DUBLIN--(BUSINESS WIRE)--The "Video Conferencing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Deployment" report has been added to ResearchAndMarkets.com's offering.
The global video conferencing market was valued at US$ 5,970.3 million in 2019 and is projected to reach US$ 12,005.7 million by 2027.
The video conferencing market is segmented into five major regions-North America, Europe, APAC, MEA, and SAM. In 2019, North America led the global video conferencing market with significant share, followed by Europe and APAC. The US and Canada dominate the North American video conferencing market. Further, the video conferencing market in APAC is anticipated to register the highest CAGR during 2020-2027. Other developing regions such as the MEA and SAM are also expected to offer ample growth opportunities to video conferencing market players operating in these regions in the coming years.
Factors such as favorable environment for collaborations, and rising focus on organizing and simplifying meeting experiences as well as on the rapid sharing of information are the major aspects boosting the video conferencing market growth. The increasingly popularizing concept of flexible working creates more dynamic, engaging, and productive work environments for catalyzing the growth of the video conferencing market. The presence of a high number of corporate, education, healthcare, financial services, manufacturing, government, and public sectors in North America, Europe, and APAC would eventually accelerate the use of video conferencing equipment and apps, thereby bolstering the video conferencing market in the coming years.
In addition, the availability of ideal internet infrastructure and resources in the US, India, the UK, and China, among others, is another factor that encourages the use of video conferencing solutions. There has been an increase in search volumes for the video conferencing and office meetings over the past few years. Also, the concept of bring-your-own-devices (BYOD) is growing in the education sector, which enables the institutes from remote locations to train students. The increasing adoption of video training and conferencing solutions in the education sector is boosting the growth of the video conferencing market.
The countries in APAC are the fastest-growing economies in the world. The rate of industrialization in APAC is stupendous, and it is expected to continue in coming years. Several large enterprises in the region are expanding their business across APAC, leading the industrialization at a prime rate. Additionally, emerging SMEs with higher capital investments are expected to boost the adoption of video conferencing tools. Thus, considering the growth prospect of large enterprises and SMEs in the region, the video conferencing market players in the region are anticipated to witness a significant demand.
Reasons to Buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the video conferencing market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect technology and solution type.
Market Dynamics
Drivers
- Accentuating Demand from Small and Medium Enterprises
- Increasing Adoption of Advanced Technology in Educational and Healthcare Sectors
Restraints
- Cyber-attacks Pose a Critical Challenge
- Weak Network Infrastructure in Various Developing Countries
Opportunities
- Asia Pacific End Users to Stimulate the Demand
Future Trends
- Commercialization of 5G to Revolutionize the Demand
Companies Mentioned
- Adobe Systems Inc.
- Zoom
- Avaya Inc.
- Cisco Systems Inc.
- Huawei Investment and Holding Co., Ltd.
- Lifesize Inc.
- Microsoft Corporation
- Polycom Inc. (Platronic Inc.)
- ZTE Corporation
For more information about this report visit https://www.researchandmarkets.com/r/wrsjch
