The video conferencing market is riding on the wave of growth and is envisaged to give the same performance throughout the forecast period of 2020-2030. The new decade started with the COVID-19 pandemic causing havoc across the globe. Various sectors and businesses were highly impacted, mostly in a negative manner. In contrast, a handful of sectors have been benefitted from the pandemic. The video conferencing sector is one of them.
To contain the transmission of COVID-19, numerous countries imposed lockdown orders. This aspect led to a surge in demand for video conferencing across almost all sectors. According to Transparency Market Research (TMR), the global video conferencing market may record a CAGR of ~9% across the forecast period of 2020-2030. The video conferencing market is anticipated to reach a value of US$ 16 bn by the end of 2030.
According to TMR analysts, apart from the healthcare sector, the video conferencing market is also incurring great demand from government institutions. This aspect may also help the video conferencing market gain extra stars of growth. Let’s have a look at how the video conferencing market is advancing in vital sectors.
The COVID-19 outbreak has increased the strain on healthcare professionals. To minimize the strain, healthcare professionals are making use of video conferencing tools for consultations and other uses. Startups and key players are moving forward for providing promising technologies. For instance, Athenahealth recently integrated video conferencing within its athenaOne EHR to provide a seamless patient-doctor experience. This development will eliminate the requirement of additional software or integration for enabling video conferencing.
Remote healthcare is also an important aspect, which is being addressed successfully through videoconferencing. Thus, this aspect will prove to be a boon for the video conferencing market.
The use of video conferencing in virtual meetings across the IT sector is bringing great growth opportunities for the video conferencing market. Seamless video conferencing technologies equipped with end-to-end encryption and security improvements are gaining traction across the substantial Work from Home (WFH) populace across the IT sector. Various players in the video conferencing market are upgrading their tools to be in tandem with the requirement of the IT industry. For instance, Cisco recently updated its WebEx video conferencing platform with heightened security and other features such as enabling content retention policies for Webex Meetings and Team content.
The education sector has seen a paradigm shift in the teaching process due to the COVID-19 pandemic. Virtual classrooms and online teaching sessions have become the new norm and this aspect may greatly help in spinning a strong web of growth for the video conferencing market. The governments of various countries are also ramping up video conferencing facilities across the government-run schools to provide uninterrupted education to the children.
Startups and key players are coming up with novel video conferencing platforms packed with features that assure convenience and comfort to the users. For Instance, Admission24, an Indian EdTech startup, has launched a live virtual classroom platform for all classes from K-12 to higher education. The platform allows teachers to conduct unlimited interactive and live online classes for more than 900 students per session. Such developments harness growth for the video conferencing market.
Various sectors across the government are using video conferencing for meetings, inaugurations, and other important work. The government is also providing video conferencing facilities in government-run hospitals. The Delhi Government recently launched a video conferencing facility in a government-run hospital. The facility will enable the COVID-19 patients in the hospital to interact with their near and dear ones. This development will avoid transmission of COVID-19 and at the same time, help the patients stay connected with their family.
Government funding for upgrading video conferencing facilities is also proving to be a boon for the growth of the video conferencing market. The CARES act COVID-19 Telehealth Program is an important instance. It offers $1 million per healthcare provider to fully fund tele-health programs across the COVID-19 pandemic.
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