Video conferencing enables the people to communicate via audio and video, even when they are distances apart whether in kilometer or miles. People can connect even when they are 10000 miles apart, or leaving in different countries can communicate using the video conferencing app or software.
The value of video conferencing market was at USD 3.69 billion in 2019, and it is growing at the Compound Annual Growth Rate (CAGR) of 9.9% in the forecast period of 2020-2027 and it will cross USD 50 billion by the 2027.
During the days of COVID – 19, school and colleges are taking their classes online using video conferencing software and mobile apps. Companies are following the norm of social distancing and allowed their employees to work from home. Also, they conduct meeting via video conferencing software, so that they can see and hear each other. All these parameters are also affecting the market of video conferencing in the positive ways.
Various big companies like IBM, SAP, and SE are using these kinds of tools to provide training to their employees. IBM cooperation is using CISCO Systems, to provide the trainings to their employees, no matter what, where are they in the globe. Other companies are also using video conferencing as a technological solution to enhance interaction and collaboration among geographically dispersed teams.
It also offers various technological services in the field of healthcare also. In healthcare sector robots provides virtual remote presence, enabling doctors to assist their patients, even if they are located at remote location.
The advancement of 4G and 5G at reasonable prices has brought video conferencing that can be used by everyone. In 2019, Ericcson and Qualcomm Incorporated had created the first-ever live 5G video conference in India. Because of 5G technology, high-speed network speed, and bandwidth supports high-quality video conferences.
The corporate sector leads the Video conferencing market by using it is an effective communication tool that can be done by sitting at distance. The technology is mainly used for cost-effective, real-time, and long-distance communication.
Moreover, the increase in the use of cloud-based solutions to the use of VR (virtual reality) in video conferencing techniques are having an impact on the video conferencing market. The benefits of cloud models with video conferencing are such as cost-effectiveness, scalability, and flexibility.
The top five players of video conferencing markets are – Adobe Systems Inc, Plantronics, Inc, Avaya Inc, Cisco Systems Inc, Microsoft Corporation and among others.
North America is leading the video conferencing market with the well-established businesses and high technology present in the region. As the U.S. and European markets are mature in terms of the adoption of these systems. Asia Pacific is the fastest-growing region over the forecast period because of the increasing technology and service-based start-ups in India and China.