Video Conferencing Market Worldwide Forecasts with COVID-19 Impact Analysis 2020 - At 8.6% of CAGR reaching at $12,005.7 Million of Industry Revenue by 2027

Video Conferencing market is expected to experience surge in the coming years pertaining to the rising number of SMEs across the globe. In addition, the outbreak of the COVID-19 pandemic has reflected enormous growth in demand for video conferencing solutions, pertaining to the fact that the maximum number of industries across the globe expect healthcare and defense are exercising work from home. This has led the enterprises to opt for video conference solutions intending to interact with employees and clients and ultimately gain profit, which is showcasing growth in the video conferencing market.

Video conferencing is a live video-based platform made for conducting meetings between two or more individuals in distinct locations through a video-enabled device. It enables several individuals to meet and collaborate face to face through long distance meeting by transmitting video, audio, text, and presentations in real time via internet. This is enabling the video conferencing market players to experience substantial growth in demand for their products over the years.

The businesses are observing a broad array of advantages as the companies are replacing their obsolete web or audio conferencing contracts with a modern cloud-based video conferencing solutions. Through their video conferencing solutions players, such as Zoom and Lifesize,help enhance team communications and collaborations while increasing employee engagement and reducing operating costs. These advantages are reflecting in the rise in adoption, which, in turn, is showcasing growth in the video conferencing market.

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Video Conferencing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Hardware, Software, and Services); Deployment (On-premise Cloud, and Hybrid); Industry Vertical (Corporate Enterprise, Government & Defense, Healthcare, Education, Manufacturing, and Others); and Geography

According to the new research report titled "Video Conferencing Market Forecast to 2027- COVID-19 Impact and Global Analysis", published by The Insight Partners, the market is expected to reach US$ 12,005.7million by 2027, registering a CAGR of 8.6% during 2020-2027.

The stupendous growth of global industrialization is majorly attributed to large enterprises. However, the small scale and medium scale enterprises also play a critical role in driving the industrialization trend. The developed and developing countries have been continuously witnessing the increase in number of small and medium-sized enterprises (SMEs) over the past couple of years. As the SMEs across the globe are establishing multiple offices to enhance the productivity and profit year-on-year,thedeployment of video conferencing tools is surging rapidly among the SMEs, with an objective to interact with remotely or disparately located teams. The rising demand for virtual video meeting solutions is boosting the video conferencing market growth.

The educational and healthcare sectors are maturing across developing countries and are continuously experiencing the emergence of advanced technological solutions to increase efficiency. Traditionally, these sectors used room based interaction strategies; however, with the rise in technology, these sectors are investing in virtual solutions for better performance. In recent years, several educational institutions and healthcare organizations are incorporating video conferencing tools to educate students and treat located remotely patients. This is a crucial driving force for the video conferencing market. The continuous growth of SMEs in the developing countries is anticipated to bolster the video conferencing market in the coming years. This is due to the fact that the SMEs in the IT sector relies heavily on foreign clients, and the SMEs are expected to raise the investments towards virtual discussion rooms, to offer better service to their clients. This factor would rise in adoption of audio visual over IP (AV-IP) solutions, thereby, propelling the growth of video conferencing market.

The outbreak of COVID-19 has led several countries across APAC to impose lockdown. This has led the governments, enterprises, schools to use video conferencing tools to interact with individuals. The service providers operating in the video conferencing market are experiencing tremendous demand from numerous end users, which is catalyzing the video conferencing market growth.

Industry Developments & Strategic Insights:
Product innovation strategy is commonly adopted by the video conferencing market players to grow theircustomer base, meet the growing demand, and expand their global footprints. This strategy is mostly observed in North America and Europe. The players present in the video conferencing market adopt the strategy of expansion and investment in research and development to enlarge customer base across the world, which also permits the players to maintain their brand name globally. A few recent acquisitions are listed below:

In 2019,Lifesize introduced Rooms-as-a-Service thatincludes the availability and pricing packages to help enterprises lower 20-30% of total cost of ownership in a first two years of service.

In 2019, Poly revealed broad array of video endpoints thatsimplifies video conferencing experience for the Zoom Rooms. The company has stated two new purpose-built all-in-one video bars, Poly Studio X50, and Poly Studio X30.

In 2019, Poly G7500 introduced all-in-one content and video conferencing solution

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