Video
conferencing is a type of online meeting where two or more people can
communicate with a live audio-video call. With a strong internet connection,
participants can see, hear, and talk to each other in real-time, no matter
where in the world they are.
The
main impact of video conferencing for a business is that it reduces costs and can improve
collaboration. Firstly, a sophisticated video conferencing system will
improve company video usage and overall collaboration instead of a simpler
telepresence solution. Additionally, video conferencing can save millions in
foregone travel expenses for large companies that expand across a country or
even the globe.
Video
Conferencing Market by Technology (VaaS, USB-VC, Room-based Codec System),
Component, Deployment Mode, Organization Size, End-User (Education, IT &
Comm., Healthcare, BFSI, Oil & Gas, Legal, Media) - Global Forecast to 2028
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Work
from Home Culture to Drive the Market Growth
The
global pandemic has changed the behavior of corporate working culture. The
lockdown of major industries during the pandemic has forced the employees to
work remotely. This has boosted the use of cloud-based video conferencing
tools, such as Zoom and Microsoft Teams. Considering the safety of its
employees, an increasing number of companies are opting for work from home.
Also, it is found that this working culture has improved employee productivity
due to less time for commuting, better work-life balance, and location
independence.
Additionally,
it is beneficial to the employers, which can cut electricity, office spaces,
maintenance charges, office supplies, and other miscellaneous spendings. In
April 2020, Tata Consultancy Services (TCS), an India-based IT service
provider, announced its plan to allow 75% of employees, around 4.5 lakh
employees, to work from home till 2025. Furthermore, Infosys, a major IT
service provider, has permanently announced flexible work from home
model.
Key
Players
The
report includes a competitive landscape based on an extensive assessment of the
key strategic developments by the leading participants in the Video
Conferencing market over the last few years. The key video conferencing
software players operating in the market are Zoom Video Communication, Inc.
(U.S.), Microsoft Corporation (U.S.), Cisco Systems, Inc. (U.S.), Blue Jeans
Network Inc. (Verizon) (U.S.), LogMeIn, Inc. (U.S.), Alphabet Inc. (U.S.),
ON24, Inc. (U.S.), Dialpad, Inc. (U.S.), TeamViewer AG (Germany), Adobe (U.S.),
Blackboard Inc. (U.S.), Vidyo, Inc. (U.S.).
The key
players offering hardware in the market are Plantronics, Inc. (U.S.), Logitech
(Switzerland), Huawei Investment & Holding Co., Ltd. (China), ZTE (China),
Lifesize (U.S.), KEDACOM (China), Yealink Inc. (China), and Tely (U.S.).
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Scope of the Report:
Video Conferencing Market, by
Technology
- VaaS
- USB
Video Conferencing
- Room-based
Codec System
Video Conferencing Market, by
Component
- Solutions
- Hardware
- Multi-Codec
Endpoints
- Single
Codec Endpoints
- Executive
Desktop Endpoints
- Software
- Services
Video Conferencing Market, by
Deployment Mode
- Cloud-based
- On-premise
Video Conferencing Market, by
Organization Size
- SMEs
- Large
Enterprises
Video Conferencing Market, by End
User
- Education
- Healthcare
- Government,
Defense, & Public Sector
- BFSI
- Media
& Entertainment
- Legal
& Law Profession
- Manufacturing
- Oil,
Gas, & Energy
- IT
& Communication
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