With COVID-19, most businesses have experienced some sort of transition. Video conferencing solutions helped them to stay connected with their employees and clients, even during remote working and social distancing. Organizations that deal with large volume video interviews, meetings, conferences and presentations can consider the support of an experienced company providing reliable video transcription services. Transcribing videos makes the content easily accessible for viewers as well as search engines.
According to a report from Markets and Markets, the global video conferencing market size is predicted to grow from USD 9.2 billion in 2021 to USD 22.5 billion by 2026. The market is expected to achieve a Compound Annual Growth Rate (CAGR) of 19.7% during the forecast period 2021-2026. The increasing need for virtual meeting rooms and the need to involve employees in determining strategic goals have prompted companies to spend on video conferencing solutions.
Key factors that are expected to offer growth opportunities for the market during the forecast period are –
- transition towards remote working due to the COVID-19 pandemic
- the adoption of cloud-based video conferencing solutions and services by enterprises, and
- the growing demand for real-time and remote access video services
However, enterprises face major concerns regarding the security and privacy of the video content shared across various platforms. To prevent information leakage and data breaches, organizations must be aware about copyright and Digital Rights Management (DRM) and restructure their strategies in employing video conferencing offerings before deploying any solutions. Internet bandwidth and technical glitch issues such as noise during video or low-quality video can create challenges during video conferences, which cause disturbances and limit employee productivity.
The report highlights that owing to the increasing requirement for video solutions to enhance clinical collaborations, staff training, medical education, and healthcare communication, the healthcare and life science sector is expected to grow at a higher rate during the forecast period. This industry deals with diverse clinical, administrative, and financial content on a daily basis, which requires channelized content insights and accurate clinical information that can be consolidated using video conferencing solutions. Irrespective of location, video conferencing technology enables face-to-face interactions between patients, healthcare teams, and family members and helps with patient monitoring, consulting, and counseling.
The report segments the market by component, vertical, deployment mode, application, and region. The component segment is sub-divided into Solution, Hardware, and Services. The Solutions segment is expected to hold the larger size, as the market vendors enable organizations to centralize, manage, and deliver videos in a secure way. The solution helps manage all the activities, starting from video capture to the final delivery on end-user devices.
Based on Hardware, the market is divided into Hard Codec, Multi point Control Unit, and Peripheral Devices. The Deployment mode segment includes on-premises and cloud segment.
By Application, the market includes Marketing and client engagement, Training and Development, and Corporate Communications. Corporate Communications is expected to hold a larger market size, as the market assists organizations in functions such as corporate branding, crisis communications, corporate and organizational identity, corporate reputation, internal/employee communications, issues management, corporate responsibility, investor relations, public relations, media relations, and company/spokesperson profiling.
Regions covered in the report are North America, Europe, APAC, Middle East and Latin America. APAC is estimated to hold the largest market share in 2021, as the infrastructural growth in this region (especially Japan, South Korea, Australia, Singapore, China, and India), and the increasing deployment of 5G networks present huge opportunities for the video conferencing market. The high CAGR of APAC in the market can be attributed to the increase in investments in new technologies across industries in the region. The presence of key vendors such as Microsoft, Zoom and Cisco that accelerate development is one among the main factors for market growth in the Asia Pacific.
Key market players mentioned in the report are – Microsoft Corporation (Microsoft), Zoom Video Communications, Inc. (Zoom), Cisco Systems, Inc. (Cisco), Adobe Systems Incorporated (Adobe), Huawei Technologies Co. Ltd (Huawei), Avaya, Inc. (Avaya), Amazon Web Services, Inc. (AWS), Google, LLC (Google), Plantronics, Inc. (Poly), LogMeIn, Inc. (LogMeIn), Enghouse Systems Limited (Enghouse Systems), Pexip, AS (Pexip), Qumu Corporation (Qumu), Sonic Foundry Inc. (Sonic Foundry), Lifesize, Inc. (Lifesize), Kaltura Inc. (Kaltura), BlueJeans Network (BlueJeans Network), Kollective Technology, Inc. (Kollective), StarLeaf Inc. (StarLeaf), HighFive Inc. (HighFive), Logitech International SA (Logitech), Barco NV (Barco), Fuze Inc. (Fuze), Haivision Inc. (Haivision), and Premium Global Services Inc. (PGi). Agreements, collaborations and partnerships are expected to be key growth strategies adopted by market players during the forecast period.
An experienced online transcription company can support organizations with accurate and timely documentation of video or audio recordings. They can convert these files into readable digital copies such as Word or PDF.