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Pune, India, May 28, 2021 (Global News Service)-Global Video conferencing market The scale is expected to reach $10.92 billion By 2027, the compound annual growth rate will be 9.7% During the forecast period. Fortune Business Insights™ pointed out in its report entitled “Video Conferencing Market 2020-2027” that the combination of video conferencing solutions and technologies such as artificial intelligence and the Internet is expected to promote market growth.According to the report, the market size is $5.32 billion In 2019.
Visual communication technology is integrated with artificial intelligence (AI), the Internet, virtual reality and other technologies to enhance product functions. For example, Oterr.ai launched Live Notes and video captions during the Google Meet conference call on January 21, 2020. Many companies and workplaces around the world use video conferencing technology because they have advantages during the epidemic, which can eliminate the risk of infection and reduce operating costs. In addition, the addition of video banking helps bank representatives to communicate directly with the public and improve work efficiency. Banking and financial departments use this technology extensively to connect customers with consultants, representatives and officials to meet consumer demand for virtual video banking. For example, Westminster Bank released a video banking solution for small and medium enterprises (SMEs) in July 2019. The solution provides companies with the ability to make secure video calls on multiple platforms such as mobile, PC, laptop, and tablet. Therefore, the market is expected to grow due to the increasing adoption of video conferencing in multiple technologies.
The impact of COVID-19
Due to the closure of various commercial activities and strict regulations on social distancing, the market is expected to be positively affected by the COVID-19 pandemic. Commercial entities use video-based communication technologies, such as Zooms, Google Meet, and other programs to conduct business activities. According to an article published by “Connect UK”, in 2020, Zoom will have more than 2.22 million daily users. Despite the emergence of new virus strains, the market is expected to continue to grow.
Click here to learn about the short-term and long-term impact of COVID-19 on the market.
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Market segments
By component, the market is divided into solutions and services. According to the type of conference, it is divided into telepresence system, integrated system, desktop system, and service-type video conference system. On the basis of deployment, the market is divided into cloud and local. The scale of enterprises is divided into small and medium enterprises (SMEs) and large enterprises. According to the purpose, it is divided into small rooms, small rooms, medium rooms and large rooms. Geographically, it is penetrated into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Highlights of the report
The report analyzes the top market segments and the latest trends. It comprehensively studied the impact of COVID-19 on the market, as well as the driving and restricting factors. In addition, it studies the strategies and regional developments adopted by the major market participants.
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Driver and restraint
Multiple industries are increasingly adopting cloud-based video communication services to promote market growth
Video communication technologies such as Zoom, Skype, AvayaLive Video and other services have enabled multiple departments to operate effectively and solve the losses caused by the closure of activities. These services use advanced artificial intelligence technology to improve call efficiency, provide excellent connections, and help solve difficulties in the communication process. The use of advanced video communication technology can help reduce operating costs and improve work efficiency. For example, Yealink Network Technology launched Yealink Conference, which is based on cloud video communication, with one-click settings and simple installation, which eliminates meeting difficulties and improves work efficiency.
The availability of efficient and convenient video conferencing solutions is expected to drive the growth of the video conferencing market.
However, the high cost of deploying advanced video communication technologies is expected to hinder market growth.
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Regional Insights
Early adoption of video communication technology to support North American market growth
Due to the early adoption of this technology in the region to improve work efficiency, North America is expected to lead the video conferencing market share. In addition, the significant presence of participants in the region boosted product demand. For example, Zoom Video Communications, Inc. released “Zoom for Home DTEN ME” in July 2020, which is a video conferencing device that provides excellent connectivity and is priced at US$599.
The growing demand for video communication equipment in the research and education industries is expected to promote the development of the Asia-Pacific market. In addition, participants in the region have launched product launches to improve their product portfolio. For example, Aver Information Inc and Microsoft launched a video collaboration service to improve the work efficiency of the Microsoft team and enhance their product portfolio.
Competitive landscape
Enterprises improve product quality to attract consumers
Major companies in the competitive market, such as Cisco Systems, Microsoft, and Verizon Communications, have added advanced artificial intelligence, machine learning, and cloud services to their video conferencing systems to improve product quality. Some well-known participants have announced video conferencing technology to compete with other participants. For example, Facebook, Inc. launched the Messenger Rooms solution in April 2020, enabling end users to accommodate 50 users during a call. In addition, the company has also introduced a communication solution that connects through a variety of devices. For example, Tata announced the launch of a multi-device communication device powered by a cloud service called “jamvee” that enables organizations to connect to video via laptops, desktops, smartphones, tablets, and telepresence rooms call.
Industrial Development
July 2020: Plantronics, Inc has launched a series of video communication services, including G80-T, G10-T and Poly G40-T. These solutions are designed to provide a seamless experience for the Microsoft team.
List of major participants introduced in the video conference market report
- Cisco Systems
- Verizon Communications Inc.
- Polycom
- Alphabet Inc.
- Adobe system
- Microsoft Corporation
- Vidio
- Zoom Video Communication Inc.
- Logitech International Limited
- Matsushita Electric
- ZTE Corporation
- Fuze Company
- Huawei Technologies
- Avaya
- Facebook Inc.
- Lifesize Corporation
- Star leaf
- Premiere Global Services Corporation
- Easy Talk Technology Co., Ltd.
- Bharti Airtel Limited
- Reliance Jio Infocom Limited
Main catalog:
- Introduction
- Definition, subdivided
- Research method/method
- data source
- executive Summary
- Market dynamics
- Macro and micro economic indicators
- Drivers, constraints, opportunities and trends
- The impact of COVID-19
- Short-term impact
- Long-term impact
- Competitive landscape
- Business strategy adopted by major players
- Comprehensive SWOT analysis of key players
- Porter’s Five Forces Analysis
- Analysis and Matrix of Global Video Conference Market Share in 2019
- Key market insights and analysis, by market segment
- Global video conferencing market size estimation and forecast (quantitative data), by market segment, 2016-2027
- By component (value)
- By meeting type (value)
- Telepresence System
- Integrated system
- Desktop system
- Service-based video conference system
- By deployment (value)
- By business size (value)
- Small and Medium Enterprise (SME)
- large enterprise
- By application (value)
- small room
- Utility room
- Middle room
- Big room
- By area (value)
- North America
- Europe
- Asia-Pacific
- Middle East and Africa
- Latin America
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