SELBYVILLE, Del., May 19, 2020 /PRNewswire/ -- According to the latest report "Video Conferencing Market by Component (Hardware [Multipoint Control Unit, Codecs, Peripheral Devices], Software [On-premise, Cloud], Service [Professional, Managed]), Type (Room-Based, Telepresence, Desktop), Application (Corporate Enterprise, Education, Government, Healthcare), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of video conferencing will reach $50 billion by 2026. Growing adoption of video conferencing technology by healthcare institutions for remotely conducting post-discharge programs and specialist consultation will boost the market demand.
The proliferation of chronic diseases, an aging population, and financial concerns has initiated the demand for solutions that can enhance care and reduce costs. It enables healthcare service providers to reach out and serve more patients that are in remote locations or who are immobile to visit health care facilities. In addition, the technology has provided opportunities for remote treatment and improved collaboration between doctors, students, patients, and other affiliated parties.
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The hardware segment in the video conferencing market will witness a rapid growth. The adoption of codecs has enabled enterprises to facilitate encoding and decoding of massive amounts of audio & visual information. Businesses have shifted from traditional H.261 standard to advanced video conferencing codecs, such as H.264, RTV, and VP8/9. The adoption of H.265 video compression codec has provided 50% storage reduction with greater precision and less residual errors. The advent of 5G and updated video codecs has allowed businesses to access immersive video in the current landscape. Vendors are offering high-quality codecs that users can access virtually from any device.
The room-based system is anticipated to gain significant video conferencing market share over the forecast period. Traditional video meeting rooms are rapidly being replaced by huddle and smaller spaces. Huddle rooms are small conference areas and workplaces that can accommodate up to six participants. The adoption of video conferencing in huddle rooms is led by the ongoing workplace transformation and high use of software-based communications. These small rooms are equipped with high-quality video, audio, and display technologies, providing a productive environment for workers.
Solutions, such as Skype for Business, Cisco WebEx, and Zoom, are increasingly implemented by corporate campuses to help the workforce engage, learn, and collaborate. The emergence of the COVID-19 pandemic has resulted in the rapid adoption of video conferencing technology among multinational enterprises across the globe. The solution has helped enterprises to maintain business continuity while containing the spread of the virus.
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Europe's video conferencing market is expected to witness a lucrative growth in the coming years due to developed internet infrastructure, coupled with increased adoption of advanced technologies, such as AI, 3D, and VR, by European business corporations. The region has a faster broadband connection where Sweden, Denmark, and Luxembourg are the leaders with an average speed of above 40.1Mbps. The European Commission initiative of the Europe 2020 strategy for smart, sustainable, and inclusive growth focuses on providing fast and ultra-fast broadband infrastructure. In addition, the increasing number of COVID-19 cases is one of the significant factors boosting video conferencing adoption.
Some of the leading market players are Zoom Video Communication Inc., Adobe Systems Inc., Huawei Technologies Co. Ltd., Avaya Inc., Citrix Systems Inc., BlueJeans Network, Fuze Inc., Cisco Systems, Inc., KOLLECTIVE, Google Inc., LogMeIn Inc., Microsoft Corporation, MediaPlatform, Polycom Inc., Lifesize Inc., Highfive, ReadyTalk, Pexip, Premiere Global Services Inc., Vidyo Inc., uStudio Inc., and Vbrick.
Some major findings of the video conferencing market report include:
- With the dynamically changing technology landscape in the education sector, many educational institutes are focusing on leveraging video conferencing to improve students' learning, engagement and enhancing their communication and academics.
- Innovation of AI-enabled video conferencing has dramatically improved the user experience by automating time-consuming collaboration tasks.
- Corporate enterprises are increasingly shifting toward video conferencing amid the COVID-19 pandemic.
- Telepresence is expected to witness high adoption in the video conferencing market due to its benefits of providing a realistic way of interaction between participants.
- The rising penetration of cloud-based and 3D video conferencing technologies is helping in improving encryption and password protection in business environments.
Table of Contents (ToC) of the report:
Chapter 3. Video Conferencing Market Insights
3.2. Industry segmentation
3.3. Industry landscape, 2016 – 2026
3.4. Impact analysis of coronavirus (COVID-19) pandemic
3.4.1. Global outlook
3.4.2. Regional outlook
188.8.131.52. North America
184.108.40.206. Asia Pacific
220.127.116.11. Latin America
3.4.3. Industry value chain
18.104.22.168. Video conferencing providers
22.214.171.124. Marketing & distribution channel
3.4.4. Competitive landscape
126.96.36.199. Distribution network
188.8.131.52. Business growth
3.5. Industry ecosystem analysis
3.6. Architecture analysis
3.6.1. Mixing based
3.6.2. Multiplexing based
3.6.3. Scalable video coding based
3.7. Industry evolution
3.7.1. Business model
3.7.2. Infrastructure as a software
3.7.3. Infrastructure as a cloud service
3.7.4. Business model adjustment
3.8. Technological & innovation landscape
3.8.2. Virtual reality
3.8.4. Artificial intelligence
3.8.5. Advanced video compression formats
3.9. Standards & protocols
3.9.1. Transport protocols
3.9.2. Network infrastructure and devices
3.9.3. Integrated Digital Services Network (ISDN)
3.9.4. LAN, WAN, VPN, and Intranet
3.9.5. Video standards
3.9.6. Audio standards
3.9.7. Data and control standards
3.9.8. NAT/Firewall Traversal
3.10. Industry impact forces
3.10.1. Growth drivers
3.10.2. Industry pitfalls & challenges
3.11. Growth potential analysis
3.12. Porter's analysis
3.12.1. Threat of new entrants
3.12.2. Threat of substitutes
3.12.3. Bargaining power of buyer
3.12.4. Bargaining power of supplier
3.12.5. Industry rivalry
3.13. PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Global Video Conferencing Market growth predicted at 19% till 2026: GMI
Europe's video conferencing market is expected to witness a lucrative growth in the coming years due to developed internet infrastructure, coupled with increased adoption of advanced technologies, such as AI, 3D, and VR, by European business corporations.
SOURCE Global Market Insights, Inc.