Global Video Conferencing Services Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

Global Video Conferencing Services Market Overview :

“The global Video Conferencing Services Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Video conferencing refers to visual connection between two or more people distributed geographically through the Internet network to transmit audio and video data for the purpose of communication and collaboration in real-time.

It is one of the most sophisticated models of transmission of full-motion video images and high-quality audio between multiple locations.

An increasing number of internal meetings, sales and marketing, project management, and R&D meetings between employees scattered at diverse locations is one of the major factors driving the growth of the global video conferencing services market, since the technology enables various functional departments to serve customers better and make faster decisions, along with immediate cost and time savings.

Consumerization of IT resulting in the Bring Your Own Devices (BYOD) trend, coupled with increasing mobile workforce is another key factor further fueling growth of the global market over the forecast period.

High costs associated with devices and extensive infrastructure requirements is a major factor restraining growth of the global video conferencing services market. In addition, the majority of video conferencing deployment requires extensive IT involvement and hand-holding through comprehensive support and services, which is another factor expected to restrain the growth of the market.

Technological advancements towards development making video conferencing more flexible, scalable, and affordable for consumers can create potential business opportunities for major vendors in the global market over the next 10 years.

The North American market dominates the global video conferencing services market and is expected to maintain its dominance over the forecast period. Presence of major service providers and high adoption of managed video conferencing solutions in this region are major factors driving growth of the market in North America.

The market in Europe is expected to witness significant growth over the forecast period. The market in Asia Pacific is expected to witness highest growth and is projected to register a CAGR of X.X% over the next 10 years. This growth can be attributed to increasing number of small and medium enterprises adopting video conferencing services in countries such as China, Japan, South Korea, and India.

Global Video Conferencing Services Market Segmentation:

Segmentation on the basis of deployment:

• On-premise
• Hosted
• Managed
• Cloud

Segmentation on the basis of end-user:

• Government
• Healthcare
• Retail
• Manufacturing
• Media & Entertainment
• Oil & gas
• Education
• Others (Corporate Enterprise, ICT)

Segmentation on the basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa