Canada video conferencing software market was valued at US$149.711 million in 2020. The market is projected to grow at a CAGR of 19.96% to attain a value of US$535.259 million by 2027.
The rising demand for video interaction solutions and services is significantly boosting the demand for video conferencing software in the country. The presence of global companies in Canada also drives the demand for video conferencing software as employers are increasingly adopting video conferencing tools and solutions to set up meetings overseas. The increasing popularity of distance education in Canada is also a factor spurring the market growth of video conferencing software. The rising workforce with connected devices supported by the miniaturization of devices equipped with video conferencing support is also bolstering the video conferencing software market growth in this country. Companies are not willing to buy expensive systems or spend a considerable amount on telepresence rooms. The availability of specialized, high-quality software and personal video communication systems is thus positively impacting the video conferencing software market during the forecast period. Growing investments in telehealth solutions will continue to bolster the video conferencing software market in Canada during the next five years.
The Canadian video conferencing software market has been segmented based on the deployment model, enterprise size, and industry vertical. By deployment model, the market has been segmented as on-premise and cloud. By enterprise size, the Canadian video conferencing software market has been classified into small, medium, and large. The market segmentation has also been done by industry verticals like education, communication and technology, defence, healthcare, BFSI, and others.
COVID-19 SCENARIO
The current COVID-19 pandemic and the rising popularity of working from home are both boosting the market for video conferencing software in Canada. The COVID-19 pandemic prompted businesses to revamp their operating models and business plans. They are spending a lot of money on portfolio diversification and cloud-based solutions to fulfil the requirement to develop a digital workplace for distant workers. Businesses are increasingly providing their tools to the growing remote workforce.
Segmentation