North America: 25,169 million USD (2030 value); CAGR: 10.25%
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%.
The strong presence of important market participants in North America, particularly in the United States and Canada, as well as the region's high adoption rate of new technology, would offer up new profitable chances for North America video conferencing market solution providers to gain a large market share.
Many established economies in this area are more technologically proficient and are becoming early adopters of new technology, which is expected to contribute to increased regional growth. Furthermore, several video conferencing solution providers in this area have offered a variety of sophisticated solutions to fulfil the growing need for improved technology in video conferencing solutions, fueling the market's growth.
Furthermore, many multinational firms, such as IBM Corporation, are focusing on widespread use of such solutions for staff training, which would have a beneficial influence on market growth. For example, IBM Corporation uses Cisco Systems' video conferencing systems to provide unified training to its workers who operate in various locations across the world.
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. During the projected period, this will further assist the expansion of the North America video conferencing market.
Even though the North America video conferencing market business has grown in popularity, there have been significant negative consequences owing to data privacy and security concerns. It has also witnessed the fastest provision of goods due to the great demand for video conferencing solutions on the market. As a result of the increased demand for these products, data privacy and security concerns have increased. People's product preferences have also changed as a result of this.
While these solutions are incredibly user-friendly, they lack enterprise-level security procedures. Organizations may confront product and data security challenges, which might result in significant financial losses. With the rise of the remote workforce, protecting personal information has become a major concern. Solution vendors should prepare to deliver enterprise-level collaboration. This might result in a smooth and secure system that encrypts the communication from beginning to conclusion.
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 four regions: the United States, Mexico, Canada, and the Rest of North America.
Because of its adaptability and welcoming spirit, America has been a key contributor to the worldwide video conferencing business. It has covered 34.7% of the worldwide market, with Europe accounting for 29.8%. In 2018, America alone made USD 6073 million in sales. This statistic is expected to increase at a CAGR of 14.72% during the projection period.
In terms of new technologies, America has shown to be one of the most open. This quality is expected to position America as the industry leader in the next years. It resulted in a rise in demand for virtual meetings that are both stable and high-quality, as well as having reliable internet connectivity. It has made a significant profit for the worldwide video conferencing market share. Virtual private networks have begun to be used by businesses and educational institutions, resulting in increased market growth.
By Country 2020, the US market dominated the North American Video Conferencing Cloud Market, and it would continue to do so through 2027, with a market value of $2,544.4 million. The Canadian market is growing at an annual rate of 18.5% (2021 - 2027). Furthermore, the Mexico market is expected to grow at a rate of 17.5% during the forecast period (2021 - 2027).
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
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