The Latin America, Middle East and Africa Video Conferencing Market would witness market growth of 18.8% CAGR during the forecast period (2021-2027).
The outbreak of the covid-19 pandemic has surged the demand for communication tools to cope up with the remote working environment. The nationwide lockdown and remote working condition have created the demand for video conferencing solutions in the market. The work from anywhere culture has made it more important for companies to stay connected with their employees located at different places.
By adopting video conferencing solutions, companies can communicate and facilitate the working of the employees efficiently and effectively. Along with this, the education sector is highly utilizing these solutions to carry on the academics of the students. This will further support the growth of the video conferencing market during the forecast period.
Factors such as the high cost involved in purchasing and deploying the solutions and the increasing concerns regarding privacy & security of information are estimated to hinder the growth of the market during the forecast period. The usage of data security software solutions for the safe transmission of data has resulted in the high deployment cost of these solutions. There are various organizations like Zoom and Hall which are offering free video conferencing solutions that are highly feasible for SMEs.
The low bandwidth of the internet among various regions of LAMEA would hinder its regional growth. However, the increasing spending power of the companies in the region will fuel the demand for regional growth. The growing industrialization in this region would continue in the future years. Many companies in this region are increasingly investing their capitals for their expansion that is estimated to propel the demand for video conferencing solutions.
Several governments in Middle East countries have started implementing video conferencing tools to communicate with government officials and are gaining more importance for regular meetings. The rising awareness among the companies regarding the advantages of video conferencing over telephonic or in-person meetings is also anticipated to supplement the regional market.
The Brazil market dominated the LAMEA Training & Development Video Conferencing Market by Country 2020, thereby, achieving a market value of $179.5 million by 2027. The Argentina market would witness a CAGR of 19% during (2021 - 2027). Additionally, The UAE market is estimated to grow at a CAGR of 18.2% during (2021 - 2027).
Based on Component, the market is segmented into Hardware, Solution and Services. Based on Deployment Type, the market is segmented into On-Premise and Cloud. Based on Application, the market is segmented into Corporate Communications, Training & Development, Marketing & client Engagement and Others. Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Education, Media & Entertainment and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Video Conferencing Market is Predict to reach $21.8 Billion by 2027, at a CAGR of 16%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Cisco Systems, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Adobe, Inc., Google, Inc., Amazon.com, Inc., Logitech International S.A., Avaya Holdings Corporation, Plantronics, Inc. (Polycom, Inc.), and Zoom Video Communications, Inc.
By Component
By Deployment Type
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By Industry Vertical
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