According to a new report Global Video Conferencing Market, published by KBV research, The Global Video Conferencing Market size is expected to reach $21.8 billion by 2027, rising at a market growth of 16% CAGR during the forecast period.
The hardware segment acquired the highest market share in 2020, due to the advent of loT that enabled the swift incorporation of hardware with one other and into cloud-based software solutions. This has improved the interoperability among numerous gadgets of different companies. In addition, the increasing focus of camera manufacturers like AVer Information on the development of video conferencing cameras with new capabilities like facial recognition & artificial intelligence is estimated to propel the growth of the segment.
The on-premise segment is estimated to register remarkable growth during the forecast period. It is owing to the rising adoption of an on-premise way of deployment by big companies because of the increasing concerns related to data theft and efficient management of information security systems. There are numerous companies that are implementing the on-premise type of deployment since it enabled easy customization of software according to the customer’s business processes.
The BFSI segment procured the largest market share in 2020. It is due to the factor that the video conferencing system is an efficient communication tool and also assists in decreasing the travel and operational costs for small- & large-scale enterprises. In addition, the utilization of this technology has boosted substantially in corporate companies for real-time, long-distance communication and cost-effectiveness. In addition, it is also used for improving the productivity of many teams based in different locations. Additionally, the emergence of VoIP has enabled organizations to utilize the underlying network infrastructure, which includes leased lines for providing free communications.
Region-wise, North America emerged as a leading region of the video conferencing market due to the presence of well-established businesses & high technology adoption in this region. The U.S. and European markets are more mature in case of adoption of such systems, which are estimated to spur the demand either for upgradation or systems replacement. The huge demand for visual meetings & constant access to high-quality internet has fueled the growth of the market in the U.S.
Full Report: https://www.kbvresearch.com/video-conferencing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Microsoft Corporation, Cisco Systems, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Adobe, Inc., Google, Inc., Amazon.com, Inc., Logitech International S.A., Avaya Holdings Corporation, Plantronics, Inc. (Polycom, Inc.), and Zoom Video Communications, Inc.
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