The Global Video Conferencing Market size is expected to reach $21. 8 billion by 2027, rising at a market growth of 16% CAGR during the forecast period. Video conferencing is the method of communication that takes help of different kinds of telecommunication technologies with the real-time, two-way transmission of video & audio among people.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Video Conferencing Market By Component, By Deployment Type, By Application, By Industry Vertical, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131539/?utm_source=GNW
By utilizing video conferencing technology, companies get much-needed help in making faster decisions and eliminating travel time and costs attached to it. In addition, it also assists in minimizing the overall operational & management costs while boosting the productivity. The growth of the video conferencing market is anticipated to bolster due to the rising adoption of technologies like facial recognition, to identify and authenticate the participants of a meeting. Moreover, the growing utilization of cloud-based solutions and the implementation of Virtual Reality (VR) in such kinds of solutions have augmented the growth of the market.
The key aspect, which is fueling the growth of the video conferencing market, is the increasing demand for video communication due to the globalization of companies with scattered business operations across the world. There are some fields like online education and telemedicine that are strengthening their foot in emerging nations like India, the Philippines and Brazil, which are significantly propelling the demand for such solutions. At present, there has been a swift increase in the number of online seminars, conferences and international workshops, which is estimated to further surge the demand for video conferencing solutions.
The rising adoption of video conferencing solutions among various large enterprises to set up a communication channel among their employees resides in numerous locations is driving the large enterprises segment. At present, there are many organizations in the IT and telecom industry that has formed long-term agreements with service providers, like Cisco Systems, and Logitech S.A., which would further bolster the segment growth.
The global Covid-19 pandemic has impacted every section of society, be it individual or businesses. Various kind of impositions like travel ban across the globe, nation-wide lockdown and temporary shutdown of manufacturing units have adversely affected many industries verticals. However, several companies have adopted the work from home culture that created the need for a better medium for communication that further positively impacted the demand for video conferencing solutions.
There are many companies that have increasingly implemented video conferencing solutions for connecting & better communicating with their employees and to carry out business operations more effectively and efficiently during the ongoing pandemic. The remotely working culture during the pandemic has surged the demand for video conferencing solutions and is estimated to continue this trend during the forecast period.
Based on Component, the market is segmented into Hardware, Solution and Services. The services segment is anticipated to exhibit a substantial growth rate during the forecast period. This growth is attributed to the growing demand for services regarding employee training, project consulting, and deployment of the latest solutions. Small and medium-sized enterprises are implementing such services to swiftly expand their geographical footprints by setting up a centralized communication platform, which can utilize advanced technologies like 4G and VoIP.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-Premise and Cloud. The cloud segment is projected to garner significant growth during the forecast period. Cloud-based solutions provide more convenience to end-users by giving them easy access to the video conferencing platform via various channels like mobiles and laptops. In addition, video conferencing vendors are focusing on the implementation of a software-as-a-service platform for video conferencing services, which have influenced a huge number of small- and medium-scale enterprises.
Based on Application, the market is segmented into Corporate Communications, Training & Development, Marketing & client Engagement and Others. The Corporate Communications market dominated the Global Video Conferencing Market by Application 2020, growing at a CAGR of 15.5 % during the forecast period. The Training & Development market is experiencing a CAGR of 15.7% during (2021 - 2027).
Industry Vertical Outlook
Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Education, Media & Entertainment and Others. The healthcare segment is anticipated to acquire major growth during the forecast period. This segment is witnessing an increasing adoption of these solutions due to the growing requirement for immediate medical assistance to patients who are located in remote locations. The growing focus of many healthcare companies on the policy of medical training to their employees is using these solutions, which further accelerate the segment growth. In addition, the high adoption of telemedicine services in developed regions has considerably augmented the growth of the healthcare segment. Moreover, the implementation of Electronic Health Records (EHRs) has enabled healthcare companies to provide customized telemedicine services to their patients.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific region is estimated to record the fastest growth rate during the forecast period. The growing number of technology and service-based start-ups in emerging nations like India and China is anticipated to bolster the regional market growth. The robust presence of business and knowledge process outsourcing enterprises in this region is also projected to be among the key aspects augmenting the video conferencing market.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation, Google, Inc., and Amazon.com, Inc. are the major forerunners in the Video Conferencing Market. Companies such as Cisco Systems, Inc., Zoom Video Communications, Inc., Adobe, Inc., and Avaya Holdings Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Cisco Systems, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Adobe, Inc., Google, Inc., Amazon.com, Inc., Logitech International S.A., Avaya Holdings Corporation, Plantronics, Inc. (Polycom, Inc.), and Zoom Video Communications, Inc.
Recent strategies deployed in Video Conferencing Market
Partnerships, Collaborations, and Agreements:
Jan-2021: Logitech entered into a partnership with Pexip, a leading provider of enterprise video conferencing and collaboration solutions. Under this partnership, Pexip could natively integrate with Logitech’s new generation capabilities of video conferencing solutions to deliver a constant end-to-end customer experience from anywhere.
Nov-2020: Amazon Web Services signed a multi-year agreement with Zoom Video Communications. This agreement extends the relationship among the two companies, allowing Zoom to swiftly scale its service on the leading cloud, increasing the challenges brought by the COVID-19 pandemic, and provide reliable services & continuous innovation for its expanding base of corporate & individual users.
Oct-2020: Avaya teamed up with NVIDIA, an American multinational technology company. Under this collaboration, Avaya integrates the powerful cloud AI solutions from NVIDIA to boost the impact & value of audible, visual & collaborative experiences via the Avaya Spaces app.
Sep-2020: Google partnered with Lenovo Group Ltd., a Chinese multinational technology company. Under this partnership, Google launched its new Google Meet Series One hardware. The Google Meet Series One room kits are developed for organizations, which have embraced the idea of having better flexible, distributed teams in the coronavirus pandemic.
Sep-2020: Zoom Video Communications partnered with Lumen Technologies, an American telecommunications company. This partnership enabled Lumen to provide Zoom as part of its Unified Communications and Collaboration Suite. In addition, Lumen would provide improved services across Zoom’s top-class video-first integrated communications platform to their large and increasing base of customers around the world.
Sep-2020: Poly teamed up with StarLeaf, the global provider of meeting room solutions and video conferencing services for enterprises. Under this collaboration, StarLeaf meetings are accessible on the latest video solutions by Plantronics. Poly’s latest range of video conferencing systems includes Poly Studio X50, Poly Studio X30, and Poly G7500 that support StarLeaf software virtually out of the box, enabling users to implement Poly room systems with the full StarLeaf experience.
Aug-2020: Adobe came into collaboration with Genesys, the global leader in cloud customer experience and contact centre solutions. This collaboration aims to assist companies to achieve a deeper understanding of user context over each touchpoint and break down data siloes among commerce, marketing, sales and service departments.
Aug-2020: AWS came into partnership with Comcast, an American telecommunications conglomerate. This partnership focuses on enabling users to add Amazon Chime to their Comcast bill. In addition, by offering Amazon Chime directly via Comcast Business, and extend the free trial of Amazon Chime Pro to make it easier for companies to stay connected & collaborate when their employees work remotely.
Aug-2020: Zoom Video Communications collaborated with BenQ, the internationally renowned innovator of visual display technology and digital lifestyle devices. This collaboration aims to provide video conference solutions from Zoom Video Communications on its digital signage & interactive displays. The collaboration helps BenQ to fulfil its commitment to meet prevailing and upcoming demands for corporate visual communication and video conferencing.
Aug-2020: Poly joined hands with RingCentral, a leading provider of global enterprise cloud communications, collaboration, and contact centre solutions. Under this collaboration, RingCentral launched RingCentral Rooms for Poly that brings the power and ease-of-use of RingCentral Video to each workspace. It is designed for a flexible and hybrid workforce, the robust and intuitive RingCentral Rooms service would be built into the easy Poly Studio X all-in-one video bars.
Jul-2020: Logitech teamed up with Shure, a global manufacturer of leading audio equipment. Together, the companies would work on a new solution for better customer experiences in meeting rooms via video and audio.
Jul-2020: Amazon Web Services extended its partnership with Slack, a proprietary business communication platform. This expansion aimed to enable Slack users to unlock all of the incredible power & video calling the quality of Amazon’s cloud infrastructure.
Jun-2020: Microsoft teamed up with AVer Information, provider of video conferencing solutions. This collaboration aims to make video conferencing technologies that work effortlessly with Microsoft software. AVer Video Collaboration Solutions for Microsoft would be a comprehensive line of AVer USB video conferencing products designed and certified with Microsoft Teams in mind.
Feb-2020: Logitech formed a partnership with Crestron, a global leader in workplace technology. This partnership aims to provide a premier video conferencing, scheduling, room control, and management experience for rooms of any size.
Feb-2020: Logitech joined hands with Newline Interactive, a manufacturer of award-winning interactive displays, intuitive software, and other interactive innovations. This collaboration focuses on integrating their products into a bundled portfolio to give people the capability to connect & collaborate with others in the same room and around the world.
Jan-2020: Microsoft came into partnership with Genesys, a company that sells customer experience and call centre technology to mid-sized and large businesses. Through the omnichannel customer experience solution Genesys Engage operating on Microsoft Azure, companies would have the safety and scalability they want to tackle the complexities associated with connecting each touchpoint across the customer journey.
Acquisition and Mergers:
Dec-2020: Adobe acquired Workfront, the leading work management platform for marketers. This acquisition would help Adobe with more efficiency, collaboration and productivity benefits to marketing teams that are challenged with siloes work management solutions.
Oct-2020: Cisco took over BabbleLabs, a software company. Through this acquisition, Cisco would bring native noise removal capability to its whole Collaboration product line. Earlier, Cisco aimed at integrating BabbleLabs to provide a top-class audio experience to Webex Meetings customers, at any place and however, they connect through the Webex application.
Sep-2019: Cisco completed the acquisition of Voicea, a privately held voice-focused Artificial Intelligence (AI) technology company. This acquisition aimed to improve Cisco’s Webex meetings, contact centre, calling, and other voice assets with a strong transcription service, which integrates AI and Automated Speech Recognition (ASR) to unleash the power of any collaboration, such as meetings and calls.
Product Launches and Product Expansions:
Feb-2021: Poly launched the Poly Studio P Series. This series is the professional-grade personal video conferencing tool developed to uplift the game of the remote worker. These video conferencing devices provide the freedom, confidence, and professional edge to look and sound best wherever duty calls.
Jan-2021: Zoom Video Communications introduced more than 400 features in 2020 to improve the customer experience. These features and additional functionality to their key video communications solution assist customers to connect and collaborate effortlessly across the video at the time these trying times. The most important features consist of co-host offerings for managing Breakout Rooms, spotlighting & multi-pinning video feeds, the capability to utilize slides as a virtual background, High-Fidelity Music Mode, etc.
Dec-2020: Cisco introduced a wave of Webex innovation to assist companies to collaborate effortlessly and transform their employee & customer experiences. In addition, more than 50 innovations introduced into three groups including effortless collaboration, intelligent customer experiences, and smart hybrid work experiences, everything based on the rock-solid safety and privacy synonymous with Cisco.
Dec-2020: Cisco expanded its portfolio of collaboration devices developed to empower the remote worker and allow a secure return to the office. These new devices that joined the company’s intelligent Webex device portfolio are Webex Desk Hub, Webex Desk Camera, and Webex Desk.
Nov-2020: Microsoft Teams launched a free day-long video and voice calling option on the platform. Almost 300 participants can be added for 24 hours long. With the all-day free calling feature, Microsoft Teams customers would also give the choice to involve up to 250 participants in a group chat and display 49 participants on the screen in the virtual chats.
Nov-2020: Huawei unveiled its global video conferencing solution, Huawei Cloud Meeting in the Asia Pacific region. This launch aimed to connect remote workers, users and partners in the ongoing Covid-19 pandemic. Huawei Cloud Meeting helps in hosting a meeting of up to 1000 participants at the same time from any terminal or device.
Jul-2020: Microsoft introduced a set of new features in Microsoft Teams. It develops virtual interactions more organic & engaging, complementing the global shift into a better hybrid model of work, learning and life. Through this latest Microsoft Teams features, customers could enjoy more connectivity, decreased meeting fatigue & better inclusive meetings, along with saving time. These features include together mode, live reactions, video filters, touchless meeting experiences and many more.
Jul-2020: Zoom launched a new product, Zoom For Home. This product is the first hardware product, is focused on an increasing number of people whose remote work includes a significant amount of time spent on Zoom calls with clients, colleagues, and suppliers.
May-2020: Huawei introduced its next-generation IdeaHub series intelligent endpoint for the all-scenario smart office ecosystem. This launch focuses on increasing efficiency for enterprises, especially remote collaboration at the time of social distancing. Huawei IdeaHub is a new productivity tool Huawei made to develop an all-scenario smart office in this Cloud era.
Scope of the Study
Market Segments covered in the Report:
By Deployment Type
• Corporate Communications
• Training & Development
• Marketing & client Engagement
By Industry Vertical
• IT & Telecom
• Retail & eCommerce
• Government & Defense
• Media & Entertainment
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Microsoft Corporation
• Cisco Systems, Inc.
• Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
• Adobe, Inc.
• Google, Inc.
• Amazon.com, Inc.
• Logitech International S.A.
• Avaya Holdings Corporation
• Plantronics, Inc. (Polycom, Inc.)
• Zoom Video Communications, Inc.
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