Industrial Automation Magazine India

Video conferencing market worth dollar 8.35 billion globally

Published on : Tuesday 04-08-2020

The robust urbanisation which is responsible for the use of video conferencing is driving factor growth.

Jersey City, August 2020 – Verified Market Research recently published a report, "Video Conferencing Market by Component (Hardware, Software, Services), by End-Use (Corporate, Education, Healthcare, Government), by Enterprise (Large Enterprises, Small & Medium Enterprises), by Deployment, Geography". According to Verified Market Research, the Global Video Conferencing Market was valued at USD 4.02 Billion in 2019 and is projected to reach USD 8.35 Billion by 2027, growing at a CAGR of 9.6% from 2020 to 2027.

The robust urbanisation which is responsible for the use of video conferencing is driving factor growth. The increased command of high-speed data connectivity among consumers is expected to drive the market economy. The connectivity that can be considered for professional video conferencing depends on the bandwidth. The higher the bandwidth, the better is the video quality. Most of the standard Video conferencing systems provide up to 2 Mbps of such IP bandwidth, but the maximum bandwidth can be utilized by VC application. The role of major vendors to develop solutions for video conferencing will furnish market growth. On 9TH April, IBM and Cisco had collaborated to aid in remote teaching in over 24,000 schools and staff in over 185,000 charity associations across the UK by granting free access to video conferencing through the use of the Cisco Webex web conferencing tool. The technology provides simple and intuitive features for online collaboration in response to the COVID-19 outbreak. The use of telepresence to bridge the communication gap between individuals is expected to accelerate market growth.

This not only applies to the use of the latest HD audio and video technology, but other factors such as interior design, furnishings, and media technology. Its high availability makes telepresence solutions the robust, safest, and reliable method of transport in the world. The use of 5G, which uses Voice over Internet Protocol (VoIP), will provide lucrative opportunities in the market growth. 5G will boost the network speed twenty times faster than the standard 4G technology. 5G is presenting about innovations in telepresence with holographic conferencing capabilities and Ultra HD video calling, in its infant stage. Also, the 360-Degree video calling is being initiated. The major players in the market are Adobe Inc.; Cisco Systems, Inc.; Logitech International S.A.; and Microsoft Corporation, Array Telepresence Inc., Avaya Inc, Huawei Technologies Co., Ltd, Huawei Technologies Co., Ltd