Wednesday, July 6, 2022

X-ray Inspection Systems Market for Electronics & Semiconductor worth $772.8 Million by 2029

 


 

According to a new market research report titled X-ray Inspection Systems Market For Electronics & Semiconductor by Component (Hardware, Software, Services, Consumables), Imaging Technique (Film-Based Imaging, Digital Imaging), Dimension (2D X-Ray, 3D X-Ray), Application and Geography—Forecast to 2029”, published by Meticulous Research®, the X-ray inspection systems market for electronics & semiconductor is expected to grow at a CAGR of 11% from 2022 to 2029 to reach $772.8 million by 2029.

X-ray inspection systems for electronics & semiconductors are used to detect defects or flaws in any electronic products without any destruction or disassembly. The adoption of X-ray inspection systems for electronics & semiconductors is increasing in the electronics & semiconductors industry as it offers defect detection without disassembly or destruction with high efficiency, precision, and speed, thus maintaining high product quality.

X-ray systems for electronics & semiconductors play an important role in product R&D, manufacturing, and installation processes. The end-user demand for X-ray inspection systems is increasing due to various factors, such as stringent safety standards, increasing consumer awareness for quality products and finished goods, rising security concerns, increasing manufacturing automation, and miniaturization of products and internal components.

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Some of the major trends that are expected to support the growth of this market are the increasing application of AI in X-ray inspection systems and the growing adoption of CT inspection for production line applications.

Stringent government regulations for asset safety, increasing consumer awareness regarding quality standards, and the large-scale digitalization, automation, and miniaturization of electronic devices are driving the growth of the X-ray inspection systems market for electronics & semiconductors. Increasing automation of digital X-ray inspection systems, miniaturization of X-ray, inspection systems for higher mobility, and increasing user-friendliness due to technological advancements in hardware offer lucrative growth opportunities for this market's growth. However, the availability of substitute technologies and high equipment & maintenance costs are expected to restrain the market’s growth. The lack of qualified personnel is expected to remain a major challenge for market growth.

Impact of COVID-19 on the X-ray Inspection Systems for Electronics & Semiconductors

The COVID-19 pandemic has negatively impacted most industries, globally. Some industries either shut down manufacturing operations following the directives issued by local governments or operated at minimal capacities to ensure social distancing and employee safety. The revenues of major companies decreased significantly due to halted operations. X-ray inspection is important for various industries, including electronics & semiconductors, automotive, aerospace, and oil & gas. Hence, the X-ray inspection systems market for electronics & semiconductors was moderately impacted due to reduced economic activity and operations. In 2020, the electronics & semiconductors industry suffered considerable losses due to the COVID-19 pandemic.

The semiconductor industry took a significant hit in 2020 due to acute raw material shortages and limitations on production, further impacting the electronics industry due to the decreased supply of semiconductor components. Also, the high demand for semiconductors across several industries coupled with disrupted supply chains and production shortages created a considerable demand-supply gap. The shortages were more severe in 2020, largely due to trade restrictions. Some companies reduced production and chip purchases due to fluctuations in the demand for end-use products. The demand for chips was very high and continues to rise among downstream sectors, including automotive, consumer electronics, aerospace & defense, oil & gas, and industrial robotics. However, the global supply chain for semiconductors has not yet fully recovered; therefore, the shortages are expected to continue in the coming years.

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PCB inspection, one of the major applications of X-ray inspection systems for electronics & semiconductors, witnessed a significant decrease in top-line revenues due to the COVID-19 pandemic. Disrupted supply chains and production losses also lowered the requirement for X-ray inspection services in the electronics & semiconductor industries. However, in response to the global semiconductor shortage, the semiconductor industry has optimized fabrication utilization surpassing the normal utilization level (80%). Front-end semiconductor fabrication facilities, or fabs, typically run above 80% capacity utilization, with some fabrication companies reaching even 90–100% capacity utilization. Over the past two years, the industry has steadily increased overall fab utilization and is estimated to further increase utilization during 2022 to meet the growing demand. Higher fab utilization to boost chip production is expected to increase the demand for X-ray inspection systems in semiconductor chip manufacturing during the forecast period.

X-ray Inspection Systems Market for Electronics & Semiconductors - Overview

The X-ray inspection systems market for electronics & semiconductors is segmented based on component, imaging technique, dimension, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on component, the global X-ray inspection systems market for electronics & semiconductors is segmented into hardware, software, services, consumables. The hardware segment is expected to account for the largest share of the overall X-ray inspection systems market for electronics & semiconductors in 2022. The large market share of this segment is attributed to the high adoption of X-ray inspection systems hardware due to technological advancements in radiation sources, tubes, and flat-panel detectors.

Based on imaging technique, the X-ray inspection systems market for electronics & semiconductors is segmented into film-based imaging and digital imaging. The digital imaging segment is further segmented into direct radiography, computed tomography, and computed radiography. The digital imaging segment is expected to account for the larger share of the X-ray inspection systems market for electronics & semiconductors in 2022. The large market share of this segment is attributed to the advantages of digital imaging, such as the mitigation of chemical hazards associated with X-ray processes, lower radiation requirements for image production, enhanced image quality, faster processing time, quick image sharing & easy storage, and lower operation & maintenance costs.

The digital imaging segment is further segmented into direct radiography, computed radiography, computed radiography. In 2022, the direct radiography segment is expected to account for the largest share of the X-ray inspection systems market for digital imaging. Effective dynamic range, high contrast detectability, accurate image capture, less radiation exposure, high flexibility, and lower operational costs are the factors attributed to the large market share of this segment. Direct radiography is one of the most effective and accessible digital imaging technologies. Its features include effective dynamic range, high contrast detectability, accurate image capture, less radiation exposure, high flexibility, and lower operational costs.

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Based on dimension, the X-ray inspection systems market for electronics & semiconductors is segmented into 2D and 3D X-ray systems. The 2D X-ray systems segment is expected to account for the largest share of the X-ray inspection systems market for electronics & semiconductors in 2022. 2D X-ray systems help minimize radiation emissions and incur lower operational costs, resulting in the high adoption of these systems in electronics & semiconductor inspection processes. However, 3D X-ray systems segment is expected to witness a rapid growth during the forecast period. The demand for 3D X-ray systems is increasing rapidly due to various factors such as government regulations for security and safety; and rising demand for high-quality products, digitalization, and miniaturization. Owing  to this, various companies have started focusing on research and development and partnering with other industrial X-ray companies to bring 3D X-ray Inspection solutions to market. For instance, in January 2021, ViTrox Technologies partnered with MTSC (Thailand) Co., Ltd. to represent ViTrox for the distribution of ViTrox's Advanced 3D Optical Inspection (AOI) solution and Advanced 3D X-ray Inspection (AXI) solution in Thailand.

Based on application, the X-ray inspection systems market for electronics & semiconductors is segmented into PCB inspection, automated optical inspection, wafer inspection & packaging, solder joint inspection, advanced logic & memory, advanced power (GAN & SIC), displays & touch panels, electronic components inspection, RF & OPTO LED devices, solar, and others applications. The PCB inspection segment is expected to account for the largest share of the X-ray inspection systems market for electronics & semiconductors in 2022. Since printed circuit boards are made of various complex electrical parts, testing PCB for possible faults or errors becomes necessary to avoid malfunction, driving the use of X-ray inspection systems in PCB  inspection.  

Based on geography, the global X-ray inspection systems market for electronics & semiconductors is segmented into five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific is expected to account for the largest share of the X-ray inspection systems market for electronics & semiconductors in 2022. The increasing demand for remote visual inspection of assets in the electronics industry and stringent government safety rules are the major factors driving the growth of this market in Asia-Pacific.

The key players operating in the X-ray inspection systems market for electronics & semiconductors are North Star Imaging Inc. (U.S.), Nikon Metrology, Inc. (U.S.), Nordson Corporation (U.S.), YXLON International GmbH (Germany), VJ Group, Inc. (U.S.), Mettler Toledo International Inc. (U.S.), Ametek, Inc. (U.S.), Viscom AG (Germany), ViTrox Corporation Berhad (Malaysia), Test Research, Inc. (Taiwan), Baker Hughes Company (U.S.), Saki Corporation (Japan), Shenzhen Unicomp Technology Co., Ltd. (China), GĂ–PEL electronic GmbH (Germany), and Scienscope International (U.S.) among others.

TOP 10 COMPANIES IN X-RAY INSPECTION SYSTEMS MARKET FOR ELECTRONICS & SEMICONDUCTORS

Scope of the Report

X-ray Inspection Systems Market For Electronics & Semiconductors, by Component

  • Hardware
  • Software
  • Support Services
  • Consumables

X-ray Inspection Systems Market For Electronics & Semiconductors, by Imaging Technique

  • Digital Imaging
    • Direct Radiography
    • Computed Radiography
    • Computed Tomography
  • Film-based imaging

X-ray Inspection Systems Market For Electronics & Semiconductors, by Dimension

  • 2D X-ray Systems
  • 3D X-ray Systems

X-ray Inspection Systems Market For Electronics & Semiconductors, by Application

  • PCB Inspection
  • Automated Optical Inspection
  • Wafer Inspection & Packaging
    • Failure Analysis
    • Layer Analysis
    • Silicon QC
    • Impurity Analysis
  • Solder Joint Inspection
  • Advanced Logic & Memory
    • Crystalline Defect Inspection
    • Nanosheet Development
    • PCRAM Thickness and Composition
  • Advanced Power (GAN & SIC)
    • GaN-on-SI POWER DEVICE METROLOGY
    • SiC Defect Detection
  • Displays & Touch Panels
  • Electronic Components Inspection
    • PCB Thickness and Composition
    • Restricted Materials Screening (ROHS)
  • RF & OPTO LED Devices
  • Solar
    • Shallow Impurities in Silicon
    • Thin Film Elemental Analysis
    • Silicon Quality Control
    • Passivation Layers
  • Other Applications

X-ray Inspection Systems Market For Electronics & Semiconductors, by Geography

  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • ASEAN Countries
    • Rest of Asia-Pacific
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • North America
    • U.S.
    • Canada
  • Latin America
  • Middle East & Africa

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Rapid Diagnostics: Industry Analysis, and Future Applications..!!

 

Rapid Diagnostics: Industry Analysis, and Future Applications..!!

 

According to a new market research report titled "Rapid Diagnostics Market by Product (Kits [OTC, Professional], Readers), Platform (Lateral Flow, Serological, PCR), Application (Blood Glucose, Infectious Diseases, Pregnancy, Drugs of Abuse), End User (Hospitals, Diagnostic Labs, Home Care) — Global Forecasts to 2029", published by Meticulous Research®, the rapid diagnostics market is expected to grow at a CAGR of 8.9% from 2022–2029 to reach $18.20 billion by 2029.

A rapid diagnostic test (RDT) is a medical diagnostic test intended to provide diagnostic results efficiently and immediately (within 1 hour). RDT kits are widely used in hospitals, clinics, and diagnostic laboratories for the qualitative and quantitative detection of specific antigens, antibodies, and genetic material or proteins associated with a specific health condition or disease.

The growth of the overall RDT market is driven by key factors, such as the growing demand for POC diagnostics, the rising prevalence of chronic diseases coupled with the increasing aging population, the growing necessity for rapid decision making in emergency departments, and emerging technological innovations.

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Impact of COVID-19 on the Rapid Diagnostics Market

The COVID-19 pandemic positively impacted the rapid diagnostics market in terms of revenue; however, the pandemic negatively impacted the sales of routine testing kits used mainly to screen cancer, blood glucose, cardiac markers, lipid profile, cholesterol, and other infectious diseases. The COVID-19 pandemic led to a reduction in the number of overall diagnostic testing conducted globally, which translated further into reduced instrument installations and reduced sales of reagents and consumables, but the loss of sales occurred in routine testing kits was compensated by high sales of COVID-19-related tests. The loss of sales of routine testing kits was mainly affected due to factors such as:

  • The restrictions on local travel and public gatherings discouraged patients from visiting physicians, health practices, and hospitals. These restrictions largely affected elderly patients.
  • As many hospitals diverted their resources towards treatment and management of COVID-19 infections, it was observed that hospitals and health practices experienced a certain level of operational disruptions leading to delays or cancellations of patient visits, especially for non-critical procedures.
  • Companies operating in the market reported an increase in forward purchases in the first quarter of 2020 as distributors stocked up products in anticipation of lockdowns, which resulted in supply chain disruptions. This led to a higher level of sales prior to restrictions being imposed, followed by a lower level of sales during the second quarter of 2020.

To tackle the pandemic, governments worldwide depended on rapid diagnostic kits to diagnose COVID-19 infections. Also, various governments took several initiatives to support the testing needs of their respective countries. Some of them are listed below:

  • In May 2021, the Indian Council of Medical Research (ICMR) approved the self-use Rapid Antigen Test for COVID-19 developed by Mylab Discovery Solutions Pvt. Ltd. (India), designed for home testing to screen symptomatic individuals and people who came in contact with infected patients.
  • In April 2021, the Japanese Government launched a new COVID-19 negative proof system known as, TeCOT (COVID-19 Testing Center for Overseas Travelers) on smartphones, via which a certificate was provided to individuals whose PCR test for COVID-19 was negative. The main aim of this application was to support the smooth movement of people traveling overseas for work.
  • In December 2020, the French Government launched a mass COVID-19 screening campaign in the French cities of Le Havre, on the Normandy coast, and Charleville-MĂ©zières to control the spread of the disease.
  • In November 2020, Chinese authorities ordered mass testing of the entire city of Manzhouli after some suspicious cases of COVID-19 infections were identified in the city.
  • In October 2020, the Italian Health Ministry announced rapid COVID-19 diagnostics tests to be conducted throughout the country to control the rising incidences of COVID-19 infections.
  • In June 2020, to promote the number of COVID-19 tests conducted across the country, the Indian Council of Medical Research (ICMR) encouraged other manufacturers/developers of rapid diagnostics kits with antigen detection assays to come forward for validation.

It was observed that during the COVID-19 pandemic, many diagnostics products were launched to fulfill the demand for COVID-19 infection diagnosis. Also, companies operating in the market started to hold web meetings and webinars to interact with their customers and shareholders and provide product descriptions, customer demonstrations, and applications training.

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Thus, the COVID-19 pandemic negatively impacted the sales of routine testing kits globally, but high sales of the COVID-19-related tests compensated for the loss of sales in routine testing kits.

Rapid Diagnostics Market: Future Outlook

The overall rapid diagnostics market is segmented based on product (kits and test readers/analyzers), platform (immunoassays, molecular detection, and other platforms), application (blood glucose testing, cardiac metabolism testing, infectious diseases testing, coagulation testing, pregnancy & fertility testing, fecal occult testing, hematology testing, tumor/cancer markers testing, drugs of abuse testing, urinalysis, and cholesterol testing), end user (hospitals & clinics, diagnostic laboratories, home care/self testing, and other end users) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.

Based on product type, the kits segment is estimated to account for the largest share of the overall rapid diagnostics market in 2022. The large share of this segment is attributed to the rising adoption and repetitive kits usage. In addition, the growing portfolio of disease-specific kits for the early diagnosis of chronic diseases and the increasing technological advancements are other factors supporting the growth of this segment. However, the test readers/analyzers segment is expected to witness the fastest growth rate during the forecast period. The high growth rate of this segment is attributed to the capabilities of these devices to simultaneously read multiple tests in one scan and scale large volumes. In addition, healthcare facilities adopt analyzers for quick analysis compared to centralized lab analyzers due to their features, such as compact size, portability, and easy accessibility.

Based on platform, the immunoassays segment is estimated to account for the largest share of the overall rapid diagnostics market in 2022. The large share of this segment is attributed to the capability of immunoassay kits to provide fast and accurate results with high sensitivity in point-of-care diagnostics. Countries worldwide require rapid and accurate SARS-CoV-19 testing kits to tackle the COVID-19 pandemic. Thus, companies have started developing immunoassay kits that provide results with higher sensitivity, accuracy, and speed. For instance, in May 2021, Stream Bio (U.K.) and Chelsea Technologies (U.K.) formed a joint venture, Brightline Diagnostics (DX), and created a unique platform known as Claritas that couples fluorescent lateral flow test with a highly sensitive handheld reader, delivering significant advantages over existing assays. However, the molecular detection segment is expected to witness the fastest growth rate during the forecast period. The growing need for advanced diagnostic techniques and the launch of innovative technologies are factors attributed to the high growth rate of this segment. In addition, the high demand for rapid PCR diagnostic kits due to the COVID-19 pandemic further boost the growth of this segment. For instance, countries such as Japan and India rely heavily on RT-PCR kits to diagnose and manage COVID-19 infections. Also, numerous countries worldwide have made negative COVID-19 RT-PCR test reports mandatory for international and local travelers.

Based on application, the infectious disease testing segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the rising prevalence of infectious diseases and the growing demand for affordable infectious disease testing in emerging markets. For instance, in the U.S., the number of estimated new hepatitis A virus (HAV) infections increased by nearly three folds in 2017 compared to 2014. However, the tumor/cancer markers testing segment is expected to witness the fastest growth rate during the forecast period. The growing incidences of cancer among the general population is the major factor attributed to the high growth rate of this segment. According to WHO, cancer was the leading cause of death globally in 2020, accounting for approximately 10 million deaths. Furthermore, nearly 70% of deaths out of the total deaths from cancer occur in low- and middle-income countries; therefore, early detection is extremely important to reduce mortality, enhance survival, and save treatment costs. Thus, healthcare workers utilize various rapid diagnostic kits for the early detection of cancer.

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Based on end user, the hospitals & clinics segment is expected to witness the fastest growth rate in the forecast period. The rising number of hospitals worldwide and the increase in healthcare access & expenditure are attributed to the high growth rate of this segment. For instance, the American Hospital Association has reported that the total number of registered hospitals in the U.S. was estimated to grow by 12% to 6,210 in 2019 from 5,534 hospitals in 2018. Similarly, in India, according to the Health Management Information System Portal (HMIS), as of 2018, there were around 37,725 hospitals, which was an increase of 7.0% from 35,416 hospitals in 2013.

Geographically, North America is estimated to command the largest share of the global rapid diagnostics market in 2022, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The large market share of this region is mainly attributed to the high number of laboratory tests performed annually in North America, the rising prevalence of chronic diseases coupled with the increasing aging population, and the rising number of inpatient hospitalizations. For instance, the U.S. Department of Health and Human Services reported that the number of patients with HIV is growing with a CAGR of 2.5% in the country. It is assumed that 40% of new HIV infections in the U.S. are transmitted by people living with undiagnosed HIV; this boosts the demand for related rapid testing products throughout the country.

However, Asia-Pacific region is expected to be the fastest-growing regional market due to the growing geriatric population, the rising prevalence of infectious & chronic diseases, and various government initiatives to promote health awareness.

Key companies operating in the global rapid diagnostics market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), ACON Laboratories, Inc. (U.S.), Creative Diagnostics (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), BioMérieux S.A. (France), Alfa Scientific Designs, Inc. (U.S.), BTNX Inc. (Canada), Meridian Bioscience, Inc. (U.S.), and Trinity Biotech plc (Ireland) among others.

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Scope of the Report

Rapid Diagnostics Market, by Product

  • Kits
  • OTC Kits
  • Professional Kits
  • Test Readers/Analysers

Rapid Diagnostics Market, by Platform

  • Immunoassays
  • Lateral Flow Assays
  • Serological Assays
  • Other Immunoassays
  • Molecular Detection
  • Polymerase Chain Reaction (PCR)
  • Other Tests
  • Other Platforms

(Note: Other Immunoassays includes flow through immunoassays and agglutination assays; Other Tests includes microfluidic and microarray devices; and Other Platforms include coagulation tests, glucose monitoring systems, dipsticks, and other rapid diagnostic platforms)

Rapid Diagnostics Market, by Application

  • Blood Glucose Testing
  • Cardiac Metabolism Testing
  • Infectious Diseases Testing
  • Influenza Testing
  • HIV Testing
  • Hepatitis Testing
  • Sexually Transmitted Diseases (STD) Testing
  • Healthcare Associated Infection (HAI) Testing
  • Respiratory Disease Testing
  • Tropical Disease Testing
  • Other Infectious Disease Testing
  • Coagulation Testing
  • Pregnancy and Fertility Testing
  • Fecal Occult Testing
  • Hematology Testing
  • Tumor/Cancer Markers Testing
  • Drugs Of Abuse Testing
  • Urinalysis
  • Cholesterol Testing

(Note – Other infectious disease testing includes meningitis, norovirus [stomach flu], hand, foot and mouth disease [HFMD], and pertussis)
Rapid Diagnostics Market, by End User

  • Hospitals & Clinics
  • Diagnostic Laboratories
  • Home Care/Self Testing
  • Other End Users

Rapid Diagnostics Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

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PLANT BASED PROTEIN MARKET: Increasing Awareness about the Benefits of Proteins and Growing Demand for Protein Rich Diets to Drive Market Growth

 

World protein demand is rising in parallel with the growing population. According to the FAO/UN forecast, in 2050, the global food demand, particularly for protein, will be twice the demand in 2013 (FAO, 2013). When global food security is considered, protein will become the limiting macronutrient, and the world population will require sufficient quantities of protein with adequate quality. Further, in recent years, high protein diets and products have made a real impression on nutrition, and re-shaping consumer’s attitudes towards protein on their food intake as adequate nutrition is an important aspect of a healthy lifestyle for all individuals.

 

With increasing world-population and welfare, the demand for protein as a food-nutritional component is rising sharply. The high protein trend is gaining traction and will continue to evoke interest in the upcoming years. Consumers have become more aware of protein benefits in supporting an active lifestyle. Proteins can help reduce diabetes and cardiovascular disease risk. It is a vital nutrient required to build, maintain, and repair tissues, cells, and organs throughout the body. It also plays a vital role in the growth and development of children and aged people. Also, there is a growing awareness of the negative health aspect of eating red meat. This is leading to a significant increase in plant-based protein production and consumption.

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Moreover, a protein-rich diet has also been proven to alleviate several health concerns. Consumers are aware that they need to incorporate a certain amount of protein into their daily diets, driven by the increasing health consciousness. According to the European Association for the Study of Diabetes (EASD), high protein diets improve blood sugar control in patients with type 2 diabetes without any adverse effects on kidney function.

 

Decreased vegetable protein intake and increased dietary acid load are associated with a higher prevalence of metabolic syndrome in patients with type 2 diabetes (Source: Journal of Diabetes Investigation). Additionally, protein is important for bone health and bone mineral density (BMD). In contrast to hypothesized risk of high protein, the Journal of Nutrition, Health, and Aging concluded that for adults 50+ years, low protein intake (below 15% TEI) might lead to increased fracture risk. These kinds of studies pave the way for even more products to be launched on the market with protein claims, leading to support the global plant-based proteins market.

 

Meticulous Research®, in its latest publication on ‘Plant-Based Proteins Market,’ states that the global plant-based proteins market is expected to reach $21.23 billion by 2027, supported by a CAGR of 9.5% during the forecast period of 2020 to 2027.

Plant-based Protein Market by Type (Soy Protein, Wheat Protein, Pea Protein, Potato Protein, Rice Protein, Corn Protein), Crop Type (GMO), Source Process (Organic), and Application (Food and Beverages, Animal Feed) - Global Forecast to 2028

TOP 10 COMPANIES IN PLANT BASED PROTEIN MARKET

 

 

Video Conferencing: Connecting People Online..!!

 

According to a new market research report titled "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", published by Meticulous Research®, the video conferencing market is expected to grow at a CAGR of 15.5% from 2021 to 2028 to reach $24.4 billion by 2028.

Video conferencing is a technology that allows users in different locations to hold face-to-face meetings. It is widely utilized for business meetings and training purposes. The use of video conferencing witnessed remarkable growth from 2020 due to the lockdowns imposed by several governments worldwide.

 

The growth of the overall video conferencing market is mainly attributed to the COVID-19 pandemic and the consequent global lockdown, which affected most industries impacting the global economy. To counter this escalating situation, many industries adopted the remote working culture, where employees could safely work from their chosen locations and collaborate using video conferencing apps such as Zoom, Meet, and Teams.

 

In addition to the growing acceptance of the work-from-home culture among various sectors, many industries are also adopting video conferencing tools to reduce quarterly and annual spending on infrastructure maintenance. Companies that have adopted video conferencing tools have also recorded improved employee productivity, time and cost savings on transportation, and improved communication & collaboration among team members, further boosting the demand for video conferencing solutions among various industries.

 

The pandemic has severely affected many sectors globally, including the education sector. However, this sector has quickly adopted the new collaboration solutions and restored itself within just a few months post the lockdown. IT & telecommunication has been the leading adopter of this technology from even before the outbreak of the COVID-19 pandemic. However, the global lockdown further boosted the use of video conferencing technology in the industry. Additionally, the healthcare sector has also increased the adoption of video conferencing solutions to improve patient care & monitoring and reduce the burden on hospital staff and infrastructure.

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The Impact of COVID-19 on the Video Conferencing Market

 

The spread of COVID-19 has had an unprecedented impact on public health and industrial structures, accelerating social reforms in several areas. Due to stringent government policies of social distancing, lockdowns, and work from home culture adoption, people were forced to communicate through the latest tools and devices to complete their work. Thus, video conferencing tools gained huge demand through this period. Amongst the disruption caused by the pandemic in the business sector, video conferencing was one of those few entities that witnessed exponential growth in adoption as the need for communicating through remote places grew extensively.

 

The video conferencing market witnessed tremendous growth amidst the pandemic as lockdowns forced many individuals across the globe to work-from-home and attend online classes, which led to a surge in the adoption of popular software like Zoom, Skype, and Microsoft Teams. For instance, in October 2020, Microsoft Teams registered more than 115 million daily active users. Thus, with advancements in technology and increasing usage of this technology, the market is poised to grow immensely.

 

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Work-from-home Culture to Drive the Video Conferencing Market Growth

 

The outbreak of the COVID-19 pandemic changed the overall working culture of the majority of the companies around the world due to lockdowns and social distancing policies. The companies had to adopt work from home culture. This led to an increase in dependency of the employees, students, and other professional workers on video conferencing tools such as Skype, Zoom, Google Duo, and Microsoft Teams, among others, for effective communication. As a result, the market observed high traction in the demand and adoption of these tools.

 

Furthermore, by working from home, the companies witnessed improved employee productivity due to less time for commuting, better work-life balance, and location independence. This factor allowed companies to retain this policy for a longer period, increasing the usage of video conferencing tools. 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, to work from home until 2025. Furthermore, Infosys, a major IT service provider, has permanently announced flexible work from home model.

 

Video Conferencing Market Overview

 

Meticulous Research® has segmented the overall video conferencing market based on technology (VaaS, USB-VC, room-based codec systems), component, deployment mode, organization size, end user (education, IT & communication, healthcare, BFSI, oil & gas, legal, media), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

 

Based on technology, the video conferencing market is segmented into video-as-a-service (VaaS), USB video conferencing, and room-based codec systems. In 2021, the video-as-a-service (VaaS) segment is expected to account for the largest share of the overall video conferencing market. The growing adoption of video-as-a-service in the corporate, IT & telecommunication, healthcare, education, and public, among other sectors, is driving the growth of this segment. In its most recent versions, video-as-a-service allows for the transmission of full-motion video and high-quality audio between multiple locations. In addition, cloud-based video services enable organizations to deploy video conferencing solutions quickly and with minimal infrastructural investments.

 

Based on component, the video conferencing market is segmented into solutions and services. In 2021, the solutions segment accounted for the largest share of the overall video conferencing market. The larger share of the solutions segment is mainly attributed to the exponential adoption of video conferencing apps such as Zoom, Microsoft Teams, WebEx, and Google Meet among various industries, such as IT & communications and education.

 

Based on deployment mode, the video conferencing market is segmented as cloud deployment and on-premise deployment. In 2021, the cloud deployment segment is estimated to account for the larger share of the overall video conferencing market. The large share of this segment is mainly attributed to the higher efficiency and lower investment requirements of cloud deployment compared to on-premise. The segment is also expected to register a higher CAGR during the forecast period due to the entry of major cloud service providers such as Amazon, Google, and Microsoft.

 

Based on organization size, the video conferencing market is segmented into large enterprises and small & medium-sized enterprises (SMEs). In 2021, the SMEs segment is estimated to account for the larger share of the video conferencing market. The large share of this segment is mainly attributed to the affordable subscription plans and customized user interfaces (UIs) offered by leading video conferencing solution providers.

 

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Based on end user, the video conferencing market is segmented into education; healthcare; government, defence, & public sectors; BFSI; media & entertainment; law & legal; manufacturing; oil, gas, & energy; and IT & telecommunication. In 2021, the IT & telecommunication segment accounted for the largest share of the global video conferencing market. However, the education segment is expected to record the highest CAGR during the forecast period due to the growing number of online education platforms and the need to conduct online lectures among universities and educational institutions, such as colleges and schools.

 

Geographically, the global video conferencing market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, the North American region accounted for the largest share of the global video conferencing market. The large share of North America is attributed to the presence of many IT companies and the growing need to connect their large workforce available at different locations. Also, the region is technologically advanced, and there is swift adoption of video conferencing in daily work schedules. However, the Asia-Pacific region is expected to account for the fastest growth during the forecast period. Rapid growth in the number of SMEs in regional economies and increasing internet penetration are expected to drive the adoption of video conferencing at a significant rate.

 

The four key players in this market are Zoom Video Communication, Inc., Microsoft Corporation, Cisco Systems, Inc., and Google, LLC. These players continuously focus on new product development and launches and agreements, collaborations, & partnerships to increase their respective market shares. The other key players operating in the global video conferencing 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.), and Vidyo, Inc. (U.S.) among others.

TOP 10 COMPANIES IN VIDEO CONFERENCING MARKET

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