In terms of component, hardware segment in video conferencing market is poised to observe significant growth owing to the increasing adoption of the codec in the overall market landscape. Codecs have allowed enterprises to facilitate decoding and encoding of substantial amounts of visual and audio information. Enterprises have shifted from conventional H.261 standard to video conferencing codecs that are more advanced, like H.264, VP8/9, and RTV.

The implementation of video conferencing technology in such huddle rooms is ascribed to the ongoing transformation of the workplace and the increasing use of software-based communications. These huddle rooms are equipped with audio, video, and display technologies that are of high-quality, which subsequently facilitates a productive work environment for the employees.

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The global video conferencing market is anticipated to foresee significant growth over the coming years due to the increasing adoption of the video conferencing technology across healthcare institutions to conduct specialist consultation and post-discharge programs remotely. With the constantly evolving technology landscape, a plethora of other industrial sectors have emerged as potential growth opportunities for the market, especially given the current COVID-19 situation.

The global video conferencing market is likely to surpass a valuation of over $50 billion by the end of 2026.

Room-based system to gain substantial share in video conferencing market over the coming years. Due to the current global situation, traditional video conferencing rooms are swiftly being replaced by smaller and huddle spaces. Essentially, huddle rooms can be defined as smaller conference workplaces and areas that are capable of accommodating approximately six participants at once.

Additionally, the ongoing government-imposed lockdowns, rapid adoption of work-from-home policies, and social distancing measures have augmented the need for video conferencing applications, for both personal and business use. In fact, as per a new report from the App Annie, business video conferencing apps have observed massive growth, hitting their largest week in March. As per reliable data, business video conferencing apps witnessed 62 million downloads between the week that started March 14 and ended March 21, 2020.

Geographically, a well-built internet infrastructure and growing implementation of advanced technologies like 3D, VR, and AI by local businesses is projected to drive the Europe video conferencing market over the forecast timespan. The region boasts of a fast broadband connection with Luxembourg, Denmark, and Sweden having the continent’s fastest internet speeds, averaging 40.1Mbps.

The European Commission initiative of Europe 2020 strategy for sustainable, inclusive, and smart growth aims at offering fast and ultra-fast broadband infrastructure. Additionally, a growing number of coronavirus cases is also considered to be another prominent factor that is expected to drive the regional adoption of video conferencing technologies.

The global video conferencing market is also inclusive of players such as Vbrick, uStudio Inc., Vidyo Inc., Premiere Global Services Inc., Pexip, ReadyTalk, Highfive, Lifesize Inc., Polycom Inc., MediaPlatform, Microsoft Corporation, LogMeIn Inc., Google Inc., KOLLECTIVE, Cisco Systems, Inc., and Adobe Systems Inc., among others.

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The H.265 video compression codec provides 50% storage reduction along with less residual errors and greater precision. In addition, the rise of 5G as well as updated video codecs has enabled companies to access immersive video in the present scenario. Suppliers are also providing high-quality codecs that customers and businesses can access virtually through any device.

Given the current demand, several companies are foraying further into the field of video conferencing services, coming up with newer, more innovative ideas to get an edge over their competitors. Recently, tech giant Facebook launched its Messenger Rooms video conferencing app. This app can add about 50 people in a video call and resemble the design layout of its competitor and globally used video conferencing app, Zoom.

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