The Video Conferencing Market in North America was valued at US$ 2,029.8 million in 2019 and is projected to reach US$ 3,180.3 million by 2027; it is expected to grow at a CAGR of 5.2% from 2020 to 2027.
North America being economically advanced region, is on the surge of implementation of upcoming technologies among the large enterprises as well as SMEs, as these enterprises are open for adopting new emerging technologies with an objective to gain larger customer base and market share. Additionally, several organizations are investing lump sum amounts toward transformation of their workspaces with digital technologies, which is expected to drive the growth of Video Conferencing Market. The transformation of conventional workspace to digital workspace is majorly seen in the US, followed by Canada and Mexico.
The enterprises in the North American region especially the US and Canada are well-aware of the benefits of video conferencing solutions available in the market. Pertaining to this, the large enterprises as well as SMEs continue to procure audio-visual over IP solutions, which catalyze the growth of the market. Although, the large enterprises in the Mexico are aware of the benefits, the SMEs in the country still lag behind in implementing the same. The rising capital investments among the Mexican SMEs is foreseen to create lucrative video conferencing demand in the country.
The U.S has the highest number of confirmed cases of coronavirus, as, compared to Canada and Mexico. This is likely to impact the ICT industry in the region as, due to the COVID-19 outbreak, the supply chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth. Coordination with the employees and availability of advanced telecommunication infrastructure is the key factor creating the demand for video conferencing solution during the pandemic in North America region.
The overall North America Video Conferencing Market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America Video Conferencing Market with respects to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America Video Conferencing Market. Adobe Inc., Google LLC, Microsoft Corporation, and Zoom Video Communications, Inc. are among the players present in the North America Video Conferencing Market.