Emerging Trends in Virtual Communication Market Expected to Reach USD 10.55 Billion Share By 2026: Global Research by Facts & Factors

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New York, NY, Sept. 29, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Virtual Communication Market By Application (Audio Conferencing, Video Conferencing, Web Conferencing, and Multimedia Conferencing), By Deployment Type (On-Premise, and Cloud-Based), By Component (Hardware, and Software), By End-User (BFSI, IT & Telecommunications, Healthcare, Education, and Others), By Organization Size (SME’s, and Large Scale Enterprise), By Services (Integration and Implementation, Training and Education, Support and Maintenance, Managed Services): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” in its research database

“According to the latest research study, the demand of global Virtual Communication Market size & share expected to reach to USD 10.55 Billion by 2026 from USD 7.50 Billion in 2020, at a compound annual growth rate (CAGR) of 5.85% during the forecast period 2021 to 2026”

Global Virtual Communication Market: Overview

Communication is one of the most important aspects of any company. Although face-to-face contact is one of the most prevalent types of communication, finding a common time for stakeholders to meet may be too difficult, and planning a meeting in a large organization with outlying offices would necessitate each individual spending time and money on travel. Many organizations have implemented no-travel and work-from-home policies for their staff since COVID-19 began spreading over the world in February 2020.

During times of crisis, virtual communication platforms that provide video and audio conferencing solutions, as well as web conferencing systems, have proven to be beneficial for businesses to hold daily meetings and coordinate with clients, customers, and employees. On May 13, 2020, a major tech business, “Twitter,” declared that it would make its work-from-home policy permanent, even after the pandemic is over. Employees profit from this policy since they save money on their commute and have more flexibility in their work-life balance.

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  • 2020 Updated Report Introduction, Overview, and In-depth industry analysis
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(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)

Industry Major Market Players

  • AT&T Inc.
  • Cisco Systems Inc.
  • Deutsche Telekom AG
  • Ericsson
  • Huawei Technologies Co.Ltd.
  • Intel Corporation
  • Mobile Telesystems
  • Orange S.A.
  • Samsung Electronics Co.Ltd.
  • Verizon Communications Inc.

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Key questions answered in this report:

  • What is the projected market size & growth rate of the Virtual Communication Market?
  • What are the key driving factors for the growth of the Virtual Communication Market?
  • What are the top companies operative in Virtual Communication Market?
  • What segments are covered in Virtual Communication Market?
  • How can I get free sample reports/company profiles of the Virtual Communication Market?

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Market Dynamics

Video conferencing platforms are primarily used to connect teams in different places in a cost-effective, and real-time mode. Given the rise in popularity of working from home in recent years, having a good video conferencing platform is more important than ever. With most firms now having multiple branch offices, having effective video conferencing technology will make it easier for staff to work from home. Video conferencing is projected to revolutionize how people communicate for business all around the world.
Daily face-to-face interactions were found to be the most effective (93%), followed by audio conference calls (90%), videoconferencing (84%), and group email messages or chat groups (79%), while internal and external social media platforms were listed by 62% and 39%, respectively, in a study. Virtual communication has progressed from an option to a must for conducting business. Workers in numerous sectors employ various virtual communication platforms to conduct their day-to-day conferences, ranging from the virtual estate to automated multi-language data translation to substantial telemedicine booms.

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Global Smart Mobility Market: Report Scope

Report Attribute Details
Market Size 2020 Value USD 7.50 Billion
Market Forecast for 2026 USD 10.55 Billion
Expected CAGR Growth CAGR 5.85% from 2021-2026
Base Year 2020
Forecast Year 2021-2026
Top Market Players AT&T, Inc., Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Huawei Technologies Co., Ltd., Intel Corporation and Others
Segments Covered Applications, Deployment Type, Components, End-Users, Organization Size, Services, and Region
Geographies Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Pricing Options Request customized purchase options to meet your research needs. Explore purchase options

Technological Advancements has accelerated the demand

Businesses and workers should expect smarter and more advanced multimedia as the global virtual communication market grows. Micro-LED displays, which are wide and high-quality, have become the favorite option in the worldwide workforce. These technological advancements allow hardware and software vendors to link and give users “room” functionality in their desktop and mobile applications, sometimes known as room apps. Consumers can use a room application to have video conferences, reducing the effort and time required to set up a conference room system. The emergence of new technologies such as machine learning, artificial intelligence, the Internet of Things, and others has had a significant impact on video conferencing adoption. Apple, Google, and Microsoft, for example, have witnessed advanced usage of virtual communication technologies as well as a number of new innovations in the brand application.

Global Virtual Communication Market: Segmentation

The study provides a decisive view of the global virtual communication market by segmenting it based on application, deployment type, component, end-user, organization size, services, and geographic regions. The application segment is categorized into Audio Conferencing, Video Conferencing, Web Conferencing, and Multimedia Conferencing. On-Premise and Cloud-Based types are the deployment type of the global virtual communication market. To offer better target customer analysis, our analyst further bifurcates components segment into hardware and software.

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Growth in Urbanization has accelerated the demand

Because of the population increase, urbanization is a primary long-term driver of the smart mobility market. The average density of metropolitan regions grows as the population grows. By 2030, metropolitan areas are predicted to grow by roughly 30%. As a result, demand for mobility is likely to rise. If passenger miles traveled per person remains constant in comparison to today and the GDP growth of car ownership remains consistent with historical records, these two factors will ensure the double number of mobility demands. By 2050, the majority of the world’s population is predicted to live in cities, resulting in increased demand for the mobility sector.

Global Virtual Communication Market: Regional Analysis

Based on regions, the global virtual communication market can be divided into five main regions namely North America, Europe, Asia Pacific, Latin America, and The Middle East and Africa.

The United States of America is a pioneering country in the information and technology sector. Between 2019 – 2020 it was reported the total number of internet users was raised by 1.8 million. In January 2020 it was reported the internet penetration market of The United States of America had reached 87% with a 288.1 million total number of active internet users. North America is expected to be the largest market in the virtual communication sector owing to its high level of adoption of virtual communication platforms over the last decade due to the availability of highly sophisticated network infrastructure in the region.

Browse the full report “Virtual Communication Market By Application (Audio Conferencing, Video Conferencing, Web Conferencing, and Multimedia Conferencing), By Deployment Type (On-Premise, and Cloud-Based), By Component (Hardware, and Software), By End-User (BFSI, IT & Telecommunications, Healthcare, Education, and Others), By Organization Size (SME’s, and Large Scale Enterprise), By Services (Integration and Implementation, Training and Education, Support and Maintenance, Managed Services): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” at https://www.fnfresearch.com/virtual-communication-market

The global virtual communication market is segmented into:

Global Virtual Communication Market: By Application

  • Audio Conferencing
  • Video Conferencing
  • Web Conferencing
  • Multimedia Conferencing

Global Virtual Communication Market: By Deployment Type

  • On-Premise
  • Cloud-Based

Global Virtual Communication Market: By Component

  • Hardware
  • Software

Global Virtual Communication Market: By End-User

  • BFSI
  • IT & Telecommunications
  • Healthcare
  • Education
  • Others

Global Virtual Communication Market: By Organization Size

  • SME’s
  • Large Scale Enterprise

Global Virtual Communication Market: By Services

  • Integration and Implementation
  • Training and Education
  • Support and Maintenance
  • Managed Services

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