Due to the COVID-19 pandemic, a large number of
organizations globally have encouraged their employees to work from home or
remotely, driving the demand for video conferencing applications and software.
The education sector witnessed a notable rise in the demand for these solutions
in 2020 to continue with online learning and seminars. The primary growth
driver for the market, especially in 2020, remained the need for organizations
to facilitate employee collaboration, which led to the demand for conferencing
apps such as Microsoft Teams, Google Meet, and Zoom. Several companies have
witnessed the digital transformation in just 2 to 3 months that would otherwise
occur over two years due to the COVID-19 pandemic. However, despite the
elevated demand, security concerns have posed to be a challenge to market
growth.
The increased demand for these solutions has
encouraged market players to offer products with distinctive features and
innovations to remain competitive. In 2020, Google Meet, Google’s video meeting
tool that was meant to be an enterprise solution, was made available to
everyone to directly compete with competitors. Furthermore, in April 2020,
Facebook launched its video meeting tool Messenger Rooms, which allows 50
people to join a video conference. In March 2020, Microsoft Corporation
rebranded Office 365 to Microsoft 365 to go beyond enterprise customers, which
widened its subscriber base.
Companies with a global presence and workforce are the
early adopters of video conferencing technology and more likely to deploy video
conferencing systems to enable effective communication between multiple teams
located in different countries. Video conferencing technology also provides a
better social interaction platform as compared to conventional voice calls as
it offers features such as eye-to-eye contact. With the increasing
globalization of businesses worldwide, the need is strong to set up a flexible,
cost-effective, and scalable communication network, which helps facilitate
better communication, team collaboration, and decision-making capability.
Related Press Release@ Video Conferencing Market Report
Video Conferencing Market Report
Highlights
- In terms of components, the software segment is expected to
register the highest CAGR over the forecast period. This can be attributed
to the increase in cloud-based subscriptions across different platforms
- Small and medium-sized companies are adopting these services to
rapidly expand their geographic operations by establishing a centralized
communication platform that uses advanced technologies, such as 4G and
VoIP. Hence, the small and medium enterprises segment is expected to
expand at a promising pace over the forecast period
- In terms of end use, the healthcare sector is expected to witness
substantial growth over the next few years. The need to remain connected
across dispersed teams has elevated the demand for video conferencing
solutions in the healthcare sector
- Growth in the educational sector has also gained traction owing to
the increased demand for distance learning. Web conferencing, audio
conferencing, and IM are being widely used for delivering notes and
streaming live conferences
- Market players offer a competitive pricing structure and bundle
services to help the end users save costs. Recently, companies such as
Ring Central and 8x8, Inc. have updated their pricing structures with
multiple tiers of pricing plans
List of Key Players in the Video Conferencing Market:
·
Avaya, Inc.
·
Cisco Systems, Inc.
·
Huawei Technologies Co., Ltd.
·
Logitech International S.A.
·
Microsoft Corporation
·
Polycom Inc.
·
Zoom Video Communications, Inc.
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