Impact of COVID 19 on Video Conferencing Market
The Global Video Conferencing Market is estimated to grow at a CAGR of 9.2% during the forecast period 2019-2026.
The global video conferencing market is growing at substantial growth rate owing to various factors but in the current scenario the market is majorly driven by growth in remote working amidst the lockdown due to the outbreak of COVID-19 virus globally. Regional governments suggested that companies must avoid congregation of employees at one place as it increases the chances of coronavirus spread and ask to shift to remote working and meet through voice or video calls. As per the Zoom, a videoconferencing company, the company added 2.22 million monthly active users till late February 2020. Also, the company reported that it has witnessed an upsurge of 21% users since the end of the year 2019. Moreover, as per the research analyst from Report Ocean, an analysis through various secondary researches, the video conferencing market witnessed a spike in the month March of this year by recording 62 million downloads of video conferencing applications on the smart devices globally.
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Additionally, the video conferencing market is not only leveraging high benefits from corporate sectors, but social networking video apps such as Houseparty has also seek a growth in the regions amid the home quarantines and lockdown period.
Thus, the global video conferencing market is leveraging benefits and expected to continue by the end of Q3, afterwards the market is expected to see a downfall than will continue operate at stagnant growth. Although some regions such as the U.S. and parts of European region are highly tending towards remote working coupled with trend in freelancing work culture will support the market growth during the future period.
Segmentation Overview of the Global Video Conferencing Market
The global video conferencing market is segmented on the basis of Component, Deployment and End-Use segments. These market segments are further categorized into various sub-segments to study the market in detail.
The Component Segment of the Global Video Conferencing Market is Sub-Segmented into:
- Hardware
- Camera
- Microphone & Headphone
- Others
- Software
- Service
- Professional
- Managed
The Deployment Segment of the Global Video Conferencing Market is Sub-Segmented into:
- On-premise
- Cloud
The End-Use Segment of the Global Video Conferencing Market is Sub-Segmented into:
- Corporate
- Education
- Healthcare
- Government & Defence
- BFSI
- Media & Entertainment
- Others
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Geographic Overview of the Global Video Conferencing Market
On the basis of geographical segmentation, the global video conferencing market was studied across North America (U.S., Canada); Europe (Germany, UK, France); Asia Pacific (China, India, Japan); Latin America (Brazil, Mexico); Middle East & Africa. As per the analysis, the North American market is leading the global market, owing to high technology adoption and presence of well-established businesses in the region. European market is analysed to be mature in terms of fast adoption of video conferencing systems, the regions are estimated to witness high demand either for replacement or upgradation of systems.
On the other hand, the Asia-Pacific region is estimated to be the fastest growing region over the forecast period. The regional growth is based upon increasing number of service-based start-ups and growth in number of technologies in China and India are boosting the market growth.
Key Players Insights
West Corporation, Vidyo Inc., Polycom Inc., Microsoft Corporation, Logitech International S.A., Huawei Technologies Co., Ltd., Cisco Systems, Inc., Avaya Inc., Array Telepresence Inc. and Adobe Systems Inc. are some major key players included in the research study of the global video conferencing market.
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