Mexico video conferencing software market is estimated to grow at a CAGR of 19.07% to reach a market size of US$254.021 million in 2027 from US$74.856 million in 2020.
A rising number of multinational companies are either setting up or expanding their existing facilities in Mexico due to the ease of doing business in this country. As such, the demand for video conferencing is increasing in the country, which, in turn, is driving the market growth of video conferencing software. An increasing focus on distance education and online learning courses is another major driver of video conferencing software in Mexico. Teachers and students are increasingly engaging in online video classes, which is boosting the demand for video conferencing software in the country. The emerging popularity of telepresence across the healthcare sector in Mexico will continue to bolster the growth of the video conferencing software market during the next five years. The growing trend of cloud computing is also a significant market driver of video conferencing software in Mexico.
The industry has significant growth opportunities, especially with the emergence of conferencing systems based on artificial intelligence and machine learning. By utilizing facial recognition & virtual assistant technology, these solutions enable businesses to maximize the use of collaboration platforms & increase meeting productivity. Organizations can learn more about the perfect meeting size, ideal meeting duration, and best meeting time of day with the use of AI in conferencing systems. The NVIDIA Maxine platform, which offers a cloud-based selection of GPU-powered AI video conferencing software to enhance the streaming video, was introduced by NVIDIA Corporation in October 2020.
During the projection period, the on-premise deployment segment is predicted to lead the market. This is mostly because large enterprises are using this deployment approach more frequently due to growing data security concerns. The segment's growth is anticipated to slow down over the future years due to the rising trend toward cloud technology.
The Mexican 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 Mexican Video Conferencing Software market has been classified into small, medium, and large. The market segmentation has also been done by industry vertical as education, communication and technology, defense, healthcare, BFSI, and others.
Recent Development and expansions
COVID-19 Impact
The recent COVID-19 pandemic outbreak has also led to a rise in the demand for video-conferencing software in Mexico as employees have shifted from working in offices to working from home. Moreover, the shutdown of schools and colleges has further boosted the demand for video conferencing solutions to continue learning via online classrooms, thus positively impacting the overall market growth of video conferencing software in Mexico.
Segmentation