Video Conferencing Market Comprehensive Analysis and Future Estimations with Top Key Players
Video conferencing technology, although has been around since over two decades, became an overnight sensation after the COVID-19 outbreak. A sudden shift as a supportive communication tool to a prime necessity is driving the global video conferencing market. A new study of Fairfield Market Research tracks, and analyses the performance of market, and forecasts an exploding growth outlook for it over 2021–2026. By the end of 2026, the video conferencing market valuation is likely to reach US$21 Bn, projects the report.
Incessant adoption for corporate, educational, as well as teleconsultation communication will continue to uphold the pace of growth for the market. The market has been gaining with telemedicine emerging highly lucrative. Widening adoption of 4G, and 5G technologies is also paving the way for video conferencing market.
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Security Concerns, and Expensive Initial Deployment to Limit Market Expansion
With a majority of businesses worldwide showing greater preference for remote working model, the demand is expected to see a constant upsurge. The continuous quest for more effective enterprise communication that further supplements the demand also remains a prominent reason why video conferencing is being increasingly looked at as an equivalent solution to in-person communication.
However, high initial deployment costs of video solutions are likely to remain the key limiting factors facing market participants. Moreover, following the recent security-related instances with Zoom, concerns around data privacy and security further present longstanding challenges to unprecedented market growth.
Hardware Surges Ahead; Enterprise-based Products See a Plunge
Hardware continued dominance throughout 2020 as a result of an overnight announcement of work from home norms that accelerated adoption of different endpoints like smartphones, laptops, and desktops. Report points to a sharp decline in enterprise-based hardware as a considerably large number of businesses operating remotely since the initial pandemic period of 2020. Investments in individual hardware products is however skyrocketing, especially microphones, webcams, and speakers, for support during video communications.
While both large corporate, and small and medium enterprises have been generating notable demand for video conferencing solutions, the former naturally remain dominant with greater investments in the market. Both the types of end users however are showing preference for having long-term service agreements with vendors. The report also says that cloud-based deployment will retain higher popularity over its on-premise counterpart.
Key Market Players
Microsoft Corporation, Google LLC, Cisco Systems, Inc., Adobe Inc., Zoom Video Communications, Inc., Huawei Technologies Co., Ltd., Logitech International S.A., Avaya Inc., and Array Telepresence Inc. Top vendors are focused on subscription-based models
Smart Video Conferencing Underway
The market awaits the rise of smart video conferencing technologies that would further ensure seamless communication, enable more effective discussions, eliminating the need for any audio/visual disturbances. or distractions. Leveraging next-gen technological tools like Artificial Intelligence (AI), machine learning (ML), Internet of Things (IoT) sensors, sentiment analysis, and natural language processing (NLP) is expected to capture, and analyse the context of respective conversations, and communicate the same further. Video conferencing is thus likely to aid in having more productive, smart meetings with the help of intelligent tools in the near future.
Notable Developments in Video Conferencing Space
Zoom, after a successful IPO (2019), substantiated its position as one of the industry leaders. Inspired by Zoom, Poly recently revealed two Zoom-certified additions to its video conferencing portfolio — the Poly Studio X70, and the Poly Studio E70. Similarly, India-based Reliance also launched JioMeet as an effective, free video conferencing app. For start-ups like Bengaluru (India)-based 100ms, COVID-19 pandemic came as an opportunity to take off. The start-up was launched amid the pandemic situation considering prolonged lockdowns, and the consecutively normalising work from home culture. Recently, 100ms managed to raise US$4.5 Mn in Accel-led seed funding. The company provides video conferencing software, and infrastructure to its clients seeking integration of the video conferencing feature within their in-house applications, and websites.
Besides Zoom, platforms such as Microsoft Teams, and Cisco Webex have managed to bag hefty shares the market for corporate video conferencing worldwide. On the other hand, leading platforms for virtual events like BigMarker, GoToWebinar, HeySummit, Hopin, Airmeet, and Hubilo are also exhibiting exponential growth recently.
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