Video Conferencing Market Key Development Opportunities

Posted by Sakshi Mishra on March 14th, 2020

Video Conferencing Market: Overview

According to a new market report published by Transparency Market Research the global video conferencing market was valued at US$ 6,123.0 Mn in 2019 and is expected to expand at a CAGR of 8.4% from 2020 to 2027, reaching US$ 11,565.4 Mn by the end of the forecast period. According to the report, the global video conferencing market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region expected to grow at a higher rate throughout the forecast period.

Managing outsourced businesses in the global context are driving the global video conferencing market:

Managing outsourced businesses in the global context is a major factor which is expected fuel the growth of the video conferencing market across the globe. Due to increasing globalization, companies from various verticals seek to operate from multiple offices in different regions of the world to leverage benefits of local infrastructure, availability of expertise and reduction in material procurement costs. In order to ensure smooth functioning of numerous offices across the world, organizations need to constantly maintain communication between headquarters and other offices located remotely. Furthermore, business outsourcing has experienced a high growth in the past decades. At present, many business owners are willing to adopt video conferencing solutions in order to enhance their business productivity as well as to foster real-time, face to face interaction anytime anywhere around the globe. By adopting video solutions, organizations encourage their employees to access data, discuss projects, exchange ideas and solve problems. Thus, the rising need to reduce the operational costs and time associated with travelling to such locations has led to the rise in demand for video conferencing solutions.

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Video conferencing market: Scope of the Report

The report offers detailed segmentation based on the component and end-use industry. Within the component segment, hardware sub-segment held a higher market share in 2019 contributing highest revenue in the market. This segment is expected to increase at a steady CAGR over the forecast period of 2020 to 2027. High-priced end-points, including high definition (HD) displays, cameras, and microphones and dedicated video conferencing networks, have contributed to a huge proportion of the overall video conferencing market’s revenue. Software segment is predicted to rise with the significant CAGR during the forecast period. The compound annual growth rate of software segment is high owing to the factors such as growing demand for cloud-based video conferencing solutions across the world. The shift towards cloud-based video conferencing solutions is currently low, however, it is expected to surge substantially in the coming years. Furthermore, the services segment is also expected to witness high growth during the forecast period. The reason is growing trend among organizations to ensure the availability of video conferencing services without the need to employ and maintain a permanent in-house technical team for the purpose.

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Sakshi Mishra

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Sakshi Mishra
Joined: July 22nd, 2019
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