According to the new research report published by The Insight Partners, titled “Video Conferencing Market to 2027 – Global Analysis and Forecast – by Type, Deployment, Industry Vertical” the market is expected to reach US$ 1577.6 Million by 2027 from US$ 464.7 Million in 2019. The market is estimated to grow with a CAGR of 16.9% from 2020 to 2027.
The stupendous growth of global industrialization is majorly attributed to large enterprises. However, the small scale and medium scale enterprises also play a critical role in driving industrialization. The developed and developing countries have been continuously witnessing an increase in the number of small and medium enterprises (SMEs) over the past couple of years. As the SMEs across the globe are establishing multiple offices to enhance the productivity and profit year-on-year,the deployment of video conferencing tools is surging rapidly among the SMEs, with an objective to interact with remotely or disparately located teams. The rising demand for virtual video meeting solutions is boosting the growth of the video conferencing market.
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The educational and healthcare sectors are maturing across developing countries and are continuously experiencing the emergence of advanced technological solutions to increase efficiency. Traditionally, these sectors used room based interaction strategies; however, with the rise in technology, these sectors are investing in virtual solutions for better performance. In recent years, several educational institutions and healthcare organizations are incorporating video conferencing tools to educate students and treat located remotely patients. This is a crucial driving force for the video conferencing market.
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The video conferencing market is segmented on the basis of type, deployment, industry vertical, and geography. The type segment comprises hardware, software, and services. The deployment segment in the video conferencing market is classified as on-premise, cloud, and hybrid. The video conferencing solutions are prominent among industry verticals such as corporate enterprise, government & defense, healthcare, education, manufacturing, and others. The video conferencing market is categorized on the basis of five strategic regions—North America, Europe, APAC, MEA, and SAM.
Adobe Systems Inc., Zoom Video Communication, Inc., Avaya Inc., Cisco Systems Inc., Google LLC, Huawei Technologies, Ltd., Lifesize Inc., Microsoft Corporation, Polycom Inc., and ZTE Corporation are among the players operating in the video conferencing market. Several other players are also operating in the global video conferencing market and are contributing substantial revenues toward the growth of market.
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