London, Nov. 01, 2022 (GLOBE NEWSWIRE) — Video conferencing technology witnessed a sudden shift from being a supportive communication tool to becoming one of the prime necessities for remote communication amid the global pandemic situation during COVID-19 outbreak. A new study of Fairfield Market Research tracks the performance of global video conferencing market and provides detailed forecast of the same analysed during 2021 – 2026. The market that attained the revenue of around US$9.7 Bn in the year 2021 is all set to reach nearly US$21.1 Bn toward the end of 2026, suggests the report. Unwavering growth in demand for corporate, educational, and teleconsultation communication is expected to primarily drive the growth of video conferencing market. In addition to rapid spread of 4G, and 5G technologies, video conferencing market is likely to gain significantly from the brisk pace of expansion of telemedicine over the recent past. Increasing perception about video conferencing as an intelligent tool for modern businesses will drive the growth of video conferencing market throughout the period of assessment. However, the expensive initial deployment costs, and the prevalent security concerns will continue to restrict market growth to a significant extent, says the report.
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Key Research Insights
- Between 2021 and 2026, global video conferencing market is poised for 16.6% growth and the revenue will more than double
- Demand remains strongest in corporate communications that contributed nearly US$3.8 Bn to the total market revenue in 2019, followed by that in training and development
- With over 58% market value share, on-premises deployment remains preferred
Insights into Segmental Analysis
Demand for video conferencing solutions will remain bullish throughout the forecast period and the report foresees continued lead of the hardware segment. This dominance is clearly attributable to the urgency building a remote and hybrid workforce involving a host of endpoints like laptops, desktops, and smartphones. Individual hardware products continue to surge ahead when compared with their enterprise counterpart, says the report. In terms of the size of enterprises, the large corporate segment is expected to remain dominance on account of the naturally higher investments in the market. On the other hand, healthcare industry emerges as the leading consumer segment for video conferencing solutions and services. Advent of technologies like telehealth, and telemedicine are likely to pave the way for the progress of video conferencing market. Soaring popularity of virtual visits, and virtual care delivery systems is projected to uphold the dominance of healthcare industry as a prime end user in global video conferencing market.
Key Report Highlights
- The rise of smart video conferencing technology that intends to enable more seamless communication for effective discussions will further elevate the growth prospects of video conferencing market in long term
- Deepening penetration of next-gen technological tools that form the mainstay of smart video conferencing, i.e., Artificial Intelligence (AI), machine learning (ML), Internet of Things (IoT), sentiment analysis, and natural language processing (NLP) warrants rapid progress of the market in the next few years
- Asia Pacific is poised to demonstrate the strongest growth potential through the end of 2026
Insights into Regional Analysis
Registering an approximate revenue of US$2.9 Bn in 2019, video conferencing market of Asia Pacific will remain at the forefront throughout the period of assessment. The region is showcasing readiness for next-gen technology adoption, especially the key economies, i.e., Japan, South Korea, further followed by Australia, China, Singapore, and India. While the unprecedented expansion of technology workforce across Asia will heavily contribute toward the market growth, the report also highlights brisk expansion of 4G, and 5G network connectivity will predominantly account for the region’s primacy in video conferencing market. Rocketing demand from medical facilities, hospitals, and other similar organisations is estimated to keep the demand afloat across Asia Pacific by 2026 end. The report projects around 18.3% year-over-year growth for Asia Pacific video conferencing market in 2022 over that in 2021.
Key Players in Global Video Conferencing Market
Microsoft Corporation, Google LLC, Cisco Systems, Inc., Adobe Inc., Zoom Video Communications, Inc., Huawei Technologies Co., Ltd., Logitech International S.A., Avaya Inc., Array Telepresence Inc.
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|Forecast Year||2021 – 2026|
|Market Size in 2021||US$9.7 Bn|
|Estimated Market Size in 2026||US$21.9 Bn|
|Key Players||Microsoft Corporation, Google LLC, Cisco Systems, Inc., Adobe Inc., Zoom Video Communications, Inc., Huawei Technologies Co., Ltd., Logitech International S.A., Avaya Inc., Array Telepresence Inc.|
- Corporate Communication
- Training & Development
- Marketing & Client Engagement
- North America
- Latin America
- Middle East & Africa
- Enghouse Systems
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Deployment-wise Analysis
- Component-wise Analysis
- End Use-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
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