Pune, July 08, 2020 (GLOBE NEWSWIRE) -- The global video conferencing market size is expected to witness exponential growth by exhibiting a CAGR of 9.8% between 2019 and 2026. This is attributable to increasing demand for seamless connectivity among enterprises and growing adoption of cloud-based services across the globe. Fortune Business Insights, in its latest 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.”, Observes that the market was worth USD 3.02 billion in 2018 and is likely to reach USD 6.37 billion till 2026.
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Video Conferencing is a modern technology that allows the users to interact with each other or hold face-to-face meetings without having a physical contact. Applications of video conferencing include negotiating business deals, holding business meetings, interviewing job candidates, and holding digital classrooms, among others. Besides, it is an effective communication tool that aids in business efficiency, accelerating and optimizing decision-making process, and reducing the company’s travel cost.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2018 and 2025. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Adoption of Cloud-based Service to Drive the Market
Today, managing multiple sites that contain complex technology puts a huge strain on IT resources. There is an immediate need of solutions that are secure, flexible, and lighting fast to gain maximum from the virtualization of business. Intuitive intelligent cloud-based video conferencing solutions have the capability to assist in solving collaboration difficulties and furnishing seamless connectivity to enhance the workforce interaction and easily manage the meeting room systems. Besides, they aid in lowering down costs and improving productivity of the business. Therefore, increasing adoption of cloud-based service by several enterprises is likely to drive the global video conferencing market in the forthcoming years.
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REGIONAL INSIGHTS
Increasing Adoption of Advanced Communication Technologies in North America to Favor Growth
Among all regions, the market in North America is expected to witness considerable growth and hold the highest global video conferencing market share during the forecast period. This is attributable to factors such as increasing adoption of modern and advanced communication technologies such as NFC, Bluetooth, Wi-Fi, and upcoming 5G technology, among others by the companies in the region. Additionally, the growing number of startups to cater to the increasing demand of the product in North America will bode well for the market growth. The market in Europe will witness steady growth in the forthcoming years. This is ascribable to factors such as growing demand for unified communication solutions in the region between 2019 and 2026.
COMPETITIVE LANDSCAPE
VideoMeet Announcing its Expansion to Bolster Growth
In July 2020, VideoMeet, an Indian free video-conferencing platform, announced its plan for expansion with an infusion of around INR 2 crore investments. Developed by the Data Ingenious Global Ltd, the app has resources that can efficiently suffice the need of over 2000 people in different type of video conferences. According to the company, the expansion is aimed providing seamless and secure video calling service to its rising user base. The companies in the market are adopting strategies such as expansion of product offering to strengthen their product portfolio and gain a major chunk of global video conferencing market in terms of revenue.
List of the Leading Companies Operating in the Video Conferencing Market are:
- Cisco Systems
- Blue Jeans Network, Inc.
- Polycom Inc. (Plantronics, Inc.)
- Adobe Systems
- Logitech International S.A.
- Microsoft Corporation
- Panasonic Corporation
- ZTE Corporation
- Huawei Technologies
- Avaya Inc.
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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
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