Published by Uma Rajagopal
Posted on February 21, 2022
The vendors operating in the global video conferencing market are at an important juncture on their journey to attaining fruition. The growth of the global video conferencing market is largely driven by the adoption of virtual platforms for communication, especially across the massive corporate sector. The emergence of remote working models across businesses and industries is generating palpable demand for video conferencing platforms that are user-friendly and offer a premium user-experience. For this reason, several technology giants have invested towards developing highly functional video conferencing platforms. Google Meet, the lauded video meeting platform by Google, is a sound example of investments made by global companies in developing video conferencing technologies.
Fairfield Market Research estimates that the total value of the global video conferencing market would touch a value of US$ 21,907.2 Mn by the end of 2026, rising from a net worth of US$ 9,790.2 Mn in 2021. The proclivity of the corporate sector towards developing remote workflows that cut-down on operational costs has given a thrust to market growth.
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Telemedicine Makes its Way across the Video Conferencing Turf
Until a decade ago, the concept of telemedicine was restricted to online prescription of medication. However, with rapid advancements in eHealth systems and a general acceptance towards remote health checkups, telemedicine has taken a more sophisticated route. The growing popularity of telemedicine has created headways for growth across the video conferencing market. There is stellar demand for high-quality video conferencing technologies that can ensure seamless communication for teleradiology or even telesurgery. This is an important dynamic of growth that shall power sales within the video conferencing market.
Cloud-Based Deployment of Video Conferencing Technologies to Gain Momentum
The onslaught of the COVID-19 pandemic forced companies to adopt remote models of work. Initially adopted as a crisis-communication and business continuity strategy, cloud deployment of video conferencing technologies has boded well for companies. These companies have witnessed a stupendous potential of savings through these technologies. It is found that cloud-based deployment will be the fastest growing segment within the videoconferencing market, growing at an astral CAGR of 17.4% between 2021 and 2026.
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Asia Pacific to Emerge as the Leading Regional Segment
The large population in India and China, with a growing percentage of people in white-collar jobs, has created humongous opportunities for growth within the video conferencing market. Furthermore, a formidable presence of IT giants in the region has also enabled the inflow of fresh revenues into the Asia Pacific video conferencing market. The availability of high-speed internet, powered by telecommunication giants such as India’s Reliance Jio Infocomm Limited, has impelled growth within the market. Other markets such as Europe and North America are also expanding alongside advancements in ICT infrastructure in these regions.
Some of the leading market players existing in the global video conferencing market are Cisco Systems, Inc., Microsoft Corporation, Huawei Technologies Co. Ltd., and Zoom Video Communications, Inc. These vendors are expected to invest towards improving their video platform offerings in order to attract a larger consumer base in the times to follow.
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