North America Video Conferencing Market By Component (Hardware, Solution and Services), By Deployment Type (On-Premise and Cloud), By Application (Corporate Communications, Training & Development, Marketing & client Engagement and Others), By Industry Vertical (BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Education, Media & Entertainment and Others), By Country, Growth Potential, Industry Analysis Report and Forecast, 2021 - 2027
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Market Report Description
The North America Video Conferencing Market would witness market growth of 14.3% CAGR during the forecast period (2021-2027). The strong presence of key market players in the North America region, especially in the US and Canada, along with the high adoption rate of the latest technology in this region would open new lucrative opportunities for the video conferencing solution providers to attain a significant market share.
This region has many developed economies which are technically more advanced and becoming early adopters of new technologies, which is estimated to contribute in the increasing regional growth. Moreover, many video conferencing solution providers in this region have introduced various advanced solutions to meet the increasing demand for better technology in video conferencing solution, which will further fuel the growth of the market.
Moreover, there are many global organizations like IBM Corporation, which are majorly aiming at the high adoption of such solutions for the training of their employees that would positively impact the growth of the market. For example, IBM Corporation is utilizing video conferencing solutions from Cisco Systems, for offering unified training to their employees who are working at different locations around the world.
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.
The US market dominated the North America Video Conferencing Cloud Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,544.4 million by 2027. The Canada market is experiencing a CAGR of 18.5% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 17.5% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
By Deployment Type
- Corporate Communications
- Training & Development
- Marketing & client Engagement
By Industry Vertical
- IT & Telecom
- Retail & eCommerce
- Government & Defense
- Media & Entertainment
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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.)
- Zoom Video Communications, Inc.
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