FACTS AT A GLANCE
Editing: 6; Posted: August 2021
Executive pool: 84455
Companies: 331 – Players covered include Zoom Video Communications, Inc .; Blue Jeans Network, Inc .; Cisco Systems, Inc .; Go to a meeting; Skype; Microsoft teams; Fuze Inc .; Adobe Inc .; Amazon Web Services, Inc .; Avaya Inc .; Chalkboard Inc .; ConnectWise, LLC .; FreeConferenceCall.com; Google LLC; High five; Intermedia.net, Inc .; Meet me; full-scale; LogMeIn; Live live; Premiere Global Services, Inc .; TeamViewer; UberConference; By which; Zoho meeting and others.
Blanket: All major geographies and key segments
Segments: End use (business, education, health, professional conferences, social and non-commercial)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia Pacific; Australia; India; Singapore; South Korea; Rest of Asia Pacific; Latin America; Middle East; Africa.
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Global Web and Video Conferencing SaaS Market to Reach US $ 7 billion by 2026
Video conferencing technology allows people in various locations to conduct face-to-face conferences without having to travel to the same location; thus, saving money, aggravation and time. The demand and requirements for videoconferencing keep increasing due to geographically dispersed businesses and remote workforce management. The emergence of new technologies such as IoT, cloud computing, virtual reality, improved video compression and AI are likely to boost the video conferencing market. The conferencing experience and video quality for employees and businesses are improving through the use of AI-based technologies. Video conferencing solutions are growing in demand and popularity in some areas, including online education and telemedicine; mainly in developing countries which include India, Brazil, Philippines, and China. Video conferencing solutions are experiencing a further increase in demand due to an increasing number of webinars, conferences and international workshops. COVID-19 pandemic is rapidly fueling the video conferencing market; in which government agencies and businesses are focusing on video conferencing to connect remotely with the workforce, employees and consumers to avoid direct contact.
Amid COVID-19 Crisis, Global SaaS Web and Video Conferencing Market is Estimated at US $ 3.5 billion in 2020, is expected to reach a revised size of US $ 7 billion by 2026, with a CAGR of 11.9% over the analysis period. Companies, one of the segments analyzed in the report, are expected to grow at a CAGR of 12.9% to reach US $ 4.1 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Education segment is readjusted to a revised CAGR of 10.3% for the next 7 year period. This segment currently represents a 9.7% share of the global SaaS web and video conferencing market. The corporate sector remains the main revenue generator for the web and video conferencing market due to the growing number of international companies and the globalization of supply chains, which require long distance visual communication for increased productivity.
The US market is estimated at $ 1.4 billion in 2021, when Asia-Pacific is expected to reach $ 2.4 billion by 2026
The United States Web and Video Conferencing SaaS market is estimated at 1.4 billion US dollars in 2021. The country currently represents a 33.49% share of the global market. Asia Pacific is expected to reach an estimated market size of 2.4 billion US dollars during the year 2026, with a CAGR of 12.9% throughout the analysis period. Other notable geographic markets include Canada and Europe, each projects growth of 10.3% and 10.5 respectively during the analysis period. In Europe, Germany is expected to grow by around 11% CAGR while the rest of the European market (as defined in the study) will reach US $ 1.2 billion at the end of the analysis period. Growth in the North America The region is fueled by the implementation of web and video conferencing solutions to replace or upgrade traditional systems and the adoption of new technologies such as AI and IoT. Countries in the region are investing heavily in AI and 5G to strengthen network connectivity systems, creating a dynamic environment for innovations that can boost the web and video conferencing market. With several large companies from developed markets such as the United States and Europe having their offshore production, development and processing facilities in low cost Asian destinations such as China, India, Korea, Vietnam among other countries, the demand for web and video conferencing systems in the region continues to increase.
Health segment to be achieved $ 373.2 million by 2026
Video conferencing is increasingly accepted by healthcare professionals to treat patients while practicing social distancing during COVID-19. Technology is also expected to benefit greatly from the growing attention to telemedicine. Video conferencing is expected to be widely used by healthcare professionals to offer consultations and conduct uninterrupted video sessions to support patents in remote areas. In the global Healthcare segment, United States, Canada and Europe will drive the estimated 9.1% CAGR for this segment. These regional markets representing a combined market size of US $ 136.9 million in 2020 will reach a projected size of US $ 259.3 million at the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach 114.7 million US dollars by 2026. Following
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