MarkNtel Advisors has recently published a research report titled, Global Video Conferencing Market, according to which the market is likely to witness a CAGR of around 9.5% during the forecast period, i.e., 2023-28. As per the report, the market experiences significant momentum, mainly propelled by the increasing incorporation of cutting-edge technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and cloud technology. Key factors fueling market expansion include swift globalization and the rising demand for managing remote workforces. Additionally, there is a growing appetite for video communication, virtual workforce management, and cloud-based collaboration platforms. Many businesses actively seek collaboration solutions to reduce substantial travel costs and expedite decision-making processes.
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Market Segments
- By Component (Hardware (Camera, Microphone/Headphone, Others), Software, Services (Professional services Managed services))
- By Deployment (On Premise, Cloud)
- By Application (Consumer Enterprise, (Corporate Communications, Learning & Development, Client Management, Others (Marketing, Admin, etc.))
- By End-Users (IT/ITeS, Banking Finance Services & Insurance (BFSI), Education, Healthcare, Government & Defence, Media & Entertainment, Education Institutes, Others)
- By Region (North America, Latin America, Europe, The Middle East & Africa, Asia-Pacific)
- By Company (Adobe Inc., AURA Presence, LLC., Avaya Inc., AWS, Cisco Systems, Inc., Google, HP, Huawei Technologies Co., Ltd., Logitech International S.A, LumenVox LLC, Microsoft Corporation, Plantronics, Inc., Vidyo, Inc, West Corporation (Intrado Corporation) Zoom Video Communications, Inc.)
The IT/ITeS Sector Has Gained a Significant Market Share in The Global Video Conferencing Market
This can be attributed primarily to the increasing demand for cost-effective operations and efficient communication from remote locations. Notably, industry players like Huawei Technologies and Microsoft Corporation are placing a strong focus on providing video conferencing solutions, especially tailored for corporate use. This strategic emphasis is likely to contribute significantly to the growth of market revenue in the foreseeable future.
Moreover, there is a rising demand for immediate medical assistance from remote locations, accompanied by the widespread adoption of telemedicine services in countries such as the U.S., China, France, and others. This mirrors the adoption pattern of video conferencing solutions in the healthcare sector, acting as a catalyst for the market’s progression in the coming years.
North America Dominates the Global Video Conferencing Market
This supremacy can be attributed to the substantial presence of tech giants and a sizable workforce in the region. As one of the most technologically advanced areas worldwide, countries in North America exhibit a strong inclination toward adopting various video conferencing solutions, including hardware, software, and services. Additionally, the increasing preference for remote or online learning has contributed to the emergence of hybrid workspaces, especially in the aftermath of the pandemic, further boosting the demand for video conferencing solutions in the region.
Burgeoning Need for Conferencing Hardware Solutions Opens More Avenues
The growing demand for advanced conferencing hardware solutions has prompted major companies, including Cisco and Huawei, to heavily invest in addressing issues related to video conferencing hardware. Recent efforts have notably improved the quality of cameras, microphones, and display units. Furthermore, the landscape is set to witness significant advancements in the upcoming years, with the introduction of collaborative whiteboards for smart offices, telepresence systems, end-point solutions, ultra 4K UHD cameras, and premium microphones. The market is poised for excitement as a compact IP-based all-in-one end-point device, equipped with a camera, microphone, and HD codec, takes center stage, propelling the expansion of the Conferencing Hardware Solutions market as a whole.
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