US Conference Camera Market Share, Opportunity, Industry 2030

Report Description

Market Outlook:

The United States conference camera market was valued at USD 315.0 million in 2020 and is projected to reach USD 663.3 million by 2028, expanding at a CAGR of 10.3% during the forecast period 2021-2028. The conference camera market is anticipated to grow substantially during the forecast period, owing to factors such as the globalization of businesses, geographically scattered operations, and the rising adoption of remote working models. The Conference camera market is segmented into types, applications, distribution channels, verticals, and regions.

An increasing number of strategies such as mergers & acquisitions, agreements, partnerships, and product launches among companies to establish themselves as providers of conference camera are anticipated to create lucrative opportunities in the market in the near future. The rising adoption of various strategies by market players to increase their presence and share in the market is expected to create growth opportunities in the market.

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Scope of the Report

The report on the United States Conference Camera Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Macro-economic Factors

Product Advancement

Key market players in almost every industry rely on the development of new and innovative products. Companies are focusing on investments for technologically advanced products and product development. Developments in features of conference camera such as active participant framing, resolution up-scaling, active noise cancellation, real-time translation, and facial recognition are expected to drive the market.

Coronavirus

COVID-19 had negatively impacted on the market due to the rising number of COVID-19 cases in the US, and the subsequent lockdown of several manufacturing facilities of conference camera has negatively impacted the conference camera market. This has resulted into the decline in revenue earned by conference camera market, owing to less customer demand along with limited production capabilities of conference cameras is affecting the growth of conference cameras in the country. Additionally, various law enforcement agencies and governments focus on carrying out operations through such solutions due to the lockdown imposed across the globe. In the present situation, most government and corporate enterprises have adopted the work from home policy to prevent the spread of the virus. Hence, they are increasingly adopting video conferencing solution such as conference camera to track work-related meetings and activities.

Market Dynamics

Market Driver- Growing demand for video banking solutions

Rising usage of conference cameras for video banking solutions is expected to boost the conference camera market. The COVID-19 outbreak led to the development of online banking solutions for the safety of customers. With affordable smartphones & internet plans, individuals have access to basic equipment to fulfill several banking formalities through video conferencing. The technology helps in processing new accounts & loans and customer authentications & problem resolutions, without in-person presence in the bank. Growing trend of implementing video banking solutions, owing to the growing penetration of mobile and online banking among users, is expected to fuel the video conferencing camera market. Video banking solutions help customers to reduce travel time and expenses. In addition, video banking allows end-users to communicate securely, and connect with remote clients and coworkers, thereby improving operational efficiency which is expected to drive the market.

Market Driver- Expansion of IT Infrastructure in the Healthcare Sector for Online Consulting

High demand for telehealth in the healthcare sector is propelling the conferencing camera market. In 2020, many individuals were unable to visit hospitals for minor health issues, owing to safety implications due to the COVID-19 outbreak. This factor led to an increase in the demand for online consulting for certain health issues. Different applications dedicated for the purpose were launched in the market, offering contactless initial healthcare treatments while staying inside the house. The use of conference cameras in the healthcare sector enables face-to-face interactions between patients, healthcare teams, and family members located anywhere in the world to discuss various treatment options. Video conferencing technology helps with patient monitoring, consulting, and counseling. Currently, the video conferencing camera market is registering increased growth opportunities in the healthcare sector. This growth is attributed to the increasing requirement for video solutions to enhance clinical collaborations, staff training, medical education, and healthcare communication which is expected to drive the market in the forecast period.

Market Restraint- Rising Issues of privacy and security

The security and privacy of the video content shared across various platforms pose major concerns for enterprises. Moreover, organizations are concerned about copyright and Digital Rights Management (DRM), due to the possibilities of misuse, information leakages, and data breaches. The healthcare, finance, manufacturing, information, and public sectors registered a large number of data breach incidents in 2019. To counter such problems, enterprises need to restructure their strategies in employing video conferencing offerings before deploying solutions. In the absence of policies and procedures for the proper management of video content, video conferencing cameras are expected to register a sluggish adoption rate, which is restraining the market.

Market Opportunity- Increasing Investment in Product Development

The conferencing camera market comprises large as well as mid-sized manufacturers and suppliers. The vendors in the conferencing camera market are currently focusing on introducing advanced cameras and integrating new capabilities within the hardware to enable video conferencing across company boundaries, and meet the need to manage video delivery and quality. Manufacturers are investing in product development of conference cameras by introducing AI-enabled features in conference cameras such as active participant framing, resolution up scaling, virtual backgrounds, acoustic fencing, active noise cancellation, real-time translation, and facial recognition, automated note taking capabilities, personal voice assistants, and proximity detection. These features support players to improve end-user experience and is expected to create opportunities for market players are creating opportunities for the market.

Segmental Outlook

Based on types, the market is classified into USB ports and wireless. The USB port segment is anticipated to expand substantially during the forecast period owing to the rising adoption of USB port, as these are inexpensive and convenient to use.

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On the basis of applications, the market is segregated into common network chatting, video conference, remote medical, automobile, and others. The video conference segment is expected to grow considerably during the forecast period due to the presence of large enterprises in the field of IT and automobile with high adoption rate of conference camera in the country.

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In terms of distribution channels, the market is bifurcated into direct and indirect. The direct segment is bifurcated into online and offline. The indirect segment is anticipated to expand during the forecast period owing to the presence of retail outlets in the region.

In terms of verticals, the market is categorized as academics, enterprise/corporate, worship/non-profit organization, government, sports, entertainment, medical, consumer, and others (BFSI and Legal). The enterprise/corporate segment accounted for a significant share of the United States conference camera market owing to presence of large and small & medium enterprise in the country and growing demand for conference camera in various enterprises.

Regional Outlook

Based on regions, the market is classified as West, Midwest, Northeast, Southeast, and Southwest. The southwest region is expected to gain significant share of the United States Conference camera market owing to the rising adoption and increasing demand for conference camera in the government sector during the COVID-19 pandemic.

The market in the West is projected to expand at a significant CAGR during the forecast period owing to the growing medical facilities and development in medical infrastructure in the area of telemedicine services. The market in Southeast is anticipated to grow during the forecast period due to the presence of the IT industry in the region and the adoption of conference camera by employees during the pandemic.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Conference Camera Market
• Historical, Current and Projected Market Size in terms of Value
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Conference Camera Market Performance