Video Conferencing Market 2020: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2027

8.6% Global CAGR for Video Conferencing Market to Achieve Us$ 12,005.7 Mn by 2027

MICROSOFT CORPORATION, LIFESIZE, ADOBE, CISCO SYSTEMS, ZOOM-PROMINENT MARKET PARTICIPANTS IN THE VIDEO CONFERENCING MARKET

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.

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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 prominent market players in the video conferencing market are Microsoft Corporation, Lifesize, Adobe, Cisco Systems, and Zoom among others for a considerable share of the market owing to their product offerings to the video conferencingmarket.

Market leaders are involved in taking up various market initiatives such as geographical expansion, product innovations by implementing advanced technologies, partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world to maintain brand name globally. For instance, in 2020, Huawei revealed Huawei IdeaHub category of videoconferencing systems. The IdeaHub is an intelligent endpoint that integrates varied functions such as multi-screen collaboration between the mobiles and PCs, FHD video conferencing, remote collaboration, Huawei Cloud WeLink service, interactive whiteboard, and built-in HD AppGallery. In respect to steps, an other initiative has been undertaken in 2019. Due to coronavirus led lockdown, Avaya together with RingCentral plans to introduce a new online collaboration tool.

The company’s Cloud Office is the new unified communication-as-a-Service (UCaaS) product provides video conferencing, voice, video calls, file sharing, messaging. These strategies help the companies to remain competitive in the video conferencing market.

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Many well-known, as well as small local companies, are present in the market to provide video conferencing equipment & solutions to the customers. The larger firms are adopting the strategy of partnership, contractual alliances to enhance their customer portfolio and expand footprint in different geographies. Some of the essential market initiatives from the industry are mentioned below:

2020
Adobe provides three months of free access to Magento commerce which includes their cloud infrastructure, launch package, Marketo Engage Training, and free AI-powered recommendations engine due to the COVID-19 crisis.
North America

2020
Zoom Phone assists local phone numbers and PSTN access with a new Metered and unlimited calling plans in Belgium, Austria, France, Denmark, Germany, Netherlands, Italy, Portugal, Sweden, Spain, and Switzerland.
Europe

2020
Cisco’s Webex has witnessed 324 million attendees in the month of March. Webex grew four times in Europe, 3.5 times in the Asia Pacific, and 2.5 times in Americas.
North America

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This release was published on openPR.