Video Conferencing Market Size Predicted to Reach USD 9.2 Billion by 2026
According to the report, The global Video Conferencing market in 2019 was approximately USD 4.8Billion. The market is expected to grow above a CAGR of 11.45% and is anticipated to reach over USD 9.2 Billion by 2026.
The two-way transmission of audio and video content by using telecommunication devices is referred to as video conferencing. Video conferencing plays important role in the business processes by saving traveling time and cost to the organization.
The incorporation of innovative technologies like virtual reality, face recognition in video conferencing is playing a pivotal role in boosting the speed and simplification of processes.
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The rising globalization of businesses across the globe has led to an increased demand for video conferencing solutions in major companies. Additionally, the workforce management and business operations at various locations are further catalyzing the demand for video conferencing solutions across various industries. Additional demand for video conferencing solutions is been created from the expansion of online workshops, seminars, and conferences. The coronavirus pandemic has created a major pull towards the video conferencing solutions as the work from home concept has to adopted at various industry levels. The integration of modern technologies like virtual reality and face recognition is expected to create future business opportunities for market expansion.
The hardware segment is anticipated to generate maximum revenue throughout the studied period. The rising innovation in the field of video conferencing cameras such as facial recognition is expected to further strengthen the hardware market. The large enterprise is expected to dominate the global market share. The major factor driving the growth in large enterprises is the rapid adoption of video conferencing solutions with active investment for enhancing the business processes. The SME sector is anticipated to exhibit the highest growth during the forecast period. The corporate sector is anticipated to create maximum business opportunities during the studied period. Geographically, North America is projected to dominate the global video conferencing market share. The higher adoption, notable investments, and presence of major video conferencing solution providers are the factors driving the market growth in the region. The Asia Pacific region is anticipated to exhibit the highest growth during the forecast period. The growing IT and telecommunication industry in parallel with the rising economic condition in the region is projected to catalyze the market growth.
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Top Companies in the Industry:
Major players operating in the global video Conferencing market mentioned in this report include Plantronics, Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd., Array Telepresence Inc., Logitech International S.A., Avaya Inc., Microsoft Corporation, Adobe Inc., Vidyo Inc., and West Corporation among others.
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