The growing desire to reduce carbon emissions and travel expenses, together with the growing popularity of BYOD, are the primary factors driving the growth of this industry (BYOD). Since the COVID-19 epidemic broke out, there has been a rise in demand for video conferencing equipment as more people turn to online learning and distant working. This is estimated to play a significant role in the market's expansion throughout the course of the projection period.
The need for video conferencing equipment is growing as businesses become more dependent on quick decisions and effective communication. In the fast-paced corporate climate of today, conventional forms of communication are no longer regarded as being effective. Faster decision-making is facilitated through video conferencing, which enables real-time, face-to-face engagement with partners, clients, and employees.
Equipment for video conferences is becoming more and more common since it has a number of advantages over conventional face-to-face meetings. These advantages include greater adaptability, better communication, and improved teamwork.When using video conferencing technology, participants can connect at any time and from any place. This enables businesses to host meetings with personnel, customers, and partners who are dispersed throughout the globe. Just a webcam or laptop with a built-in camera and a strong internet connection are required. The ability to clearly see and hear one another is provided by video conferencing technology, which can aid improve communication. Businesses with workers who are located far away or in different time zones may find this to be very helpful. Video conferencing can also aid in lowering linguistic and other communication hurdles.
Equipment for video conferencing is used to enable real-time communication between two or more locations. A webcam, which may be used to connect two individuals in different locations for real-time communication, is the most popular sort of video conferencing equipment. Video phones, video servers, and video bridges are more examples of video conferencing hardware.
During the projected period from 2021 to 2031, the global market for video conferencing equipment is anticipated to increase from USD 4.5 billion in 2020 to USD 26.2 billion, at a CAGR of 26.2%.
The increasing demand for real-time communication among personnel working from various places is the main reason fueling this market's expansion.
Several commercial barriers to video conferencing technology. One of the biggest barriers to the market's expansion is the high cost of video conferencing equipment. Many small enterprises and individuals cannot afford the pricing of these devices, which range from a few hundred to thousands of dollars. Another factor limiting market growth is the underutilization of video conferencing's advantages. Another aspect limiting industry expansion is the requirement for high-speed internet.
However, this issue is anticipated to be resolved soon given the rising popularity of 4G and 5G technology. Many advantages of video conferencing, including time savings, reduced trip expenses, and improved communication, will increase demand.
Cisco Systems Inc., Avaya Inc., Huawei Technologies Co. Ltd., Microsoft Corporation, Logitech International S.A., Polycom Inc., and Zoom Video Communications Inc. are a few of the leading companies in the worldwide video conferencing market
The Collaboration Room Endpoint Type Will Eventually Become the Most Profitable Market
The collaboration room endpoint and collaboration personal endpoint are the two main categories into which the video conferencing equipment industry has been divided. Due to the rising demand from enterprise clients for top-notch video conferencing solutions, the collaboration room endpoint sector is anticipated to grow at the greatest CAGR throughout the forecast period.
The Most Popular Application Segment is Government
The education sector is divided into public and private education, consulting and professional services, government, manufacturing, and financial services. One of the biggest industries utilising video conferencing technologies is the government. Government organisations all throughout the world use video conferencing for a variety of activities, including holding cabinet meetings, court cases, security briefings, and online courses. The public/private education sector is expected to grow significantly during the forecast period as well. The expansion of this application segment is being driven by the distance learning programmes that are being provided by various educational institutions.
The Asia Pacific region (APAC) will provide Appropriate Financing Options
The market for video conferencing equipment is anticipated to be dominated by North America in 2021, followed by Europe and Asia Pacific. Due to the presence of key companies and the early adoption of cutting-edge technology, North America accounts for a sizable portion of the global market. To be followed by Europe and South America, North America is anticipated to be the second-largest market for video conferencing equipment during the projection period. Due to the rising demand from small and medium-sized businesses (SMEs) in nations like China, India, Japan, and South Korea for video conferencing solutions, the Asia Pacific region is anticipated to have the highest CAGR over the projected period.
COVID-19 Impact and Market Status
The market for video conferencing equipment has been significantly impacted by the COVID-19 pandemic epidemic. The market for video conferencing equipment has expanded as a result of the rising demand for online learning and remote working options. One of the main industries where video conferencing technology is used is education. However, the COVID-19 outbreak has forced the closure of educational institutions all over the world, which has had a negative impact on the demand for video conferencing technology in this application segment. As a result of travel limitations put in place by various governments to stop the spread of COVID-19, many businesses choose video conferencing over in-person meetings. This is expected to fuel the growth of this application category throughout the course of the projection period.
Latest Innovations in the Global Video Conferencing Equipment Market: A Snapshot
• High-definition (HD) and ultra-HD (UHD) cameras, the incorporation of artificial intelligence (AI), and developments in virtual reality (VR) and augmented reality (AR) technology are some of the most recent advancements and trends in the market for video conferencing equipment. For industry participants that are already active in this market, these advancements are anticipated to present new growth potential.
• By collaborating with Lumen Technologies, Inc. (U.S.), Zoom Video Communications Inc. (U.S.) made it possible for Lumen to add Zoom to its Unified Communications and Collaboration Suite. Businesses using Zoom to provide outstanding enterprise experiences throughout the customer lifecycle will have access to increased delivery, customer success, and managed services thanks to this connection.
Video Conferencing Equipment Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||SD 26.2 billion|
|Growth Rate||CAGR of 26.2% during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Cisco Systems Inc., Avaya Inc., Huawei Technologies Co. Ltd., Microsoft Corporation, Logitech International S.A., Polycom Inc., and Zoom Video Communications Inc.|
Key Segment of Video Conferencing Equipment’s Market
By Type Overview 2021-2031, (USD Billion)
• Collaboration Room Endpoint
• Collaboration Personal Endpoint
By Application Overview 2021-2031, (USD Billion)
• Education- Public/Private
• Consulting/Professional Services
• Financial Services
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa