Video Conferencing Market to Escalate Swiftly; Rising Demand for Flexible Conference Solutions to Encourage Growth, states Fortune Business Insights™
August 14, 2020 at 07:03 AM EDT
Pune, Aug. 14, 2020 (GLOBE NEWSWIRE) -- The global video conferencing market size is predicted to reach USD 6.37 billion by 2026, exhibiting a CAGR of 9.8% during the forecast period. The rising acceptance of cloud-based applications can be critical factor enabling the growth of the market during the forecast period, states Fortune Business Insights in a 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 market size stood at USD 3.02 billion in 2018.
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The report on the video conferencing market depicts:
Rising Emphasis on Productivity and Optimization to Spur Opportunities
The rising awareness regarding the advantages of video conferencing such as time optimization, reduced cost, improved workforce productivity, and others will have a positive influence on the growth of the market during the forecast period. Numerous initiatives and efforts of organizations to implement advanced visually-driven communication systems (such as video conferencing) will bolster the healthy growth of the market during the forecast period. The adoption of high-quality advanced units such as PCs, laptops, smartphones integrated with advanced cameras, that can process information much effectively in offices will further enhance the potential of the market in the forthcoming years. For instance, advanced systems such as Microsoft Roundtable enables users to feel a part of a larger conference room. In addition, the rising focus on enhanced productivity in the workforce will drive the market in the forthcoming years.
Heavy Demand for Desktop and Hardware to Favor Growth
desktop video conferencing is predicted to witness a high growth rate during the forecast period owing to its cost-effective and flexible conference-type solutions. Desktop video conferencing involves two options, software to the client on the user desktop or a hardware codec that pairs with computer monitors. The video conferencing facility can enable user’s computer operations while pulling off a full-motion conference. The most popular ones are, desktop video conferencing solutions include- Logitech BCC950, Polycom HDX 9000 Series, and others.
Emerging Startups to Boost Market in North America
North America is predicted to hold the largest share in the global market during the forecast period owing to the increasing number of emerging startups in the region. The growing adoption of core communication technologies, such as Bluetooth, NFC, Wi-Fi, information-technology operations (Ops), and the upcoming 5G network will further enable speedy expansion of the market in the region. The rising employment of integrated video conferencing solutions by small, medium, and large enterprises in the US and Canada will aid the healthy growth of the market in North America. The presence of major companies along with strategic partnerships and collaboration to develop innovative video conferencing business units will foster the growth of the market in the region. For instance, in October 2019, Pexip AS and Kinly signed a partnership agreement to expand its product portfolio.
November 2019: Microsoft Corporation collaborated with Cisco System to enable Cisco’s Webex video devices to connect with Microsoft’s Teams meeting services in multiple ways.
October 2019: AVer Information Inc. launched All-in-One Conferencing Touch Panel with Zoom Integration.
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