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Video Conference Systems Market Report
Video Conference Systems Market, By Component (Hardware, Software, Service), By End Use (Corporate, Education, Healthcare, Government & Defense, BFSI, Media & Entertainment, Others), and Region - COVID-19 Impact Analysis and Forecast to 2...
Impact of COVID-19 on Video Conference Systems Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Video conferencing systems is referred to as technology, which enables two or more people to converse in real-time by using computer networks. Video conferencing is an online technology that allows users in different locations to hold face-to-face meetings without requiring them to move to a single location together. It helps to conduct negotiating business deals, holding routine meetings, and interviewing job candidates, among others.
The Video Conference Systems Market is estimated to grow from USD 9.3 billion in 2020 to USD 27.6 billion by 2026 at a healthy CAGR of 20.5% during the forecast period.
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Video Conference Systems Market- Research Scope |
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Base Year of Study |
2020 |
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Trend Period |
2015-2019 |
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Forecast Period |
2021-2026 |
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Market Size in 2020 |
US$ 9.3 billion |
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Market Size in 2026 |
US$ 27.6 billion |
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Market Growth (2021-2026) |
20.5% CAGR |
The video conference systems market is mainly driven by surging demand for unified communication in the U.S. and Europe, the rising trend of work from home and online learning across the globe, increasing demand for high-speed communication infrastructure in the Asia Pacific. In addition to this, the growing trend for cloud applications in Latin America as well as the soaring need to reduce communication costs among organizations further augments the industry growth. Furthermore, resolution upscaling, active participant framing, acoustic fencing, virtual backgrounds, real-time translation, active noise cancellation, automated note-taking capabilities, facial recognition, personal voice assistants, and proximity detection are some of the AI-enabled video conferencing features that further proliferates the market growth.
The outbreak of COVID-19 has positively influenced the video conference systems industry mainly due to lockdowns imposed by the governments across the globe, which resulted in travel restrictions and shut down of offices, educational institutes & other public meeting places. In addition, due to the closure of office spaces, employees have started working from home and are dependent on video conferencing to conduct discussions & run daily operations.
Based on end-use, the video conference systems market has been classified into corporate, education, healthcare, government & defense, BFSI, media & entertainment, and others. The corporate segment accounted for the largest market share in 2020. This is mainly attributed to the growing development of cloud-based communication & collaboration of the software industry, opening up the market for new players.
By region, the North American Video Conference Systems market accounted for the largest share of almost 40% in 2020 and is expected to grow at a significant CAGR during the review period. The Video Conference Systems market growth is mainly propelled by rising up-gradation to existing equipment and subscription of cloud-based services. Furthermore, the growing demand for continuous access to high-quality internet and visual meetings, further bolstering the regional market growth.
The Asia-Pacific Video Conference Systems market is expected to grow at the highest CAGR of more than 8% during the review period. The pandemic created a strong demand for high-quality internet infrastructure in the region allowing people to work remotely. The radical shift to the remote working model has surged the demand for video conferencing equipment, collaboration tools, and accessories, thereby boosting the regional market growth.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global video conference systems market. The historic years considered for the study are 2016-2019, the base year is 2020, estimated year is 2021, and the forecast period is 2022-2026. Following are the critical questions answered in the report.
Key players operating in the Video Conference Systems Market are-
The target audience of Video Conference Systems Market includes-
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The video conference systems market is expected to witness an impressive growth of 20.5% CAGR in the coming years.
Cisco Systems, Inc. (US), Polycom, Inc. (US), West Unified Communications Services (US), Vidyo, Inc. (US), Adobe Systems Incorporated (US), Microsoft Corporation (US), Arkadin International SAS (France), Logitech International S.A (Switzerland), Orange Business Services (France), JOYCE CR, S.R.O. (Czechia) are among the key players in the video conference systems market.
The video conference systems market size is expected to reach USD 27.6 billion in the foreseeable future.
The corporate segment accounted for the largest share in the video conference systems market in 2020.
Asia-pacific is expected to grow at the highest CAGR in the video conference systems market in the next five years.
Video Conference Systems Vendors, Video Conference Systems Manufacturers, Video Conference Systems Distributors, Organizations, Government Bodies are the target audience in the video conference systems market.
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