Video Conferencing Market Consumption and Revenue Forecast by Regions 2025

Posted on 2020-12-28 by researchinsights in Industrial // 0 Comments

Felton, California , USA, Dec 28, 2020 — /EPR Network/ — The global video conferencing market is estimated to attain USD 8.56 billion, by the end of 2027, and is anticipated to grow at a CAGR of 9.9% over the forecasted period, 2020 to 2027, according to a new report by Million Insights. Increasing demand for video solutions in organizations, educational institutes especially in developing countries is projected to support the market growth. In addition, the growing adoption of 4G service in mobile devices is anticipated to bolster the demand for video conferencing solutions.

In Asia Pacific, development in digital infrastructure along with rising penetration internet has increased the need for video conferencing systems. Several telecom operators offer investment for developing video conferencing infrastructure. For example, in 2018, NTT Limited has funded over USD 32.0 million in Highfive, in order to develop video conferencing solution.

Get Free PDF Sample Copy of the Report (Including Full TOC, List of Tables & Figures, Chart and Covid-19 Impact Analysis): https://www.millioninsights.com/industry-reports/global-video-conferencing-market/request-sample

COVID-19 Impact Insights

Various corporate events, trade shows, and international seminars have been canceled owing to the COVID-19 crisis initiated earlier January 2020. Thus, several companies are focusing on adopting video conferencing tools, which is expected to surge the market growth, various government agencies also are carrying out their procedures through video conferencing due to lockdown situation.

The majority of the corporate businesses are adopting Work from Home policy due to coronavirus pandemic. Thus, network analytics companies like Kentik have foreseen growth in video traffic. For example, Eighth Conference on Learning Representation was projected to be held in March 2020, but owing to COVID-19, this was scheduled in April 2020 through video conference.

However, due to COVID-19 outbreak, the market is expected to witness a decline in the demand for hardware components. Governments across Japan, China, and India have made mandatory to its service providers to lower down the video quality to reduce the strain on the network.

In addition, rising trend of online education for medicinal operations especially in countries such as Japan, U.K., U.S, China, and India is boosting the growth of video conferencing market. Moreover, various electronics industry participants such as Siemens, Koninklijke Philips N.V., are partnering with companies in the market to develop these solutions. For example, in 2017, Vidyo Inc, and Koninklijke Philips N.V., have collaborated to develop a telehealth platform called Philips IntelliSpace eCareManager for monitoring patients remotely.

In the light of COVID-19 outbreak, various governments across the globe are providing funds to companies to develop these solutions for remote operation. For example, in the U.S., Ohio Supreme Court has provided funding of around USD 4.0 million for the purchase of video solutions to high courts in April 2020. Furthermore, increasing the need for a remote workforce in hospital management is projected to positively impact on market growth.

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