Factors such as favorable environment for collaborations, and rising focus on organizing and simplifying meeting experiences as well as on the rapid sharing of information are the major aspects boosting the video conferencing market growth. The increasingly popularizing concept of flexible working creates more dynamic, engaging, and productive work environments for catalyzing the growth of the video conferencing market. The presence of a high number of corporate, education, healthcare, financial services, manufacturing, government, and public sectors in North America, Europe, and APAC would eventually accelerate the use of video conferencing equipment and apps, thereby bolstering the video conferencing market in the coming years. In addition, the availability of ideal internet infrastructure and resources in the US, India, the UK, and China, among others, is another factor that encourages the use of video conferencing solutions. There has been an increase in search volumes for the video conferencing and office meetings over the past few years. Also, the concept of bring-your-own-devices (BYOD) is growing in the education sector, which enables the institutes from remote locations to train students. The increasing adoption of video training and conferencing solutions in the education sector is boosting the growth of the video conferencing market.
The countries in APAC are the fastest-growing economies in the world. The rate of industrialization in APAC is stupendous, and it is expected to continue in coming years. Several large enterprises in the region are expanding their business across APAC, leading the industrialization at a prime rate. Additionally, emerging SMEs with higher capital investments are expected to boost the adoption of video conferencing tools. Thus, considering the growth prospect of large enterprises and SMEs in the region, the video conferencing market players in the region are anticipated to witness a significant demand.
The video conferencing market has segmented on the basis of type, deployment, industry, and geography. Based on type, the hardware segment dominated the global video conferencing market in 2019. ZTE Corporation, Polycom, and Lifesize are among the companies involved in offering camera, mic, and others.
Several key players operating in the global video conferencing market include Adobe Systems Inc., Zoom, Avaya Inc., Cisco Systems Inc., Google LLC, Huawei Technologies, Ltd., Lifesize Inc., Microsoft Corporation, Polycom Inc., and ZTE Corporation. Several other players are also operating in the global video conferencing market, and are contributing substantial revenues toward the growth of market.
The overall size of the global video conferencing market has been derived using primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global video conferencing market. It also provides an overview and forecast for the video conferencing market based on all segmentations provided for global regions. Additionally, primary interviews were conducted with industry participants and commentators to validate and analyze the data. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the video conferencing market.
The outbreak of COVID-19 has led several countries across APAC to impose lockdown. This has led the governments, enterprises, schools to use video conferencing tools to interact with individuals. The service providers operating in the video conferencing market are experiencing tremendous demand from numerous end users, which is catalyzing the growth of the video conferencing market.