South Korea Video Conferencing Software market was valued at US$60.950 million in 2019. The high internet penetration rate along with the rapid popularization of mobile phones and other devices is one of the major factors that is driving the market growth of video conferencing software in South Korea. According to the International Telecommunication Union (ITU), the country had 49,234,329 internet users as of June 2019, accounting for 95.9 percent penetration. The increasing number of business conferences in South Korea is also boosting the adoption of video conferencing solutions, thereby fuelling the video conferencing software market growth in the country. The presence of major market players in the country is also a supporting factor for the market growth of video conferencing software.
Although the country was able to control the spread of novel coronavirus without any lockdown, the demand for video conferencing software across the country has positively impacted by this global pandemic outbreak to some extent. For example, with tourism sector being hit so hard by COVID-19 global outbreak, Korea Tourism Organization is initiating webinars to enhance the tour product knowledge of the travel agents about the country so that they will be prepared to propose a new destination (in South Korea) to their clients as soon as the market revives from this slowdown. Schools and colleges are also focusing on remote learning while providing online classes which is also spurring the market growth of video conferencing software in the country.
South Korea 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 the enterprise size, South Korea 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.