The growing demand for next-gen communicating tools is likely to expand the global video conferencing market during the forecast period. Fortune Business Insights in a report, titled “Video Conferencing Market Size, Share and Global Trend By Component (Hardware & Software), By Industry verticle (Corporate Enterprise, Health Care, Government, and others) and Geography Forecast till 2026,” states that rapid urbanization and automation is one of the chief drivers of the market. In addition to this, these advances are expected to transform the future of next-gen tools.
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Introduction of Disruptive Technologies such as VaaS Bodes Well For the Market
Video conferencing enables real-time sharing of high-quality audio and video images among multiple sites. In addition to this, video conferencing solutions provide on-demand services via over-the-top video distribution. Rising awareness about these benefits is expected to drive the market in the upcoming years. Furthermore, video conferencing technology enables its users to experience live streaming videos, which in turn, is likely to fuel demand for video conferencing systems by 2026. Rapid development in audio and video cloud streaming services is another factor boosting the market’s growth. The market for advanced video communication solutions is growing at a rapid pace, which acts as a potential growth trigger.
“High-end developers are investing their time to develop innovative video conferencing solutions,” said a lead analyst at Fortune Business Insights. “The rising adoption of emerging technologies such as machine learning and artificial intelligence (AI) is further expected to help developers build advanced video conferencing software,” he added. To add to this, some of the recent developments in the market include the adoption of AI and cloud streaming services in online conference videos.
The rising demand for next-generation communicating tools, urbanization, and automation are some of the other factors likely to fulfill the changing customer requirements. This, as a result, is anticipated to enable growth in the market.
Video conferencing can be used in several areas such as digital classrooms, smart factories, automated talent acquisition, e-healthcare, and video-driven customer engagement. The upsurge in cloud computing services is expected to push growth in the video conferencing market. The rising penetration of social media platforms such as WhatsApp, Google Duo, Skype among others in smartphones and tablets is driving the market.
Key Market Driver – Increased adoption of Video as a Service (VaaS), growth in video cloud streaming online service
Key Market Restraint – Network complexity and technical difficulties involved in video streaming
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Major Segments Mentioned:
1. By Component
2. By Industry verticle
- Corporate Enterprise
- Health Care
3. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Growing Number of Online Users in APAC Garners Growth for the Market
APAC is anticipated to hold a major share in the global video conferencing market during the forecast period. This is primarily on account of the high adoption of video-conferencing platforms such as Instagram, Facebook, and their large online customer base. Among countries in this region, Australia and India have the highest adoption of video conferencing solutions owing to their huge online user base.
The market in North America is expected to grow considerably during the forecast period. The high adoption of advanced technology and the presence of large players in this region are likely to create ample growth opportunities for the market.
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Top Players List:
- West Unified Communications Services
- Adobe Systems Incorporated
- JOYCE CR
The integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2026. Additionally, the rising adoption of e-financial services is expected to boost the global market.
Google Duo’s Advanced Cloud-based Services Offer Increasingly User-friendly Solutions
Arkadin Cloud Communications, Adobe Systems Incorporated, Logitech International S.A., JOYCE CR, Orange Business Services, Microsoft Corporation, ZTE Corporation, West Unified Communications Services, and Vidyo, Inc. are some of the leading players operating on the global video conferencing market. Companies are planning to focus on acquisitions, partnerships, and new product launches to stay industry-focussed and broaden their portfolio. For instance, West Unified Communication Services announces the acquisition in 2018 with Flowroute. The aim of this strategic decision was to expand the formers diverse network, especially in APAC. Some of the significant mergers and acquisitions (M&A) in the video conferencing market are listed below:
- Google Duo implemented cloud-based solutions in its different applications in April 2017. This implementation enables users to send and store audio and video messages up to 30 seconds long.
- Cisco announced the acquisition of Assemblage Entertainment Pvt. Ltd. in March 2018. The aim of this acquisition was to adopt VaaS in video conferencing apps and strengthen the video conference market.
- 8X8 acquired Jitsi video communications technology in Oct 2018 to extend its 8×8’s cloud technology platform and improve the company’s video collaboration capabilities.
On the contrary, the high cost associated with upgraded technology is a factor that may restrain the global Video Conferencing market.
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to the rising adoption of a sedentary lifestyle in nations such as India and China.
The report also offers insights on the key players operating in the global Video Conferencing market.
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Major Table of Content for Video Conferencing Market:
5. Global Video Conferencing Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Market Analysis, Insights, and Forecast – By Type
5.3. Market Analysis, Insights, and Forecast – By Applications
5.3.1. Small Room
5.3.2. Huddle Rooms
5.3.3. Middle Rooms
5.3.4. Large Rooms
5.4. Market Analysis, Insights, and Forecast – By Enterprises Size
5.4.1. Small and Medium Enterprises
5.4.2. Large Enterprises
5.5. Market Analysis, Insights, and Forecast – By Region
5.5.1. North America
5.5.3. Asia Pacific
5.5.4. Middle East & Africa
5.5.5. Latin America
6. North America Video Conferencing Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Market Analysis, Insights, and Forecast – By Type
6.3. Market Analysis, Insights, and Forecast – By Applications
6.3.1. Small Room
6.3.2. Huddle Rooms
6.3.3. Middle Rooms
6.3.4. Large Rooms
6.4. Market Analysis, Insights, and Forecast – By Enterprises Size
6.4.1. Small and Medium Enterprises
6.4.2. Large Enterprises
6.5. Market Analysis, Insights, and Forecast – By Country
7. Europe Video Conferencing Market Analysis, Insights and Forecast, 2015-2026
7.1. Key Findings / Summary
7.2. Market Analysis, Insights, and Forecast – By Type
7.3. Market Analysis, Insights, and Forecast – By Applications
7.3.1. Small Room
7.3.2. Huddle Rooms
7.3.3. Middle Rooms
7.3.4. Large Rooms
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