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%.
LAMEA: 8594 million USD (2030 value); CAGR: 9.7%
The epidemic of covid-19 has increased need for communication solutions to deal with the distant working environment. Because of the countrywide lockdown and distant working conditions, video conferencing solutions are in high demand. Because of the work-from-anywhere mentality, it is more crucial than ever for organisations to remain in touch with their remote employees.
Companies may communicate and support employee work more efficiently and effectively by implementing video conferencing solutions. Furthermore, the education industry is heavily employing these solutions to continue pupils' academics. This will further assist the expansion of the video conferencing market.
Factors such as the high cost of procuring and implementing solutions, as well as growing concerns about data privacy and security, are expected to stymie market expansion. The high implementation cost of data security software solutions has emerged from their use for data transmission security.
The internet's poor capacity in several LAMEA areas is likely to stifle regional growth.
The market is divided into Hardware, Solution, and Services based on component. The market is divided into On-Premises 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. The market is divided into Brazil, Argentina, the United Arab Emirates, Saudi Arabia, South Africa, Nigeria, and the Rest of LAMEA.
By 2027, the LAMEA Training & Development Video Conferencing Market by Country was headed by Brazil, with a market size of $179.5 million. During that time, the Argentina market would grow at a 19% CAGR (2021 - 2027). Furthermore, the UAE market is expected to increase at a CAGR of 18.2% during the next five years (2021 - 2027).
In LAMEA, the market for healthcare video conferencing solutions is gradually growing. LAMEA Video conferencing market in healthcare offers the potential to transfer knowledge and improve internal interactions. Furthermore, telemedicine is one of the most widely used services in the healthcare business, facilitating medical practise for both healthcare providers and patients.
Furthermore, video conferencing technology provides several benefits to the healthcare business, not only for patients and institutions, but also for physicians and personnel. Healthcare facilities, both large and small, are adopting this technology in a variety of ways. Furthermore, the adoption of video conferencing systems has provided several benefits to healthcare practitioners, resulting in an increase in demand for such solutions. As a result, the market for healthcare video conferencing solutions is rapidly expanding in this area.
In 2020, the On-premise market dominated the South African Healthcare Video Conferencing Solutions Market by Deployment Mode, hitting a market value of $1,036 Thousands by 2027, rising at a CAGR of 7.7%. During the forecast period, the cloud-based market is predicted to grow at an annual rate of 8.5% (2021 - 2027).
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