According to the new research report titled “Video Conferencing Market Forecast to 2027- COVID-19 Impact and Global Analysis”, published by The Insight Partners, the market is expected to reach US$ 12,005.7million by 2027, registering a CAGR of 8.6% during 2020–2027.

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.

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This is a crucial driving force for the video conferencing market. The continuous growth of SMEs in the developing countries is anticipated to bolster the video conferencing market in the coming years. This is due to the fact that the SMEs in the IT sector relies heavily on foreign clients, and the SMEs are expected to raise the investments towards virtual discussion rooms, to offer better service to their clients. This factor would rise in adoption of audio visual over IP (AV-IP) solutions, thereby, propelling the growth of video conferencing market.

Key findings of the study:

The key players in video conferencing market have witnessed substantial demand for their advanced products from the end users in developed countries over the years. The countries in North America and Europe, especially the US, Germany, the UK, France, and Canada, have been at the forefront to procure video conferencing solutions for a longer period.

The hybrid architecture is expected to drive the video conferencing market over the years. Hybrid architecture setup enables the organizations to maintain their existing deployment, lengthen their usage, and increase their return-on-investment (ROI) by improving the overall video system using a cloud architecture. The demand for hybrid video conferencing solutions is expected to increase among the larger enterprises that use on-premise solutions.

Countries such as China, Japan, South Korea, India, Taiwan, and Singapore are technologically advancing by hosting numerous large enterprises and SMEs year-on-year. Traditionally, the enterprises in these countries use virtual private network (VPN) to interact among teams or clients. With the evolution of video conferencing tools, the majority of large enterprises and several SMEs are switching to advanced solutions.

The prominent marketplayers in the video conferencingmarket are Microsoft Corporation, Lifesize, Adobe, Cisco Systems, and Zoom among others for a considerable share of the market owing to their product offerings to the video conferencingmarket.

Market leaders are involved in taking up various market initiatives such as geographical expansion, product innovations by implementing advanced technologies, partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world to maintain brand name globally. For instance, in 2020, Huawei revealed Huawei IdeaHub category of videoconferencing systems.

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