Global Video Conferencing Market Insights, Size and Growth Forecast To 2027

 

Global Video Conferencing Market: Overview
Video conferencing system means two or more individuals or groups in different places, through the transmission line and multimedia equipment, the sound, image and document data are transmitted in real-time and interactive communication, to achieve remote conference system equipment. The use of video conferencing is a bit like a telephone. In addition to seeing the people you are talking with and communicating with each other, people can also see the expressions and movements so that people in different places can communicate in the same conference room.

In the future, the use of video conferencing systems will further penetrate all walks of life. At present, the use ratio of financial, energy, communications, transportation, medical, education, and other key industry institutions has also continued to increase. Video conferencing, as the most advanced communication technology at present, can achieve high-definition remote conferences and offices with the help of the internet.

Global Video Conferencing Market: Insights
The global video conferencing market size was valued at USD 6,257.9 Million in 2019 and expected to generate USD 12,139.4 Million by 2027, registering at a CAGR of 8.20%, during the forecast period (2020-2027). It is primarily attributed to factors such as video conferencing conducting meetings using telecommunication technologies and involves a real-time, two-way transmission of audio and video content. It helps in faster decision-making and eliminates travel time and associated costs. It also helps to reduce operational and management costs, subsequently improving productivity. Additionally, the surge in demand for enterprises to reduce the cost of communication is the primary factor estimated to drive the global video conferencing market in the forecast span. Moreover, the swelling globalization, coupled with organizations shifting towards conference meetings to enable faster decisions and reduce traveling hassles, will augment the global video conferencing industry in the upcoming periods.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”


The International Telecommunication Union ITU has standardized video and audio communication and compatibility technologies. In these basic protocols, the encoding formats of voice, video, and digital signals, user control modes, and other requirements are also regulated. It can use in various aspects such as network video conferencing, collaborative office, online training, telemedicine, and distance education. It can widely use in government, military, enterprise, IT, telecommunications, power, education, medical, Securities, finance, manufacturing, and other fields

The surge in demand for video conferencing within organizations to enhance interaction and collaboration among geographically dispersed teams and gradually focusing on reducing communication cost, which led to the robust growth of the video conferencing industry in the next few years. Also, the growing adoption of cloud-based solutions and the emergence of 3D technology in video conferencing solutions will propel the demand for video conferencing in the next few years. Moreover, the upsurge in the adoption of video conferencing solutions by small and medium enterprises to managing the business in the global context are key factors projected to boost the video conferencing industry in the projected period.

Meetings are an essential part of achieving efficient management of enterprises and organizations. The video conference system has outstanding advantages, such as large capacity, strong mobility, and high security. It has fully used in various meetings, including daily meetings, high-level meetings, large-scale meetings, multinational meetings, mobile meetings, etc. The recent outbreak pandemic COVID-19 has caused an explosive growth of the video conferencing market, which has suddenly made the video conferencing industry a net red profession. Teleworking and video conferencing have become the forced first choice for most companies to resume work, and the development of cloud computing has spawned a revolution in video conferencing.

Additionally, the growing trend of the mobile workforce and Bring Your Device has led to widespread adoption of cloud-based video conferencing service within organizations will accelerate the growth of global video conferencing industry in the forecast period.

The SPER market research report of the Video Conferencing market includes all integrated approaches to the growth of the market, along with an accurate & elaborate analysis of the complete competitive situation of this market on a global level. Besides the current analytical & statistical account, the report cloaks the trends market drivers, challenges, potential opportunities, which affect the market. This market report discusses the present situation to predicted trends & aspects of the growth of the Video Conferencing market. Furthermore, it gives a dynamic overview & insights related to the market at both global as well as regional scales.

About SPER Market Research:

SPER Market Research is one of the world’s most trusted market research, market intelligence, and consulting companies offering strategic research, custom research, market intelligence solutions, quantitative data collection, qualitative fieldwork, online research panel and consumer research. Headquartered in Noida city, the company has offices worldwide, and provides strategic & consulting services.

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