South Korea Video Conferencing Hardware Market Outlook to 2028
Driven by technological advancements, increasing digitalization and growth in hybrid conduct of business across borders
February 2024
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About the Report
About the Report
Market Overview:
A rapidly evolving market with immense growth potential South Korea video conferencing hardware market is being driven by technological advancements, increasing digitalization and growth in hybrid conduct of business across borders. Physical devices and equipment such as monitors/displays, USB cameras, and codecs; they directly impact the quality and user experience of video communication.
Fairly Consolidated Market with presence of 15-20 players, Logitech and Cisco being the top players contributing around 45% revenue share generated in the industry in 2022. Endpoints, conferencing platforms, streaming and recording platforms, video network services, management platforms and network are the major components of a video conferencing solution. The video conferencing hardware market in South Korea is characterized by the presence of major international players with Logitech, Cisco and Poly being the industry leaders.
Zoom is the most preferred video conferencing platform used by organizations capturing around 40% of the market followed by Teams with factors like high internet penetration, hybrid work culture driving growth. Major video conferencing platforms can be compared across the maximum connections provided, price, web access and features like screen sharing, 1:1 chat, stickers and chatbot support. The video conferencing hardware market in South Korea is characterized by the presence of major international players with Logitech, Cisco and Poly being the industry leaders.
South Korea Video Conferencing Hardware Market Analysis
- The South Korean video conferencing market is undergoing rapid transformation due to technological advancements and changing work dynamics, with virtual collaboration becoming a vital aspect of business operations.
- Deep integration with software ecosystems and overall tools becomes standard, and products are segmented for specific use cases.
- Reach extending into various sectors beyond traditional business meetings, including healthcare, education, and cultural and entertainment events. Compact IP-based all-in one endpoint device with integrated solutions has seen a rise.
- Enterprises are increasingly seeking technology-enabled solutions that offer all-in-one integrated systems to promote efficiency.
- The increased adoption rate of 63% of video conferencing among enterprises in South Korea boosted the demand for such devices. The rise of small, collaborative huddle rooms has led to the increasing preference for such video conferencing hardware solutions.
Key Trends by Market Segment:
By Hardware Type: In the Video Conferencing Hardware Market, endpoints have emerged as the predominant segment, capturing a majority share. This dominance can be attributed to the widespread adoption of video conferencing platforms such as Zoom, Microsoft Teams, Google Meet, and others, which increasingly integrate seamlessly with endpoint devices. The surge in remote work, virtual collaboration, and the need for efficient communication solutions has propelled the demand for endpoints.
By End Users: Engineering and IT Companies together generate majority of the total revenue in Video Conferencing Hardware Market followed by other industries like Academia, Financial, Healthcare and more. Moreover, the increasing reliance on virtual meetings and collaborative tools in these industries contributes significantly to the market share. Beyond Engineering and IT, various sectors such as Academia, Financial, and Healthcare also contribute substantially to the revenue.
By Region: In 2022, Seoul emerged as the epicenter of commercial activity in South Korea, dominating the market with the highest number of commercial establishments and capturing a substantial majority share of approximately 65%. This pronounced market presence can be attributed to several factors that underscore Seoul's economic significance. As the capital and largest city of South Korea, Seoul serves as the country's political, cultural, and economic hub. Its dynamic business environment, diverse consumer base, and extensive infrastructure make it an attractive location for businesses across various sectors. Following Seoul, cities like Busan and Daejeon also play significant roles, reflecting the multifaceted economic landscape of South Korea.
Competitive Landscape:
Major Players in South Korea Video Conferencing Hardware Market
- Logitech, Poly and Cisco provides multiple video conferencing hardware solutions across USB cameras, monitors and CODECs with Cisco being present in both infrastructure and endpoints market.
- Huawei, Yealink and Aver offers multi-point video conferencing solutions as well as various types of USB cameras and monitor with Huawei following an extensive value chain consisting of multiple levels.
- These companies are offering specific solutions in video conferencing market with Neat and Maxhub offering modern-age USB camera bars and monitors.
- Video conferencing endpoints market in South Korea is fairly consolidated with Logitech, Cisco and Poly capturing ~60% of the revenue generated in 2022.
- Logitech, Poly and Cisco together accounted for ~75% of the Small/Medium Size Meeting Room USB Cameras Market in 2022.
Recent Developments:
- Logitech emerged as the leader leaving behind Cisco, Poly owing to its technology and attractive pricing and the shift in preferences from CODEC-based devices to USB Cameras.
- Yealink and Neat are the companies actively entering in cloud VC market in recent years.
- Around 50% of the SMEs in South Korea currently deploy video conferencing owing to increasing preferences for all-in-one and multi-purpose devices among SMEs.
Future Outlook:
- The market will grow at a CAGR of 5.4% during 2022-2028 due to technological advancements, integration of endpoints and increasing preference among SMEs.
- The VC hardware market is expected to rebound from 2024 onwards as the macroeconomic headwinds settle down.
- Technological advancements like integration of AR and IoT technologies and development of all-in-one endpoint devices.
- Increase in demand among SMEs for conferencing and collaboration tools and hardware especially after the covid-19 pandemic
- Continued transition of various businesses to remote working and trend of geographically scattered businesses
- Integrated environmental controls in video conferencing endpoints enabling organizations to monitor and regulate air quality, temperature and lighting resulting in efficient energy savings
Scope Of The Report
Scope of the Report
South Korea Video Conferencing Hardware Market Segmentation |
|
By Hardware Type |
· Endpoints · Infrastructure |
By Endpoints |
· Monitor · USB Camera · CODEC |
By USB Camera |
· Small/medium room · Big size room |
By End-user |
· Engineering · IT · Government · Academia · Financial · Healthcare · Hospitality · Others |
By Region |
· Seoul · Busan · Daejeon · Others |
Products
Products
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:
- Investors
- Corporate Enterprises
- Healthcare Providers
- Government Entity
- Telecommunication Companies
- Event Management Companies
Time Period Captured in the Report:
- Historical Period: 2018-2022
- Base Year: 2022
- Forecast Period: 2022-2028
Companies
Major Players Mentioned in the Report:
- Logitech
- Cisco
- Poly
- Aver
- Yealink
- Avaya
- Sony
- Huawei
Table of Contents
Table of Contents
1. Executive Summary
1.1 Executive Summary of South Korea Video Conferencing Market
2. Country Overview
2.1 Demographics and Economic Overview
2.2 Enterprises Landscape
3. Market Overview
3.1 Overview of South Korea Video Conferencing Hardware Market
3.2 Working of a Video Conferencing System
3.3 Ecosystem of VC Hardware Market (Identifying Entities across each Stakeholders)
3.4 Value Chain Analysis (Entity relationships, Margin Analysis, Distributor Network , System Integrators)
3.5 Business Cycle (Key Indicators, Product, Major Industries)
4. Market Sizing and Segmentation
4.1 Market Size of South Korea Video Conferencing Hardware Market, 2018-2022
4.2 Segmentation by Hardware Types (Endpoints and Infrastructure), 2022
4.3 Segmentation by Endpoint Types (USB Cameras, Monitor and CODEC), 2022
4.4 Segmentation by USB Camera Types (Small/Medium and Big Size Rooms), 2022
4.5 Segmentation by Regions (Seoul, Busan, Daejeon, others), 2022
4.6 Segmentation by End-Users (Manufacturing, IT, Academia, Government, Healthcare, Others), 2022
5. Competition Landscape
5.1 Product Heatmap (Infrastructure, CODEC, USB Cameras, Monitor) of Players operating in South Korea VC Market
5.2 Market Shares of Major Players in South Korea Video Conferencing Hardware Endpoints Market by Revenue, 2022
5.3 Market Shares of Major Players in South Korea Video Conferencing Small/Medium Meeting Room Market by Revenue and USB Camera Types, 2022
5.4 Market Shares of Major Players in South Korea Video Conferencing Big/Large Meeting Room Market by Revenue and USB Camera Types , 2022
5.5 Company Profile: Logitech
5.6 Company Profile: Cisco Systems Inc.
5.7 Company Profile: Poly
6. Industry Analysis
6.1 Porter’s 5 Forces Analysis
6.2 Key Growth Drivers
6.3 Trends and Developments
7. Snapshot of Other Products
7.1 Overview of South Korea Virtual Video Conferencing Market
7.2 Cross-Comparison of Major Virtual Video Conferencing Platforms (Maximum number of participants, Screen sharing, 1:1 chat, certified partners and more)
7.3 Selection Criteria for Virtual Video Conferencing Platforms
7.4 Overview of South Korea Video Conferencing System Integrators Market
7.5 Major System Integrators in South Korea
7.6 Case Study: Cisco Certification Program
8. Future Outlook and Projections
8.1 Scenario Analysis: South Korea Video Conferencing Hardware Market
8.2 South Korea Video Conferencing Hardware Future Market Size, 2022-2028
8.3 Segmentation by Hardware Types and Endpoint Types, 2028
8.4 Segmentation by USB Camera Types, 2028
8.5 Segmentation by Region and End-Users, 2028
9. Market Opportunities
9.1 TAM, SAM, SOM Analysis
9.2 Potential Opportunity – SMEs
9.3 Potential Opportunity – Large Conglomerates
9.4 Preferences of Major Large Conglomerates (Samsung, POSCO, Hyundai and LG)
10. Analyst Recommendations
10.1 Factors affecting South Korea Video Conferencing Hardware Market
10.2 Identifying Gaps and Future Potential
10.3 Potential Partnerships
10.4 Product Innovation
10.5 Regional Analysis
10.6 Training, Diversification and Marketing
11. Research Methodology
Disclaimer
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Research Methodology
Research Methodology
Step: 1 Identifying Key Variables: Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around market to collate industry level information.
Step: 2 Market Building: Collating statistics on video conferencing hardware market over the years, penetration of marketplaces and service providers ratio to compute revenue generated for South Korea video conferencing hardware market. We will also review service quality statistics to understand revenue generated which can ensure accuracy behind the data points shared.
Step: 3 Validating and Finalizing: Building market hypothesis and conducting CATIs with industry exerts belonging to different companies to validate statistics and seek operational and financial information from company representatives.
Step: 4 Research output: Our team will approach multiple video conferencing hardware providing channels and understand nature of product segments and sales, consumer preference and other parameters, which will support us validate statistics derived through bottom to top approach from video conferencing hardware providers.
Frequently Asked Questions
Frequently Asked Questions
How big is South Korea Video Conferencing Hardware Market?
The South Korea Video Conferencing Hardware Market was valued at USD 77.7 Mn in 2022.
What are the Key Factors Driving the South Korea Video Conferencing Hardware Market?
The South Korea Video Conferencing Hardware Market is driven by increased demand for remote collaboration solutions amidst evolving work trends and the adoption of advanced communication technologies, coupled with the growing importance of seamless virtual communication across diverse sectors.
Who are the Key Players in the South Korea Video Conferencing Hardware Market?
Logitech, Cisco, Poly, Aver and Yealink are some of the key players in the Market
What is the Future Growth Rate of the South Korea Video Conferencing Hardware Market?
The South Korea Video Conferencing Hardware Market is expected to reach USD 106.8 Mn by 2028.
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