The global video conferencing market size is expected to reach USD 6.37 billion by 2026, exhibiting a CAGR of 9.8% during the forecast period. Increasing adoption of cloud applications in conferencing as many organizations are developing video conferencing based on cloud to offer invitations to other users without any specific device upgrade or plug-ins. This is one of the vital factors in boosting the video conferencing market share during the forecast period. Furthermore, globalization has also created growth opportunities and aided the growth of the market. According to the United Nations survey rapid economic growth in many countries and regions, has helped the world GDP grow from around 50 trillion USD in 2000 to 75 trillion USD in 2016. In addition, the fast-moving development and advancement of new technologies will favor healthy growth of the market.
According to the report, published by Fortune Business Insight 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. The report offers essential insights into all the prevailing trends of the video conferencing market size. It shares an all-encompassing synopsis of all the segments and provides analytical statistics on the different regions of the market. It is created after extensive research followed by complete analysis to support companies, stakeholders, financers and potential investors. It is designed with an aim to provide a vibrant illustration of the market size. In addition, it also includes the latest advancement and development, product launches, acquisitions, collaborations & partnerships, and others.
Launch of Logitech Tap by Logitech will Augment Healthy Growth
Logitech, an American-Swiss provider of the personal computer and mobile peripherals launched Logitech Tap, a touch-control display which features a 10.1-inch touchscreen, an HDMI port for local content sharing, physically secured cabling, and multiple mounting options for a variety of meeting room layouts. Logitech partnered with Google, Microsoft, and Zoom to create a range of bundled solutions, mainly available from resellers and AV integrators. The launch of the Logitech tap will promote the video conferencing market growth owing to its facilities, AV, and communications & collaboration systems. Furthermore, the advantages of video conferencing solutions such as reduced cost, improved workforce productivity and time optimization of business will fuel demand among organizations. In addition, increasing demand for the visually-driven communication system (such as video conferencing) will facilitate the growth of the market.
Strategic Partnership and Collaboration will Create Business Opportunities in North America
Geographically, the market is categorized into five North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Asia Pacific was valued at USD 0.91 billion in 2018 and is expected to grow rapidly during the forecast period. The increasing mergers between key players for the launch of advanced video conferencing products will enable growth in the Asia Pacific. The market is expected to flourish in countries such as India and Korea owing to the increasing investment by government and foreign investors. North America witnessed significant growth in 2018 and is predicted to grow at a high rate during the forecast period. The increasing focus of companies towards strategic partnership and collaboration with other players to develop innovative products will create lucrative opportunities for the market in North America. For instance, in October 2019, Pexip AS and Kinly completed the partnership to expand their enterprise. This partnership will ensure better availability of their Pexip offering across all the regions.
The market in Europe to expand rapidy, the growth in the region is witnessed due to the increasing development activities by major companies in countries, such as U.K., Germany, France, and others. The rising demand for unified communication solutions in the region will augur healthy for the market. The video conferencing market growth in MEA and Latin America is expected to grow steadily owing to the fewer initiatives and investments done by government and local players.
Some of the Major Companies in the Global 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.