Global Market for Virtual Communication is Expected to Grow to Around USD 20-21 Bn by 2028

Monday 8 June 2020, Amsterdam

Communication is one of the most valued elements of any business.  Although face-to - face communication is one of the often-used forms of communication, finding common time for stakeholders to meet may be too difficult, and arranging a meeting in a major corporation with remote branches would require each individual to spend time and money in travelling. As COVID-19 started to spread all over the world in February 2020, many companies have activated no-travel and work-from-home policies for their employees. Virtual communication platforms that offer video and audio-conferencing solutions and web conferencing systems has been proven advantageous amidst the crises for companies to hold everyday meetings and coordinate with clients, customers, and employees. A major tech company “Twitter” announced on May 13, 2020 to make work from home policy permanent all even after the pandemic ends. This policy benefits employees with saving money on commute and finds more flexibility when it comes to work-life balance.

Video conferencing platforms are mainly used for cost-effective, real-time, and long-distance connectivity between teams located at different locations. Since work from home has become increasingly popular in recent years, providing an effective video conferencing platform is now more relevant than ever. Having an effective video conferencing platform will make it easier for workers to operate from home, with most businesses now having several branch offices. Video conferencing is expected to radically change the way people communicate for business across the globe.

5G technology which is yet another step-by-step update for mobile networking technology, is also an enabler for the new digital era industry 4.0. The ultra-stable low latency connectivity of 5G is supposed to make it possible to have round-trip latency in the millisecond range. This will promote the development of virtual real-time systems that enable remote physical tactile interactions. Round-trip sub-millisecond latency, along with 5G network reliability and usability, will allow a new generation of 5G tactile internet implementations.

A study conducted indicates that daily face-to-face interactions were the most effective (93%), followed by audio conference calls (90%), videoconferencing (84%) and group email messages or chat groups (79%), while internal and external social media platforms were listed by 62% and 39%, respectively. Virtual communication has grown from an alternative to a necessity for doing business. From virtual estate to automated multi-language data translation to extensive telemedicine surges, workers in various sectors use various virtual communication platforms to conduct their day-to-day conferences.

The country analysis chapter reflects upon the number of internet user and the number of internet subscribers of the top 15 countries between the year 2014 - 2018. Internet bandwidth in Kilobits per second and the percentage of information technology exports has been provided for the same. The technology indicators such as average time spent using internet daily, mobile network infrastructure, percentage of share of web traffic by different devices has been provided for the top 15 countries in the report.

The report titled “Global Virtual Communication Market” is segmented by Region, End users, and By Application. The Regional Segments are North America, Europe, APAC, Middle East, LATAM and ROW. The End User market is sub segmented as BFSI, IT & Telecommunication, Healthcare, Education and Others. The Application market is sub segmented as Videoconferencing, Audioconferencing, Web conferencing and Multimedia conferencing. The market further is forecasted for End User segment By Organization Size and By Components. For Applications, the market is further forecasted By Deployment Type and By Technical Requirements.

The total Global market for virtual communication is estimated at around USD 8-9 Billion in 2020 and the market is expected to grow to around USD 20-21 Billion by 2028. The CAGR of the market is accounted at around 5.92%. Videoconferencing market is expected to be the fastest growing market from around USD 3-4 billion in 2020 to USD 5.5-6.5 billion by 2028 at a CAGR of 7.48%. North America is expected to hold the highest share of the market and grow at a CAGR of 7.21%.

Scope:
The report “Global Virtual Communication Market” is segmented based on Region, End User, and Application. The study period is 2018- 2028 and the forecast period is 2020-2028.

Reasons to Buy:

• The report would help any new entrants into the market to identify the key trends which would impact the market during the forecast period, 2020-2028.
• The report covers all the drivers, restraint, and challenges in the virtual communication market in detailed.
• The new entrants in the market would understand the key historical demand across the countries. The country analysis section has been segmented by number of internet user, number of internet subscribers, internet bandwidth, percentage of information technology export and the technological indicators of the country.
• The key technologies that are expected to shape the market during the forecast period are covered in detailed.
• The report would help the existing players to understand the future market potential across types and Geographies.
• The sales team of virtual communication platforms manufacturers could use this report for their sales planning over the next few years and plan Region specific strategies.
• The investment bankers focused on this sector could use the report to identify hot spots in this market.