APAC: 18,850 million USD (2030 value); CAGR: 11.85%
Video conferencing is a live video-based platform that allows two or more people in different places to hold meetings using video-enabled devices. It allows multiple people to connect and collaborate face to face across a great distance by streaming video, audio, text, and presentations in real time via the internet. In the United States and Canada, the internet infrastructure is well-established, with a large number of communications businesses and service providers. Organizations in technologically sophisticated nations demand a faster internet network, and telecommunication corporations are working hard to build and market the 5G network. With quicker speeds, greater picture and video quality, the development of 5G networks will transform the video conferencing sector.
As the work-from-home trend took hold, the video conferencing business exploded in the previous two years. It enables the user to communicate via video/audio call. Visual conferencing technology facilitates the transmission of video and audio information, allowing users to connect in real time.
During the projected period (2021–2030), the worldwide video conferencing market share is estimated to expand at a CAGR of 15.45%.
At a compound yearly growth rate of 7.8%, the worldwide business video conferencing endpoints and infrastructure market is expected to reach $1.46 billion in 2027, up from $864.4 million in 2020.
In the business, healthcare, and education sectors, APAC countries are continually growing. In the aforementioned industries, the rate of technological advancement is notable, and demand for video conferencing solutions is increasing not only in corporate boardrooms, but in every meeting place. The adoption of medical technologies such as automatic testing systems, robotics-assisted surgeries, and automatic data readers, as well as nonmedical technologies such as high-end CCTV cameras, tele-medication systems, online consultation, and video conferencing solutions, is at an all-time high in APAC. The use of video conferencing systems is increasing to help doctors treat patients in rural places where basic medical services are lacking. Furthermore, the advent of cost-effective, user-friendly, and efficient video conferencing solutions is encouraging the healthcare industry to invest in video conferencing solutions for webinars and meetings.
Several nations in APAC are home to SMEs across industries that rely significantly on innovative technology, which is helping the region's Asia Pacific Video Conferencing Market. China, India, Japan, South Korea, Singapore, Taiwan, and Malaysia are among the APAC economies that are still rising. Individuals are increasingly incorporating video conferencing solutions into their systems as the culture of the remote office, home office, and coworking spaces grows in the region. In addition, numerous companies are switching from huge conference rooms to smaller intimate rooms in order to maximise office space for staff involvement. This transformation enables them to hire a huge workforce and increase production.
Despite the fact that the video conferencing industry in North America has increased in popularity, data privacy and security issues have had substantial negative implications. Due to the high demand for video conferencing solutions on the market, it has also seen the fastest delivery of items. Data privacy and security problems have grown as a result of the rising demand for these goods. As a result of this, people's product preferences have shifted.
These systems are extremely user-friendly, but they lack enterprise-level security protocols. Product and data security issues may arise, resulting in major financial losses for businesses. Protecting personal information has become a big problem as the remote workforce has grown. Solution providers must be ready to provide enterprise-level collaboration. This might lead to a seamless and secure system that encrypts communication from start to finish.
The market is divided into Hardware, Solution, and Services based on component. The market is divided into On-Premise and Cloud deployment types. The market is divided into four categories based on application: Corporate Communications, Training & Development, Marketing & Client Engagement, and Others. The market is divided into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Education, Media & Entertainment, and Others based on Industry Vertical. China, Japan, India, South Korea, Singapore, Malaysia, and the Rest of Asia Pacific are the nations that make up the market.
Several nations in APAC are home to SMEs across industries that rely significantly on innovative technology, which is helping the region's Video Conferencing Market. China, India, Japan, South Korea, Singapore, Taiwan, and Malaysia are among the APAC economies that are still rising.
Individuals are increasingly incorporating video conferencing solutions into their systems as the culture of the remote office, home office, and coworking spaces grows in the region.
In addition, numerous companies are switching from huge conference rooms to smaller intimate rooms in order to maximise office space for staff involvement.
This transformation enables them to hire a huge workforce and increase production.
China has the greatest number of confirmed COVID-19 cases thus far.
China, on the other hand, has progressed from a two-month containment phase to the mitigation stage, and its expertise is assisting nations at the start of the COVID-19 cycle in better planning their reactions.
On a large scale, Chinese institutions are seeking to transition to online education.
Furthermore, Australian higher education relies heavily on a regular influx of Chinese students, yet the Australian government has imposed travel restrictions from China.
As a result, Australian higher education institutions are working to improve their online capabilities in order to provide courses to stranded students.
For online education, universities are embracing video conferencing technologies. Furthermore, during the COVID-19 epidemic, the presence of a high number of SMEs in South-East Asian nations is creating a tremendous need for video conferencing solutions.
The increasing prevalence of several technologies and service-based start-ups in developing countries such as India and China is expected to drive regional market expansion. Many important organisations are based in this location, and they provide a diverse range of upgraded and sophisticated video conferencing solutions. The rising investment of area businesses in new technology to improve company efficiency will also support regional growth.
Furthermore, the rising number of start-ups in this region has boosted the use of video conferencing systems dramatically. Furthermore, the education industry in this area heavily relies on visual collaboration solutions like as video conferencing and web conferencing to offer services to customers, which is expected to create new growth opportunities for the regional market.
By 2027, China will have dominated the Asia Pacific Video Conferencing Solution Market by Country, with a market size of $630.7 million. The Japanese market is growing at an annual rate of 18% (2021 - 2027). Furthermore, the India market is expected to increase at a CAGR of 19.4% during the next five years (2021 - 2027).
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