The global video conferencing market is estimated to attain USD 8.56 billion, by the end of 2027, and is anticipated to grow at a CAGR of 9.9% over the forecasted period, 2020 to 2027, according to a new report by Million Insights. Increasing demand for video solutions in organizations, educational institutes especially in developing countries is projected to support the market growth. In addition, the growing adoption of 4G service in mobile devices is anticipated to bolster the demand for video conferencing solutions.
In Asia Pacific, development in digital infrastructure along with rising penetration internet has increased the need for video conferencing systems. Several telecom operators offer investment for developing video conferencing infrastructure. For example, in 2018, NTT Limited has funded over USD 32.0 million in Highfive, in order to develop video conferencing solution.
In addition, rising trend of online education for medicinal operations especially in countries such as Japan, U.K., U.S, China, and India is boosting the growth of video conferencing market. Moreover, various electronics industry participants such as Siemens, Koninklijke Philips N.V., are partnering with companies in the market to develop these solutions. For example, in 2017, Vidyo Inc, and Koninklijke Philips N.V., have collaborated to develop a telehealth platform called Philips IntelliSpace eCareManager for monitoring patients remotely.
In the light of COVID-19 outbreak, various governments across the globe are providing funds to companies to develop these solutions for remote operation. For example, in the U.S., Ohio Supreme Court has provided funding of around USD 4.0 million for the purchase of video solutions to high courts in April 2020. Furthermore, increasing the need for a remote workforce in hospital management is projected to positively impact on market growth.
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Further key findings from the report suggest:
• In 2017, TrueConf LLC and Aver Information Inc have announced partnership to produce video conferencing solution using TrueConf software tools.
• Depending on deployment, cloud type segment is projected to lead the market by 2027, owing to rising demand for web-based solutions.
• Small & medium enterprise segment is anticipated to expand at a significant CAGR over the forecasted period.
• Healthcare sector in end use segment is projected to grow at substantial rate due to rising demand for video systems especially for remote consultation in hospitals.
• Asia Pacific is projected to grow at the highest CAGR in the next few years. Several international players are manufacturing their products through this region.
• Key players in the video conferencing market are Microsoft Corporations, Cisco Systems, Avaya, Inc, Huawei Technologies, Adobe Inc, West Corporation, and Vidyo Inc.
Million Insights has segmented the global video conferencing market based on component, deployment, component, end use and region:
Video Conferencing Component Outlook (Revenue, USD Million, 2016 - 2027)
• Microphone & Headphone
• Professional Service
• Managed Service
Video Conferencing Deployment Outlook (Revenue, USD Million, 2016 - 2027)
Video Conferencing Enterprise Outlook (Revenue, USD Million, 2016 - 2027)
• Large Enterprises
• Small & Medium Enterprises (SMEs)
Video Conferencing End-Use Outlook (Revenue, USD Million, 2016 - 2027)
• Government & Defense
• Media & Entertainment
Video Conferencing Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa