectivity options, at almost no costs. In November 2020, Zoom Inc., temporarily removed the 40-minute time limit globally for promotional purposes.
Growing adoption for remote location video calls will increase the use of related hardware
The rise in demand for video conferencing, particularly during the COVID-19 outbreak, will increase the demand for hardware components, such as codecs, Multipoint Control Units (MCUs), and peripheral devices. The cloud-based video conferencing systems use soft codecs due to the less expensive hardware requirements, allowing the system to receive & send audio-visual data. Video conferencing equipment manufacturing companies such as Starleaf & Polycom are developing innovative solutions to enhance the technology for applications, including Skype and Zoom, to reduce interruptions during meetings.
Browse key industry insights spread across 280 pages with 377 market data tables and 37 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:
Expansion of IT infrastructure in the healthcare sector for online consulting
High demand for telehealth in the healthcare sector is propelling the video conferencing market revenue. In 2020, many individuals were unable to visit hospitals for minor health issues owing to the safety implications due to the COVID-19 outbreak. This factor led to an increase in the demand for online consulting for certain health issues. Different applications dedicated for the purpose were launched in the market, offering contactless initial healthcare treatments while staying inside the house.
Growing demand for video banking solution processes in North America
The rise in usage for video banking solutions will boost the North America video conferencing market expansion. The COVID-19 outbreak led to the development of online banking solutions for the safety of customers. With affordable smartphones & internet plans, individuals have access to basic equipment to fulfill several banking formalities through video conferencing. The technology helps in processing new accounts & loans and customer authentications & problem resolutions, without in-person presence in the bank.
Companies are focusing on expansion opportunities in multiple markets
The players operating in the market are focusing on developing their technologies to create robust solution offerings. For instance, in October 2021, Microsoft Teams added chat functionality to Windows 11 OS, allowing users to instantly chat or make video calls with their teams’ contact list. Similarly, in August 2021, Microsoft announced the acquisition of Peer5, a content delivery network company. Through this acquisition, the company is focusing on enhancing the Microsoft Teams user experience, especially for corporate customers who are facing challenges due to the limited network bandwidth.
The prominent video conferencing market participants include Cisco Systems, Inc., Google Inc., Fuze Inc., Adobe Systems Inc., Avaya Inc., BlueJeans Network, MediaPlatform Inc., LogMeIn Inc., Citrix Systems Inc., Highfive, Microsoft Corporation, KOLLECTIVE, Premiere Global Services Inc., Huawei Technologies Co. Ltd., Lifesize Inc., Pexip, ReadyTalk, uStudio Inc., Zoom Video Communication Inc., Vbrick, Polycom Inc., and Vidyo Inc.
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