Huawei ranks first in the hardware video conferencing market in 2020

Jiwei.com reported on June 9 that IDC predicts that the scale of China's video conferencing market will exceed 10 billion yuan in 2024, with the cloud conferencing market accounting for nearly 40%.

Image source: IDC

According to IDC report data, the scale of China's video conferencing market reached US$950 million (about RMB 6.52 billion) in 2020, an increase of 18.9% year-on-year. The hardware video conferencing market increased by 15.3% year-on-year to US$690 million (about RMB 4.74 billion), and the cloud conferencing market increased by 29.4% year-on-year to US$260 million (about RMB 1.80 billion).

The hardware terminal market has achieved the fastest market growth rate in the past five years, attracting many new manufacturers to join and bringing new vitality to the development of the market. In addition, with the continuous evolution of hardware video conferencing product forms, integrated video application products represented by commercial display screens will continue to drive the growth of the hardware video conferencing market.

Image source: IDC

Huawei, Keda, Poly, and ZTE still occupy the top four positions in the market, and Xiaoyu Yilian has been promoted to the fifth place in the hardware video conferencing market in 2020 due to its good market performance in 2020 and the introduction of new sales channels. IDC believes that the concentration of the hardware video conferencing market is still high. However, with the entry of new manufacturers, the growth rate of "other" manufacturers is significantly faster than the market average growth rate, and the future hardware video conferencing market structure will change.

Due to the normalization of epidemic prevention and control and the rise of contactless business, China's video conferencing market will enter a new wave of growth cycle. In the medium and long term, the epidemic has made users realize the flexibility and elasticity of cloud conferencing, as well as the good experience that is not inferior to hardware, which has laid a good foundation for the future development of cloud conferencing.

IDC predicts that the size of China's video conferencing market will exceed 10 billion yuan in 2024, with the cloud conferencing market accounting for nearly 40%.