Video conferencing technology witnessed a sudden shift from being a supportive communication tool to becoming one of the prime necessities for remote communication amid the global pandemic and a new study from Fairfield Market Research tracks the performance of the global video conferencing market and provides a detailed forecast of the same analyzed during 2021 – 2026.
The market that attained revenue of around US$9.7 billion in 2021 is all set to reach nearly US$21.1 billion toward the end of 2026, suggests the report. Growth in demand for corporate, educational and teleconsultation communication is expected to drive the growth of video conferencing.
In addition to the rapid spread of 4G, and 5G technologies, video conferencing is likely to gain significantly from the brisk pace of expansion of telemedicine over the recent past. Increasing perception of video conferencing as an intelligent tool for modern businesses will drive the growth of the video conferencing market throughout the period of assessment.
However, the expensive initial deployment costs and the prevalent security concerns will continue to restrict market growth to a significant extent, says the report.
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Key Research Insights
- Between 2021 and 2026, the global video conferencing market is poised for 16.6 percent growth and the revenue will more than double
- Demand remains strongest in corporate communications which contributed nearly $3.8 billion to the total market revenue in 2019, followed by that in training and development
- With over 58 percent market value share, on-premises deployment remains preferred the strongest growth potential through the end of 2026
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