Pune, May 18, 2020 (GLOBE NEWSWIRE) -- The global video conferencing market size is projected to reach USD 6.37 billion by 2026, exhibiting a CAGR of 9.8% during the forecast period. High uncertainty created by the exponential spread of the COVID-19 infection will create unique opportunities in this market, states Fortune Business Insights™ in its report, titled “Video Conferencing Market Size, Share & Industry Analysis, By Type (Telepresence, Integrated, Desktop and Service-based), By Application (Small Room, Huddle Rooms, Middle Rooms, and Large Rooms), By Enterprise Size (Small and Medium Enterprises and Large Enterprises), and Regional Forecast, 2019-2026”. The rapid spread of the coronavirus across the globe has generated fear and anxiety among people regarding their health. Nations have gone under lockdown to contain transmission of the infection, forcing companies to make arrangements for their employees to work remotely. This, therefore, presents an opportune moment for this market as teleconferencing tools are being seen as the only viable solution to this precarious situation. Apps such as Google Classroom and Microsoft Teams have suddenly become center of attention in the corporate world, while Zoom has witnessed exponential rise in its uptake among businesses. As Facebook CEO Mark Zuckerberg rightly pointed out in an interview, the trend of video conferencing is likely to accelerated during these troubled times.

As per the report, the market value stood at USD 3.02 billion in 2018. Apart from this, the report also shares the following:

  • Comprehensive insights into the factors and trends fueling the market growth;
  • Panoramic study of the overall industry outlook;
  • Detailed assessment of the regional developments and competitive dynamics of the market; and
  • In-depth analysis of the individual market segments.

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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Market Restraint

Threats to User Privacy May Stymie Market Growth

The sudden surge in the adoption of virtual meeting applications such as Zoom owing to the coronavirus pandemic has been undercut by the security and privacy concerns among users regarding these apps. For example, just as Zoom’s popularity skyrocketed around April 2020, many security experts and organizations such as the US Federal Bureau of Investigation (FBI) found that the application’s default mode settings were not strong enough to ward off a cyber-attack. With a wide range of entities, including government bodies, using Zoom for teleconferencing purposes, security concerns such as those raised by the FBI are justified. In March 2020, similar concerns were voiced through a report on the technology website ‘The Verge’, which noted that Microsoft Teams and Google Meet reserve the right to access information individuals share on their platforms through calls, texts, and emails. Thus, the privacy-breaching mechanisms embedded within these tools may deter consumers and companies from utilizing them and hinder the video conferencing market growth in the process.

Regional Analysis

Robust Telecommunications Infrastructure to Augment Market Growth in North America

Among regions, North America is anticipated to lead the video conferencing market share during the forecast period owing to the strong IT infrastructure in the region. Furthermore, governments in the region are strengthening their existing network connectivity system through heavy investments in next-gen technologies such as 5G and Artificial Intelligence (AI). This has also created a highly dynamic atmosphere for companies to innovate, which bodes well for this market.

Asia-Pacific generated USD 0.91 billion in revenue in 2018 and the market here is expected to grow at a prolific rate, mainly on account of increasing digitization across industries and active uptake of video conferencing solutions by businesses in the region. In Europe, the market is predicted to perform impressively as a result of growing preference for unified communication technologies by companies in the region.

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Competitive Landscape

Improving User-friendliness of Apps by Players to Fuel Competition

Key players in this market are designing and upgrading their offerings to make them as user-friendly as possible, since people of all ages and backgrounds are utilizing them for various purposes. Moreover, these companies are providing full and free access to their video conferencing products to ensure stable communication among people during this pandemic phase.

Industry Developments:

  • April 2020: Google announced that its teleconferencing platform, Google Meet, will be available to the public for free from May onwards. The company said that any individual with an email address can simply sign up and benefit from its services. The platform is extremely easy to use and ideal for virtual meetings, having features such as screen-sharing and scheduling of meets.  

  • November 2019: Cisco and Microsoft announced that they will be collaborating to enable Cisco’s Webex devices to connect and function on Microsoft’s Teams platform through multiple means. The idea behind this partnership is to deliver enhanced user experience and elevate productivity and efficiency of digital workspaces.

List of Top Companies Covered in the Video Conferencing Market Report:

  • Avaya Inc.
  • ZTE Corporation
  • Microsoft Corporation
  • Adobe Systems
  • Blue Jeans Network, Inc.
  • Huawei Technologies
  • Panasonic Corporation
  • Logitech International S.A.
  • Polycom Inc. (Plantronics, Inc.)
  • Cisco Systems

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Video Conferencing Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100293

Detailed Table of Content

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Drivers, Restraints and Opportunities
    • Emerging Trends
  • Key Insights
    • Macro and Micro Economic Indicators
    • Consolidated SWOT Analysis of Key Players
  • Global Video Conferencing Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis, Insights, and Forecast – By Type
      • Telepresence
      • Integrated
      • Desktop
      • Service-based
    • Market Analysis, Insights, and Forecast – By Applications
      • Small Room
      • Huddle Rooms
      • Middle Rooms
      • Large Rooms
    • Market Analysis, Insights, and Forecast – By Enterprises Size
      • Small and Medium Enterprises
      • Large Enterprises
    • Market Analysis, Insights, and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America

TOC Continued..

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Read Press Release: https://www.fortunebusinessinsights.com/press-release/video-conferencing-market-9425