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[215+ Pages Report] As per the Facts and Factors market research report, the global virtual communication market generated sales revenue of USD 7.50 Billion in 2020. Further, the virtual communication sales are expected to generate revenue of USD 10.55 Billion by the end of 2026, increasing at a CAGR of around 5.85% from 2021 to 2026.
Today's coordination necessitates overcoming time and space constraints, allowing for efficient real-time contact amongst stakeholders who may never meet face to face. This entails communicating knowledge and facts in real-time, rather than just documentation. It entails equipping teams with the abilities they need to address rapidly changing business difficulties and grasp swiftly disappearing new business possibilities without a lot of planning and schedule-checking.
Virtual communication tools can enable intra- and inter-site cooperative analysis, improve site surge capabilities, and allow regional skills established at each site to be utilized across the organization as needed. Contact between virtual teams, on the other hand, poses substantial challenges, including potential difficulty in developing a shared understanding of information or conditions, as well as issues in building unity and confidence among team members.
The cloud's emergence has influenced a number of changes in how audio conferencing and video conferencing advancements are seen. As a result, one of the most important reasons that firms have been able to form strategic alliances and provide top-notch solutions to the virtual communication industry is the rising trend of the cloud. With the popularity of cloud-based solutions on the rise, video conferencing has become a simple and cost-effective communication tool. Consumers can purchase conferencing solutions using laptops, tablets, and mobile phones due to cloud-based software.
Most IT firms have now adopted cloud-based video conferencing technologies due to their ease of use and compatibility. The integration of video conferencing technology into the IT system has also had a positive impact on the growth of the telephony market. Recognizing that a diverse customer base is critical to the industry's growth, worldwide corporations have attempted to establish reliable and long-lasting conferencing infrastructure, driving global teleconferencing innovations.
The study provides a decisive view of the global virtual communication market by segmenting it based on application, deployment type, component, end-user, organization size, services, and geographic regions. The application segment is categorized into audio Conferencing, Video Conferencing, Web Conferencing, and Multimedia Conferencing. On-Premise and Cloud-Based types are the deployment type of the global virtual communication market. To offer better target customer analysis, our analyst further bifurcates components segment into hardware and software. The end-user segment is categorized into BFSI, IT & Telecommunications, Healthcare, Education, and Others. SME’s, and Large scale enterprises are the organization size of the global virtual communication market. In addition, to understand the industry, our analyst classified services segment by Integration and Implementation, Training and Education, Support and Maintenance, Managed Services.
|Market Size in 2020||USD 7.50 Billion|
|Projected Market Size in 2026||USD 10.55 Billion|
|CAGR Growth Rate||5.85% CAGR|
|Key Market Players||AT&T, Inc., Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Huawei Technologies Co., Ltd., Intel Corporation, Mobile Telesystems, and Others|
|Key Segments||Applications, Deployment Types, Components, End-Users, Organization Size, Services, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
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Based on regions, the global virtual communication market can be divided into five main regions namely North America, Europe, Asia Pacific, Latin America, and The Middle East and Africa.
The United States of America is a pioneering country in the information and technology sector. Between 2019 – 2020 it was reported the total number of internet users was raised by 1.8 million. In January 2020 it was reported the internet penetration market of The United States of America had reached 87% with a 288.1 million total number of active internet users. North America is expected to be the largest market in the virtual communication sector owing to its high level of adoption of virtual communication platforms over the last decade due to the availability of highly sophisticated network infrastructure in the region. Increasing numbers of emerging start-ups, increasing adoption of core communication technologies such as Bluetooth, NFC, WI-FI, Information Technology Operations, and the upcoming 5G network in the region are also contributing to the growth of the North American market.
Some of the key players in the virtual communication market are AT&T, Inc., Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Huawei Technologies Co., Ltd., Intel Corporation, Mobile Telesystems, Orange S.A., Samsung Electronics Co., Ltd., Verizon Communications, Inc., among others.
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