Managed Video Conferencing Service Market is estimated to be US$ 1381.0 million by 2029 with a CAGR of 5.1% during the forecast period
The report "Global Managed Video Conferencing Service Market, By Service (Site
Staffing, Remote Management & Monitoring, Help Desk & Troubleshooting,
and Infrastructure Management), By Component (On-premise Model, Cloud Model,
and Hybrid Model), By End-user (Corporate Enterprise, Healthcare, Government
& Defense, Education, and Others), and By Region (North America,
Europe, Asia Pacific, Latin America, and the Middle East & Africa) -
Trends, Analysis and Forecast till 2029”.
Key Highlights:
·
In April 2020,
Facebook, Inc. declared to launch Messenger Rooms, the solution permitting
users to conduct conference with up to 50 people. The company has focused on
security and privacy features due to the growing concerns over cybersecurity in
video conferencing applications particularly during coronavirus pandemic. The
features will enable the company to capture more customer engagement with video
messaging platforms.
·
In March 2020,
Zoom Video Communications, Inc., a California-based remote conferencing
services company, has declared the free access to video conferencing tools
during COVID-19 crisis for K-12 schools. Additionally, the company's stock
prices have increased with the last few months as the investors are as certain
that the virus could possibly propel the demand for Zoom's video conferencing
products.
Analyst View:
The increasing globalization of businesses has
resulted in the increased demand for solutions that influence conferencing from
several locations. The hardware component segment in the video conferencing
industry is projected to register a maximum growth of over the forecast
timespan. The Multipoint Control Unit (MCU) is indorsing high adoption as it
allows businesses to organize group conferencing by connecting endpoint
devices. The server manages stability, video & audio quality, data
security, and delivers efficient video communication for all conference users.
The industry vendors are adopting the solution to
improve collaboration and interaction among geographically discrete teams.
Players are highly focusing on reducing business travel costs, which has
created a lucrative opportunity for the target market. These companies are
providing solution with MCU functionality. For instance, Zoom Video
Communications, Inc. provides MCU integrated solution as a part of its hardware
package.
Key Market Insights from the
report:
The global managed video conferencing service market
accounted for US$ 886.3 million in 2020 and is estimated to be US$ 1381.0
million by 2029 and is anticipated to register a CAGR of 5.1%. The market
report has been segmented on the basis of service, component, end-user,
and region.
·
By service, the
global managed video conferencing service market is segmented into site staffing, remote management & monitoring, help desk &
troubleshooting, and infrastructure management.
·
By component, cloud
model segment holds the significant share in the target market. Cloud-based video collaboration services make cost-effective and
scalable conferences possible. In recent years, video conferencing usage growth
has exploded and become an important and vital tool for developing
organizations that depend on reliable communication.
·
By end-user, the
government sector has registered rapid transformation with the adoption of
digitalization in recent years. Increased digitization in the government sector
and the requirement of effective communication with citizens during the coronavirus
outbreak is driving growth of this segment.
·
By
region, North America estimates for the
highest market share due to the availability of well-established infrastructure
and surge in cost associated with the setup of IT infrastructure and mobility.
Additionally, growing number of SMEs (Small and Medium Enterprise) who are
looking for better collaborations and shift of large enterprises towards
superior modes of video conferencing and content management rooms is also
boosting growth of this region.
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Competitive Landscape:
The prominent player operating in the global
managed video conferencing service market includes Adobe Systems Incorporated, JOYCE CR, Arkadin Cloud
Communications, S.R.O., Logitech International S.A., Microsoft Corporation,
Orange Business Services, Vidyo, Inc., West Unified Communications Services,
and ZTE Corporation.
The market provides detailed information
regarding the industrial base, productivity, strengths, manufacturers, and
recent trends which will help companies enlarge the businesses and promote
financial growth. Furthermore, the report exhibits dynamic factors including
segments, sub-segments, regional marketplaces, competition, dominant key
players, and market forecasts. In addition, the market includes recent
collaborations, mergers, acquisitions, and partnerships along with regulatory
frameworks across different regions impacting the market trajectory. Recent
technological advances and innovations influencing the global market are
included in the report.
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