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The global video conferencing market size is expected to reach USD 10.92 billion by 2027. The growing popularity of desktop video conferencing (DTVC) owing to its reliable, and cost-effective type will contribute positively to the market. Besides, it also delivers high-definition video and audio q0075ality along with tools for adding on-screen notes and memos, states Fortune Business Insights, in a report, titled “Video Conferencing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Conference Type (Telepresence, Integrated, Desktop, and Service-based Video Conferencing System), By Deployment (Cloud, On-premises), By Enterprises Size (Small and Medium Enterprises (SMEs), Large Enterprises), By Application (Small Rooms, Huddle Rooms, Middle Rooms, and Large Rooms), and Regional Forecast, 2020-2027.” The market size stood USD 5.32 billion in 2019 and is expected to exhibit a CAGR of 9.7% between 2020 and 2027.
Collaboration of Airtel and Verizon to Augment Growth
Bharti Airtel Ltd, one of India’s biggest telecom company announced that it has signed a strategic agreement with Verizon, the world’s largest communication technology company to offer secure world-class video conferencing solutions to businesses in India. Through this partnership, Airtel will provide secure enterprise-grade video conferencing solutions under the brand name - Airtel BlueJeans to organizations across India. Verizon’s enterprise-grade video conferencing service, BlueJeans will help people communicate and collaborate across mobile, desktop, browser, and conference rooms. This new service will offer simple, reliable, and trusted solutions by following the stringent security needs of healthcare providers, banks, and other organizations. Furthermore, the introduction of new solutions and devices by companies will have a tremendous effect on the market. For instance, in July 2020, Zoom Video Communications, Inc introduced its new standalone video-conferencing device – “Zoom for Home - DTEN ME” at USD 599. The company aims to provide a seamless and cost-effective solution for work from home employees during the pandemic.
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High Installation Cost to Dampen Market Growth
The high investment associated with the deployment and maintenance of video conferencing solutions is predicted to inhibit the growth of the market. The cost of data security software solutions to secure data transmission can be extremely costly, which, in turn, will restrict its demand among organizations. The complications pertaining to data security and identity will further aggravate the development of the market. Besides, the lack of expertise among software engineers and limited functionality and efficiency offered by these solutions will inhibit the expansion of the market.
Launch of Innovative Video Conferencing Solutions to Intensify Competition
Companies such as Verizon Communications Inc., Cisco Systems, Inc., Microsoft Corporation, Vidyo Inc, and others are focused on establishing their presence by offering innovative solutions and services to clients. The key players are also implementing strategies such as product launches, acquisitions, and partnerships to gain an edge over its rival companies. Also, major players are deploying these solutions with advanced technology such as AI, ML, cloud, and others to improve product portfolio and deliver enhanced solutions.
The Report Lists the Main Companies in the Market:
Further Report Findings:
The Global Video Conferencing Market is Segmented into:
2016 – 2027
2020 – 2027
2016 – 2018
Value (USD Billion)
By Conference Type
By Enterprises Size