The global webcams market was valued at US$ 6,223.5 Million in 2017 and is expected to surpass US$ 11,843 Million by 2027, registering a CAGR of 8.9% during the forecast period (2019-2027), according to the Global Webcams Market Report, By Type (USB and Wireless), By Technology (Analog and Digital), by Distribution Channel (Brick & Mortar and E-commerce), End User (Security & Surveillance, Entertainment, Videoconference, Live Events, Visual Marketing, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
Increasing demand for webcams from healthcare sector is expected to drive the market growth during the forecast period. Webcams are used by telehealth service providers to monitor patient’s health through video conference. This emerging technology allows patients to consult with doctor through video conferencing on their laptop and mobile devices from home. For instance, Secure Telehealth, a healthcare service provider, deployed Logitech webcams in its computers to connect with the patients and give solutions related to their health issues. Such applications of webcam increase demand for webcams in the healthcare sector. Furthermore, webcams provide real time communication between the patient and telehealth service provider.
Webcams Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 and these countries have announced lockdown as a measure to combat the situation. Most of the private companies have announced work from home till the situation gets under control. For instance, in May 2020, Facebook, Twitter, and Shopify Inc. have decided to make partial or full work from home to minimize the spread of COVID-19 across the globe. Due to in-home isolation worldwide, webcams are being used for communication and live virtual events for minimizing the social and economic impact of the outbreak. This is expected to further drive demand of webcams.
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Key Trends and Analysis of the Global Webcams Market:
- North America held the dominant position in the global webcams market in 2019 and is expected to retain its dominance throughout the forecast period. This is owing to adoption of webcam devices in many sectors such as security and surveillance, events, online education, and visual marketing. For instance, in March 2020, Zoom Video Communication Inc., a U.S.-based software service provider company, announced that 600,000 people installed Zoom app for video conferencing during coronavirus pandemic. Webcams are used by students to study online, as most of the education sectors are now providing online education through Zoom application. There is an upsurge in demand for webcams from users for video conferencing.
- Asia Pacific is expected to show significant growth over the forecast period, owing to increasing number of webcam manufacturers in countries such as India and China for security purposes. This is attributed to low labor cost and availability of raw materials in these countries. For instance, according to Coherent Market Insights’ analysis, in China, the number of surveillance cameras installed in public and private areas reached 634 million units in 2020 from 174 million units in 2017.
- Europe is expected to show significant growth over the forecast period, owing to the adoption of advanced electronics with high efficiency among webcam manufacturers. Middle East and Africa region also expected to exhibit significant growth during the forecast period, owing to increasing demand for webcams and rising security concerns in the regions
- Among end user, the live events segment held dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. This is owing to increasing demand for live streaming from consumers. For instance, the online video streaming market is expected to exceed US$ 70,000 million in 2021 from US$ 30,000 million in 2016.
- Major players operating in the global webcams market include Canon Inc., Cisco Systems, Inc., D-Link Corporation, Koninklijke Philips N.V., Lenovo, Logitech, Microsoft, Razer Inc., Sony Corporation, Xiaomi, Hewlett Packard Enterprise Development LP, Quantum, Intel Corporation, AUSDOM, and others.