Market Analysis:
The global video conferencing market will touch USD
19.0 billion at a 12.30% CAGR by 2032, as per the recent Market Research Future
report. The trend towards remote work, geographically dispersed business
activities, and growing globalization are the main drivers of this expansion.
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Key Players:
Eminent market players profiled in the video
conferencing market report include,
- Avaya,
Inc.
- AVer
Information, Inc.
- Blue
Jeans Network, Inc.
- Cisco
Systems, Inc.
- Huawei
Technologies Co. Ltd.
- Logitech
International S.A.
- Microsoft
Corporation
- Panasonic
Corporation
- Polycom,
Inc. (Plantronics, Inc.)
- Zoom
Video Communications, Inc.
Drivers:
Launch of AI and ML Based Conferencing Platforms to
Boost Market Growth
The industry has significant development
opportunities because of the emergence of conferencing systems based on both
machine learning & artificial intelligence (AI). By utilizing facial
recognition & virtual assistant technology, such solutions enable
businesses in maximizing the use of collaboration platforms and increase
meeting productivity. Organizations may learn more regarding the perfect
meeting size, the ideal meeting duration, & perfect meeting time of the day
with the usage of AI in conferencing systems.
Opportunities:
Usage of 5G Technology to offer Robust
Opportunities
Voice over Internet Protocol (or VoIP), which is
used by 5G, would open up attractive potential for industry expansion. The
network speed will increase 20 times more quickly with 5G than it will with 4G
technology. In its early stages, 5G is showcasing advancements in telepresence
with the holographic conferencing capabilities & Ultra HD video calling. Additionally,
360-Degree video calling too is now available.
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Restraints and Challenges:
Data Safety Concerns to act as Market
Restraints
Privacy and data safety concerns, high price to
deploy hardware solutions, limited functionality offered by the systems, and
lack of expertise amid engineers & software developers may act as market
restraints over the forecast period.
Market Segmentation:
The global video conferencing market is bifurcated
based on application, enterprise type, deployment, conference type, and
component.
Based on component, hardware will lead the market
over the forecast period.
By conference type, telepresence system will
domineer the market over the forecast period.
By deployment, on-premises will spearhead the
market over the forecast period.
By enterprise type, large enterprises will spur the
market over the forecast period.
By application, small room will have the lions
share in the market over the forecast period.
By industry, education will head the market over
the forecast period.
COVID-19 Analysis
There was an enormous rise in need for the video
conferencing solutions due to the abrupt move to remote work and online
learning. To maintain operational continuity, companies and organizations have
to immediately embrace these platforms. The necessity for in-person visits
during the pandemic was decreased because of the use of telehealth technologies
in the healthcare sector, which mainly depended on video conferencing to
deliver remote consultations & medical services. For online classrooms and
distance learning, colleges and institutions started using video conferencing.
As a result, there are now possibilities for specialized educational platforms
and learning management system integration.
Regional Analysis:
North America to Command Video Conferencing
Market
In 2022, this market was dominated by the North
American video conferencing market (45.80%). This is due to the region's higher
adoption rate. The market is expected to grow due to the growth in demand for
premium internet & visual meeting services. A few significant rivals have a
strong regional presence, and the use of BYOD solutions is growing in popularity,
driving up demand for cameras and headphones. In addition, the North American
region's video conferencing industry saw the highest growth in Canada, while
the U.S. market had the biggest market share. The market is anticipated to
increase as a result of the rising need for high-quality internet & visual
meeting services.
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Europe to Have Admirable Growth in Video
Conferencing Market
Due to the availability of several video
collaboration solutions & services, the Europe market is predicted to
exhibit favorable trends over the forecast duration. Additionally, the increase
in business spending in R&D will boost Europe's market share in near
future. Thanks to advancements in the mobile broadband technologies such as
WiMAX & High-Speed Downlink Packed-Access networks, the market will grow
more swiftly. Additionally, the U.K. video conferencing market grew at the
highest rate in the European area, while the German market for video
conferencing had the biggest market share.
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