Dublin, Oct. 09, 2020 (GLOBE NEWSWIRE) -- The "Video Conferencing Market By Product, End User, Deployment - Growth, Share, Opportunities & Competitive Analysis, 2015 - 2022" report has been added to ResearchAndMarkets.com's offering.

The video conferencing market worldwide accounted for revenue of US$ 5,663.3Mn in 2019. The market is projected to expand with a CAGR of 12.7% during the forecast period from 2020 to 2028.

Due to expanding globalization among the business organizations worldwide and the resulting lockdown restrictions and work from the home model due to the ongoing COVID-19 pandemic, the need for effective collaboration techniques for real-time video communication has spurred substantially.

In addition to this, organizations look for cost effective solutions that can fulfil their need seamlessly. Apart from the corporate enterprises from different industry verticals, segments such as healthcare and education are increasingly shifting towards video conferencing in order to ensure effective delivery of services for participants at their home. Thus, healthcare and education segments are expected to emerge as the most promising segments for video conferencing market in the following years.

Additionally, with growing shift towards cloud-based solutions, the market for cloud-based video conferencing solutions is estimated to expand substantially in the following years. Although issues including limited channel capacity, frequency spectrum shortage, and complexity related with the deployment resulting in increased up-front cost have somewhat marred the market growth, the advancements in wireless technology are expected to tame the impact of these challenges over the forecast period.

The revenue estimates for Government & Defense segment have been evaluated considering different types of government viz. Federal, State, and Local. The market, on the basis of the deployment model, has been evaluated considering the basic components i.e. hardware, software, and services.

In order to help strategic decision-makers, the report also includes competitive profiling of the leading video conferencing solutions vendors, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments.

Deployment Model Segmentation Analysis

In 2019, the global video conferencing market was dominated by the on-premise video conferencing deployment model with market share of over 50% of the total market revenue. The on-premise deployment model consists a complete solution including hardware and software required for video conferencing setup. This makes on-premise mode of deployment costlier as compared to the other modes of deployment. Popular hardware required for installation of video conferencing setup includes servers, network infrastructure, video screens, cameras, audio systems and other accessories.

On-premise deployment model segment is largely backed by the large corporate enterprises and government & defense segments where the consumers have high budgets coupled with high reliability requirement. Nevertheless, with growing adoption of cloud-based services across different applications worldwide, the demand for cloud-based video conferencing solutions is expected to register high growth, in terms of revenue and adoption, in the following years.

The penetration of cloud-based video conferencing solutions is majorly due to their low costs, flexibility and ease of scalability as compared to the on-premise video conferencing solutions. In addition to this, the demand for cloud-based video conferencing solutions is also supported by the increasing emergence of small and medium enterprises (SMEs) worldwide. In emerging economies such as India and China, the demand for cloud-based video conferencing solutions is expected to remain high in the following years.

End-user Segmentation Analysis

The global video conferencing market was dominated by the corporate enterprise's segment in 2019, with market share, in terms of revenue, of over 40% of the overall market. The corporate enterprise segment comprises business organizations across different industry verticals such as IT and telecommunication, banks, financial services, and insurance (BFSI), business process outsourcing (BPO) organizations, and others.

With the growing globalization of business enterprises, the need for effective video collaboration is predicted to remain strong thereby leading to the dominance of the segment throughout the forecast. Nevertheless, due to the increasing penetration of IT-based services in the healthcare industry, the healthcare segment is projected to register the highest growth in the coming years globally.

The segment is estimated to expand with a CAGR of 15.2% from 2020 to 2028. Apart from healthcare, education is another lucrative segment expected to register high growth in the global video conferencing market in the coming years. Further, segments such as government & defense and media & entertainment are expected to witness steady growth during the forecast period. This is attributed to the fair penetration of video conferencing solutions across the segments. The demand for video conferencing solutions in the government & defense segment is mainly backed by the federal governments and judiciaries in major countries worldwide.

Geography Segmentation Analysis

In 2019, the global video conferencing market was dominated by North America accounting for more than one-third of the total market revenue. The high market share in the region is in the lieu of strong penetration of video conferencing solutions across various industry verticals. North America is among the leading regions, in terms of penetration of video conferencing solutions, in the healthcare industry.

Additionally, due to high technology acceptance (especially HD services) coupled with the presence of leading companies such as Cisco Systems, Inc. and Polycom, Inc. in the region, the segment is estimated to hold its dominant position in the global market throughout the forecast period. Similarly, Europe accounts for the second-largest share, in terms of revenue, of the video conferencing market worldwide.

However, Asia Pacific is poised to register the highest growth in the global video conferencing market in the coming years. The growth is largely expected from China and India due to the high adoption rate of video conferencing solutions across various industry verticals.

Company Profiles

  • Cisco Systems, Inc.
  • Polycom, Inc.
  • Avaya, Inc.
  • ZTE Corporation
  • Zoom Video Communications, Inc.
  • Microsoft Corporation
  • Lifesize (Division of Logitech International S.A.)
  • Vidyo, Inc.
  • InterCall (West Corporation)
  • Adobe Systems, Inc.
  • BlueJeans
  • Google, LLC

For more information about this report visit https://www.researchandmarkets.com/r/c2aggv

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