Video Conferencing Market is Expected to Grow at a CAGR of 10.35%

PUNE, India, April 17, 2020– The term video conferencing simply means the visual interconnection of people who are present in diverse locations through the medium of the internet. Video conferencing tools are being widely used across various industries to promote team collaboration. Global companies that employ a remote working team deploy video conferencing tools such as Skype for Business and Zoom for online interviews. Due to the widespread promotion of remote working culture, the prominence of these tools is ever increasing. Almost 75% of users believe that the tools help in improving workplace productivity in an organization. With video classrooms now being able to provide large participation among students, the importance of video conferencing tools in the education industry can’t be stressed enough. ezTalks, for instance, provides an inter-school video collaboration platform that enables the students to record the sessions for future review. As far as large organizations are concerned, highly secure video conferencing tools are now being provided by companies such as Cisco. Cisco WebEx, for instance, has embedded AI technology which enables you to take down notes using voice commands. The meetings and transcripts can even be edited and shared with ease.  With the penetration of the internet, coupled with the advancement in the cloud and AI technology, the global video conferencing market is expected to see considerable growth in the future.

With the COVID-19 crisis affecting many global markets, a question does arise. Which market seems to be favourable for future investment?  The global video conferencing market is, without a doubt, one of those. More than 1/5th of the global population is being forced to stay indoors to mitigate the impact of the virus. Video conference service providers are seeing higher traffic during these times of peril. Microsoft Teams, for instance, reported over 44 million active users each day, in March 2020. This is in comparison to less than 25 million users in November 2019. Zoom has seen a 67% rise in its daily traffic since Jan 2020. The global video conferencing market is also seeing a growing number of new entrants who are hoping to take a piece of the revenue which is currently dominated by major companies such as Zoom, Microsoft and Cisco, which in turn is further aiding for the growth of the market.

The detailed research study provides qualitative and quantitative analysis of video conferencing market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

Video Conferencing Market:

By Offering

By Organization Size

By Platform

By Geography

North America

Europe

Asia Pacific

Rest of Asia Pacific

Latin America

The recent outbreak of the Coronavirus pandemic has compelled people to stay indoors for an indefinite time. The offices are shut, and people are asked to work from home. As a result, it has increased the value of the video conferencing market as people need it to interconnect with people who are present in diverse locations through the medium of the internet. According to a report published by Absolute Markets Insights, the industry is expected to grow at a CAGR of 10.35% owing to the rising demand for collaborative tools for remote working. On similar lines, Panacea Infotech offers on-demand apps for video conferencing that people can use while they work remotely. Collaborate with us to develop on-demand solutions in these critical times.

 

Source- PR Newswire