- With expanding businesses, the physical presence at various centers has become a daunting task for the business owners. This challenge is exceptionally tackled by the solutions from video conferencing market
- The report by Transparency Market Research states that the global video conferencing market is projected to witness a staggering 8.4% CAGR from 2020 to 2027
ALBANY, New York, March 23, 2020 /PRNewswire/ -- Driven by several parameters the global video conferencing market is expected to witness a substantial growth during the tenure of 2020 to 2027, says a recent study by Transparency Market Research. According to the study, the market is projected to grow rapidly with CAGR of 8.4% during the tenure. As per the report, the growth of the market is also attributed to growing demand for touch screen devices such as monitors, smartphones and other video enabled devices that can help the user to have video conference calls smoothly. Owing to these developments, the global video conferencing market is projected to reach to the value of ~US$ 11.56 Bn by the end of 2027.
Major Finding in Global Video Conferencing Market Study
- The global video conferencing market shall rise to the projected value from US$ 6.1 Bn that was valued from 2019.
- Cloud-based video conferencing segment expected to dominate the software category in the global video conferencing market during the tenure of 2020 to 2027.
- Corporate segment under end-user category shall gold the largest share in the global video conferencing market during the tenure of 2020 to 2027.
Explore the latest study on global video conferencing market under the title: Video Conferencing Market [Component - Hardware (Camera, Codec, Microphone/Speaker and Others), Software (On-premise and Cloud-based) and Services (Managed/Outsourced and Others); Industry - Corporate Enterprise, Healthcare, Government, Education and Others] -Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 – 2027 at https://www.transparencymarketresearch.com/video-conferencing-market.html
Major Drivers of Global Video Conferencing Market
Demand to Manage the Outsourcing Businesses to Boost the Growth
Managing outsourced businesses in the global context is a major factor which is expected fuel the growth of the video conferencing market across the globe. Due to increasing globalization, companies from various verticals seek to operate from multiple offices in different regions of the world to leverage benefits of local infrastructure, availability of expertise and reduction in material procurement costs. In order to ensure smooth functioning of numerous offices across the world, organizations need to constantly maintain communication between headquarters and other offices located remotely. Furthermore, business outsourcing has experienced a high growth in the past decades. At present, many business owners are willing to adopt video conferencing solutions in order to enhance their business productivity as well as to foster real-time, face to face interaction anytime anywhere around the g lobe. Owing to these factors the global video conferencing market shall witness a substantial growth during the tenure of 2020 to 2027.
Moreover, the rising need to reduce the operational costs and time associated with travelling to such locations has led to the rise in demand for video conferencing solutions. This as a result shall also propel the growth of global video conferencing market during the tenure of 2020 to 2027.
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Global Video Conferencing Market: Regional Analysis
Asia Pacific is projected to dominate the global video conferencing market during the tenure of 2020 to 2027. This dominance of the market is the result of landing various MNC in countries like India, China, and Japan. These companies have their headquarters in different countries and with the help of solutions from global video conferencing market, the management can keep the business in line with the parent company. This is the major factor that is propelling the growth of Asia Pacific in global video conferencing market during the tenure of 2020 to 2027.
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The global video conferencing market is highly competitive and moderately fragmented. This nature of the market is the result of the presence of a handful of prominent players that are dominating the dynamics of the market. However, due to this scenario, the new players might find it difficult to enter the global video conferencing market.
Therefore, these players are indulging in strategies such as mergers and collaborations to acquire adequate resources that can help them gain sustainability in the global video conferencing market.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/3961
The global video conferencing market is segmented on the basis of:
Video Conferencing Market, by Component
Video Conferencing Market, by Industry
- Corporate Enterprise
Video Conferencing Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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