FELTON, Calif., Nov. 11, 2020
FELTON, Calif., Nov. 11, 2020 /PRNewswire/ -- The global video conferencing market is estimated to attain USD 8.56 billion, by the end of 2027, and is anticipated to grow at a CAGR of 9.9% over the forecasted period, 2020 to 2027, according to a new report by Million Insights. Increasing demand for video solutions in organizations, educational institutes especially in developing countries is projected to support the market growth. In addition, the growing adoption of 4G service in mobile devices is anticipated to bolster the demand for video conferencing solutions.
In Asia Pacific, development in digital infrastructure along with rising penetration internet has increased the need for video conferencing systems. Several telecom operators offer investment for developing video conferencing infrastructure. For example, in 2018, NTT Limited has funded over USD 32.0 million in Highfive, in order to develop video conferencing solution.
In addition, rising trend of online education for medicinal operations especially in countries such as Japan, U.K., U.S, China, and India is boosting the growth of video conferencing market. Moreover, various electronics industry participants such as Siemens, Koninklijke Philips N.V., are partnering with companies in the market to develop these solutions. For example, in 2017, Vidyo Inc, and Koninklijke Philips N.V., have collaborated to develop a telehealth platform called Philips IntelliSpace eCareManager for monitoring patients remotely.
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In the light of COVID-19 outbreak, various governments across the globe are providing funds to companies to develop these solutions for remote operation. For example, in the U.S., Ohio Supreme Court has provided funding of around USD 4.0 million for the purchase of video solutions to high courts in April 2020. Furthermore, increasing the need for a remote workforce in hospital management is projected to positively impact on market growth.
Further key findings from the report suggest:
Browse 155 page research report with TOC on "Global Video Conferencing Market" at: https://www.millioninsights.com/industry-reports/global-video-conferencing-market
Million Insights has segmented the global video conferencing market based on component, deployment, component, end use and region:
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