The United States video conferencing software market was valued at US$2,270.678 million in 2020. The market is projected to grow at a CAGR of 21.17% to attain a value of US$8,709.302 million by 2027. Early adoption of digitalization across various industries, along with the presence of major market players in the country, is significantly driving the U.S. video conferencing software market growth. High demand for cloud computing solutions is also a substantial factor that is boosting the adoption of video conferencing solutions in the country, thereby bolstering the video conferencing software market growth. Increasing investments in advanced technologies such as artificial intelligence (AI), machine learning, and IoT across different industries will continue to boost the adoption of better video conferencing solutions, thus positively impacting the demand for video conferencing software during the next five years. The market for video conferencing software is also booming with growing globalization. Multinational companies in the United States use video conferencing as a tool to communicate with people overseas, which saves both time and money.
The United States 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 United States 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.
COVID-19 SCENARIO
The recent global COVID-19 outbreak has boosted the demand for video conferencing software in the country. With lockdown and home quarantines, people are using video conferencing options to interact with each other. The shutdown of schools and colleges in the U.S. to prevent the spread of this deadly disease is also spurring the demand for video conferencing in order to continue taking classes online. As such, video conferencing software companies are witnessing an uptick in their revenues.
Because of the COVID-19 epidemic, there is a greater need for communication technologies to support remote working. The need for video conferencing solutions in the market has been sparked by the nationwide lockdown and remote working conditions. The ethos of "work from anywhere" has increased the necessity for businesses to maintain communication with their dispersed workforce. Businesses may interact and support the productive work of their employees by implementing video conferencing solutions. Additionally, the education sector makes extensive use of these technologies to support student's academic progress. During the projection period, this will help the US video conferencing market grow even more.
KEY DEVELOPMENT
Segmentation