Video Conferencing Market worth $22.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 10, 2021 /PRNewswire/ -- According to the new market research report "Video Conferencing Market by Component (Hardware, Solutions, and Services), Application (Corporate Communication, Training and Development, and Marketing and Client Engagement), Deployment Mode, Vertical, and Region - Global forecast to 2026", published by MarketsandMarkets™, the Video Conferencing Market size is expected to grow from USD 9.2 billion in 2021 to USD 22.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.7% during the forecast period.
With COVID-19, the entire workforce has experienced a transition toward remote working, paving a way for video conferencing solution and hardware products. The reduced travel time and cost, the importance of involving employees in determining strategic goals, and the rising need for virtual meeting rooms have overall increased the spending of companies on video conferencing solutions.
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Cloud mode of deployment segment is expected to grow at the highest CAGR during the forecast period
The cloud deployment model includes providers, such as the Infrastructure as a Service (IaaS) and the Software as a Service (SaaS), with the majority of end users as enterprises, government agencies, and healthcare organizations. SaaS-based video Solution are deployed leveraging their simplicity and ease of deployment. Enterprises are considering privacy policy and the data security model of cloud service, and the SLAs of the provider before subscribing to the SaaS model of cloud deployment. IaaS provides an organization with control over its data privacy and scalability management, hosting its on-premises data to the cloud. Video conferencing applications that are designed for self-hosting on IaaS platforms are referred self-hosting. IaaS providers, such as Microsoft, Google, Oracle, and Amazon, provide the enterprises with their data center available in most major metro areas. They offer with a global resilient network with large numbers of Points of Presence (PoP) near offices. IaaS is leveraged for both virtual private cloud and complete private cloud environments.
Healthcare segment to grow at the highest CAGR during the forecast period
The healthcare and life sciences vertical deals with diverse clinical, administrative, and financial content on a daily basis. This results in the requirement for channelized content insights and accurate clinical information that can be consolidated through video conferencing Solution. The collaborations enable healthcare providers in telemedicine and patient care, medical education, and healthcare administration applications to offer enhanced patient care by providing them with improved communication options. The solution enable face-to-face interactions between patients, healthcare teams, and family members to discuss various treatment options, located anywhere in the world. Video conferencing technology also helps with patient monitoring, consulting, and counseling.
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Asia Pacific (APAC) region to record the highest growing region in the Video Conferencing Market
APAC has several growing economies, such as China, Australia and Japan, which are expected to register high growth in the Video Conferencing Market. These countries have always supported and promoted industrial and technological growth. In addition, they possess a developed technological infrastructure, which is promoting the adoption of video conferencing solutions across all industry verticals. The network market in APAC is driven by the growing acceptance of cloud-based solutions, emerging technologies such as the IoT, and big data analytics and mobility.
Key and innovative vendors in Video Conferencing Market are Microsoft Corporation (Microsoft), Zoom Video Communications, Inc. (Zoom), Cisco Systems, Inc. (Cisco), Adobe Systems Incorporated (Adobe), Huawei Technologies Co. Ltd (Huawei), Avaya, Inc. (Avaya), Amazon Web Services, Inc. (AWS), Google, LLC (Google), Plantronics, Inc. (Poly), LogMeIn, Inc. (LogMeIn), Enghouse Systems Limited (Enghouse Systems), Pexip, AS (Pexip), Qumu Corporation (Qumu), Sonic Foundry Inc. (Sonic Foundry), Lifesize, Inc. (Lifesize), Kaltura Inc. (Kaltura), BlueJeans Network (BlueJeans Network), Kollective Technology, Inc. (Kollective), StarLeaf Inc. (StarLeaf), HighFive Inc. (HighFive), Logitech International SA (Logitech), Barco NV (Barco), Fuze Inc. (Fuze), Haivision Inc. (Haivision), and Premium Global Services Inc. (PGi).
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