video conference devicesVideo conferencing is a live, visual connection between two or more remote parties over the internet that simulates a face-to-face meeting. These devices are important because it joins people who would not normally be able to form a face-to-face connection. At its simplest, video conference devices provide the transmission of static images and text between two locations. At its most sophisticated, it provides transmission of full-motion video images and high-quality audio between multiple locations.
Verified Market Research recently published a report, “Video Conferencing Market” and according to the report the Global Video Conferencing Market was valued at USD 4.02 Billion in 2019 and is projected to reach USD 8.35 Billion by 2027, growing at a CAGR of 9.6% from 2020 to 2027.
Global Video Conferencing Market Overview
The robust urbanization which is responsible for the use of conferencing is driving factor growth. The increased command of high-speed data connectivity among consumers is expected to drive the market economy. The connectivity that can be considered for professional video conferencing depends on the bandwidth. The higher the bandwidth, the better the video quality. Most of the standard Video conferencing systems provide up to 2 Mbps of such IP bandwidth, but the maximum bandwidth can be utilized by VC applications.
The role of major vendors to develop solutions for video conference devices will furnish market growth. On 9TH April, IBM and Cisco collaborated to aid in remote teaching in over 24,000 schools and staff in over 185,000 charity associations across the UK by granting free access to video conferencing through the use of the Cisco Webex web conferencing tool. The technology provides simple and intuitive features for online collaboration in response to the COVID-19 outbreak. The use of telepresence to bridge the communication gap between individuals is expected to accelerate market growth.
This not only applies to the use of the latest HD audio and video technology, but other factors such as interior design, furnishings, and media technology. Its high availability makes telepresence solutions the most robust, safest, and most reliable method of transport in the world. The use of 5G, which uses Voice over Internet Protocol (VoIP), will provide lucrative opportunities for market growth.
5G will boost the network speed twenty times faster than the standard 4G technology. 5G is presenting innovations in telepresence with holographic conferencing capabilities and Ultra HD video calling, in its infant stage. Also, 360-Degree video calling is being initiated.
Amid the COVID-19 pandemic, remote working became the “new normal” for many companies. Companies look to video conferencing technologies to maintain business operations, while enforcing the recommended social distancing protocols, as video conferencing provides the closest approximation to an actual, face-to-face meeting. Beyond use for intraorganizational meetings, video conference devices has been adopted for job candidate interviews in lieu of on-site interviews.
Zoom, a widely popular video conference devices vendor that experienced explosive growth in 2020, became the face of pandemic video conferencing to many. As a result, the name Zoom is eponymous for video conference devices in general, giving rise to popular terms such as Zoombombing and Zoom fatigue.
The major players in the market