Impact of COVID 19 on Video Conferencing Market
発行: Orion Market Research Pvt Ltd
Global Video Conferencing Market Size, Share & Trends Analysis Report by End-User (Government and Commercial) Impact of COVID-19 on Global Video Conferencing Industry, and Forecast 2019-2025
The global video conferencing industry is expected to gain traction during the coronavirus outbreak. As the enterprises and government organizations are considering video conferencing as an ultimate solution to connect with remote workers, customers, and employees; and, at the same time, it prevents direct contact with the people. There are several factors that have been driving the market growth since the last decade, such as the increasing focus of companies towards the expansion of their businesses in the global market and in the management of the workforce in various subsidiaries. However, the outbreak of the coronavirus has impacted the video conferencing market positively. The ban on travel has limited the reach of the enterprises in the foreign market, which in turn, has increased the adoption of video conferencing software. Companies are adopting an innovative recruitment process at such time by engaging video conferences. The government, on the other hand, is using video conferencing software to connect with doctors and administrative people of their region and also of other countries.
Global video conferencing industry report is segmented based on its end-user into government and commercial sector. As the countries are announcing a lockdown of their respective states continuously and urging enterprises to offer work from home facilities to its employees; the adoption rate of video conferencing software is getting increased. The government of a number of countries has put a restriction of trade and travel, owing to which the MNCs are adopting video conferencing software to engage their clients. Such moves are expected to trigger the video conferencing market during the pandemic.
In addition, the effect of COVID-19 on the video conferencing industry is analyzed from a geographical standpoint by including North America, Europe, Asia-Pacific, and Rest of the World in the report. Asia-Pacific is contributing a major role in the growth of the video conferencing market during this pandemic situation. China, Japan, South Korea, and India have been experiencing damage in the economy due to the rapid spread of the coronavirus. Chinese economy hit hard by the coronavirus outbreak and the country has lockdown itself since more than a month. Moreover, after the sever outbreak of COVID-19 in Europe, countries including Italy, Denmark, Spain, Germany, France are under complete lockdown. The government is engaged in arranging a platform for employees, students, in order to revive the country from this outbreak.
Video conferencing is one such solution that has been called out by the companies and government organizations under this arrangement. The market players are also reaching out to the enterprises and government organizations to expand their services in the country. In February 2020, Zoom Video Communications, Inc. has lifted the 40-minute limit on video calls for its free version in China.
Key companies getting affected in the market include 8x8, Inc., Cisco Systems, Inc., Google LLC, Lifesize, Inc., LogMeIn, Inc., Microsoft Corp., RingCentral, Inc., StarLeaf Ltd., Zoho Corp. Pvt. Ltd., Zoom VideoCommunications, Inc., and so other. These companies are envisaging the pandemic situation as a key to increase their growth and at the same time helping the nation during the crisis. The market players are offering their services for free or at minimal cost to the enterprises and government organizations. For instance, in March 2020, Zoom Video Communications, Inc., a California-based remote conferencing services company, has announced the free access to video conferencing tools for K-12 schools during COVID-19 crisis. Moreover, the company's stock prices have increased with the last few months as the investors are as certain that the virus could possibly boost the demand for Zoom's video conferencing products.
OMR global recently published a report addressing the impact of COVID-19 on the global video conferencing industry. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and countries and the effect of COVID-19 on the video conferencing industry of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.
The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
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