Nation-wide Innovation Programs Fuel Advancements in Video Conferencing Amidst COVID-19 Crisis

Due to the worldwide spread of the COVID-19 (coronavirus), many companies are now relying on video conferencing to carry out their routine business practices. The popular ‘work from home’ policy in several companies has led to the unprecedented rise in the usage of video conferencing. As such, ZOOM Cloud Meetings— a free HD meeting app, was becoming popular among users until it was reported for various security issues in the video conferencing market. Hence, the Ministry of Electronics and Information Technology (MeitY) in India recently announced the ‘Innovation Challenge for Development of a Video Conferencing (VC) Solution’ under the Digital India Program.

Security issues associated with the ZOOM Cloud Meetings app has led to the introduction of alternative video conferencing apps, especially in India. India is one of the leading economies in Asia Pacific and contributing to the overall revenue growth of the region, which is estimated to take a leap from 19% market share in 2020 to ~24% by 2030 of the video conferencing market.

video conferencing market infographic

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Software Innovations Help Users to Maximize Image and Call Quality

Companies in the video conferencing market are tapping opportunities in software innovations to capitalize on value-grab opportunities. For instance, GoToMeeting— a standalone web conferencing service provided by software company LogMeIn, Inc., is a mobile-friendly video conferencing solution that also offers screensharing features. As such, the revenue of software is projected for exponential growth in the video conferencing market, where the market is slated to reach a value of ~US$ 16 Bn by the end of 2030.

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Mobile friendliness has become one of the key aspects for innovation in the market for video conferencing. Companies are increasing efforts to offer settings that help users maximize call and image quality. On the other hand, browser-based video conferencing solutions are acquiring prominence in small enterprises. These solutions are being leveraged with add-ons, such as meeting analysis, premium customer support, and end-to-end encryption to lure end users. Moreover, browser-based conferencing solutions are eliminating the need for downloading additional software for users.

Cloud-based Solutions Acquire Prominence in Small Companies Due to Cost Efficiency

The growing startup culture is increasingly adopting cloud-based video conferencing solutions, owing to its cost efficiency. Several companies are reluctant to invest in conventional workplace setups and infrastructures, which is why video conferencing is gaining increased demand among startups. More number of workers prefer to work remotely and opt for meetings through mobile devices. This trend has significantly reduced costs associated with business travel and increased productivity levels in companies. Owing to these factors, the video conferencing market is predicted to register a CAGR of ~9% throughout the forecast period.

Switching to cloud-based video conferencing is easy and involves minimal investments of time and money. Hence, companies in the video conferencing market are increasing their efficacy in easy-to-use cloud conferencing solutions to meet user demands. For instance, BlueJeans is an interoperable cloud-based video conferencing service with a live and interactive webcast that helps users to host larger events.

Video Conferencing for Post-discharge Programs a Game Changer in Healthcare Industry

Companies in the video conferencing market are gauging strong business potentials in the healthcare sector of Europe. This is evident since the revenue of the healthcare end-use industry is projected for aggressive growth during the forecast period. Clinics offering video conferencing for post-discharge programs is the logical next step in the video conferencing market.

On the other hand, the concept of video conferencing services is anticipated to create incremental opportunities for companies in the market landscape. For instance, whyGo— a provider of video conference rooms is increasing efforts to help individuals book public video conferencing facilities as easy as booking flight tickets. Companies in the market landscape are increasing the availability of private rooms worldwide by offering round the clock services. Thus, 24/7 video conferencing services are being extended to the field of education, research, business, and the likes.

video conferencing market segmentation

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Analysts’ Viewpoint

Apart from business and healthcare, video conferencing is penetrating in government institutions amidst the COVID-19 outbreak and played an instrumental role for the Prime Minister of India to determine the future course with state ministers for the ongoing lockdown period.

Europe is gaining market attention for opportunities in the healthcare industry. However, stringent regulatory environments create a barrier for vendors with issues involving cost, security, and privacy of patient information. Hence, companies in the video conferencing market should increase their efficacy in successful pilot programs to keep the adoption rates of video conferencing services high in Europe’s healthcare ecosystem.

Video Conferencing Market: Overview

  • The global video conferencing market was valued at ~US$ 6 Bn in 2019 and is expected to expand at a CAGR of ~9% from 2020 to 2030, reaching US$ ~16 Bn by the end of the forecast period
  • According to the report, the global video conferencing market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region expected to grow at a higher rate during the forecast period.
  • All businesses are affected by the increasing lockdown situation due to COVID-9. Hence, the demand for video conferencing solutions is expected to increase with the adoption of the work from home model across all technical companies.

Managing Outsourced Businesses in Global Context Driving Video Conferencing Market

  • Managing outsourced businesses in the global context is a major factor, which is expected to fuel the growth of the video conferencing market across the globe. Companies from various verticals seek to operate from multiple offices in different regions of the world due to increasing globalization, to leverage benefits of local infrastructure, availability of expertise, and reduction in material procurement costs.
  • Organizations need to constantly maintain communication between headquarters and other offices located remotely to ensure smooth functioning of numerous offices across the world. Business outsourcing has experienced steep growth in the past decades. At present, many business owners are willing to adopt video conferencing solutions in order to enhance their business productivity as well as to foster real-time, face-to-face interaction anytime anywhere around the globe.
  • By adopting video solutions, organizations encourage their employees to access data, discuss projects, exchange ideas, and solve problems. Thus, the increasing need to reduce operational costs and time associated with travelling to such locations has led to a rise in demand for video conferencing solutions.

Video Conferencing Market: Segmentation

  • The report offers detailed segmentation based on component and end-use industry. In terms of component, hardware held a higher market share in 2019, contributing the highest revenue in the market. This segment is expected to rise at a steady CAGR during the forecast period 2020 to 2030.
  • High-priced end-points, including high definition (HD) displays, cameras, and microphones and dedicated video conferencing networks, have contributed to a huge proportion of the overall video conferencing market revenue. The software segment is predicted to rise at a significant CAGR during the forecast period. The CAGR of the software segment is high, owing to growing demand for cloud-based video conferencing solutions across the world. The shift toward cloud-based video conferencing solutions is currently low; however, it is expected to surge substantially in the coming years.
  • The services segment is also expected to witness high growth during the forecast period due to growing trend among organizations to ensure the availability of video conferencing services without the need to employ and maintain a permanent in-house technical team for the purpose
  • Based on end-use industries covered in the report, the corporate enterprise sector was the topmost revenue generating segment which contributed majority of the global revenue in the video conferencing market. This is the result of unceasingly growing number of multinational companies (MNCs) around the globe; globalization of the supply chain has also led to a rise in need for effective long-distance communication.
  • On the other hand, the healthcare sector is predicted to rise during the forecast period from 2020 to 2030. By using video conferencing, a hospital can avoid the transfer of a patient who needs specialized ongoing care. It also improves the delivery of treatment as doctors in other locations can speak directly with those administering care, as well as make clinical diagnoses and consult with patients.
  • The government & defense sector is expected to contribute significantly to the overall video conferencing market due to increasing impact of COVID-19 on government work. Governments are expected to adopt video conferencing to connect with different government offices to increase production and operation during the lockdown condition in 2020.

Video Conferencing Market: Competition Dynamics

  • The global video conferencing market comprises large as well as mid-sized manufacturers and suppliers. The vendors in the video conferencing market are currently focusing on introducing advanced software and integrating new capabilities within the software to enable video conferencing across company boundaries, and meet the need to manage video delivery and quality. Moreover, vendors are adopting partnership and acquisition strategies to proficiently compete in the regional market.
  • Some of the significant players in the global video conferencing market include 
    • Adobe Systems Incorporated.
    • Atlassian Corporation Plc.
    • Cisco Systems, Inc.
    • Fuze, Inc.
    • Huawei Technologies Co., Ltd.
    • JOYCE CR, S.R.O.
    • Logitech International S.A.
    • LogMeIn, Inc.
    • Microsoft Corporation
    • Orange Business Services
    • Polycom, Inc.
    • Vidyo, Inc.
    • Visual Systems Group, Inc. (VSGi)
    • West Corporation
    • ZTE Corporation.

Video Conferencing Market - Scope of the Report

A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global video conferencing market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the video conferencing market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the video conferencing market will progress during the forecast period 2020-2027.

The report offers intricate dynamics about the different aspects of the video conferencing market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the video conferencing market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the video conferencing market, and estimate statistics related to the market progress in terms of value (US$ Mn).

The study covers a detailed segmentation of the video conferencing market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the video conferencing market, wherein various developments, expansion, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on the Video Conferencing Market

The report provides detailed information about the video conferencing market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the video conferencing industry, so as to help them make successful strategies and take target-driven decisions.

  • How are key market players successfully earning revenue out of the advantages of video conferencing?
  • What are the various trends in the global video conferencing market across the world and key market opportunities?
  • What will be the revenue share of global video conferencing market in different component type including hardware, software and services?
  • What will be the Y-o-Y growth of the video conferencing market between 2020 and 2027?
  • What are the competitive strategies of the key players operating in Brazil, Mexico, U.S. and the global market
  • Which end-use industry is expected to generate maximum revenue in video conferencing during the forecast period?

Research Methodology – Video Conferencing Market

The research methodology adopted by analysts for combining the video conferencing market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the video conferencing market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the video conferencing market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the video conferencing market.

Video Conferencing Market – Segmentation

TMR’s research study assesses the video conferencing market on the basis of by component and end-use industry. By component type, global video conferencing market is categorized into hardware, software and services. Among these components, hardware component is further segmented into camera, codec, Microphone/Speaker/speakers and others. Software segment is further classified into on-premise and cloud-based. Furthermore, services segment is further cross-segmented into managed/outsourced and others. Based on end-use industry, the global video conferencing market segment is categorized into corporate enterprise, healthcare, government and defense, education and others. Revenue data is estimated for all above mentioned segments.

Component

  • Hardware
    • Camera
    • Codec
    • Microphone/Speaker
    • Others
  • Software
    • On-premise
    • Cloud-based
  • Services
    • Managed/Outsourced
    • Others

End-use Industry

  • Corporate Enterprise
  • Healthcare
  • Government
  • Education
  • Others

Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea

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Video Conferencing Market

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