Video
conferencing market in South
Korea has inclined from USD ~ million in 2012 to USD ~ million in 2017. There
has been rise in the demand for videoconferencing Hardware Endpoints and
infrastructure with the growth in the end user industries including IT/BPM
sector, BFSI, transportation, entertainment, manufacturing. The manufacturing
units have increased from ~ in 2012 to ~ in 2014. South Korea IT industry is
considered to be most innovative in terms of R&D intensity and generated
high demand for video conferencing hardware endpoints and infrastructure. Video
conferencing has been used by the oil and gas industry as there are various
benefits including collaborative communications, managing crisis response and
telemedicine for remote locations. Video conferencing market in South Korea
inclined from USD ~
million
in 2015 to USD ~ million in 2017. The demand for video conferencing hardware
products has risen from the corporate sector. The adoption of the technology by
the SMEs to communicate at distant locations has also triggered the market.
There is increase in the demand for customized solutions in order to curtail
the cost. Total number of enterprises inclined from ~ in 2015 to ~ in 2017.
Telemedicine has been banned in South Korea in 2016 owing to its cyber threat.
Moreover, the inaccuracy of data might lead to medical accidents. This segment
declined the market for video conferencing hardware in the country. The
requirement of the video conferencing from the financial sector has also
increased. Financial and insurance services grew from ~ in 2015 to ~ in 2017
and media and entertainment from USD ~ million in 2015 to USD ~ million in
2017.
The
endpoints constitute of CODEC, camera and monitor used for video conferencing.
Endpoints dominated the video conferencing market in South Korea with revenue
share of ~% in 2017 owing to high price of CODEC. The price range for codec in
South Korea is approximately USD ~.
The
infrastructure followed the endpoints in the video conferencing hardware market
in South Korea with revenue share of ~%. Its Infrastructure includes Multipoint
Control Unit (MCU)/Gateways, gatekeepers, management and scheduling tools,
Network Address Translation (NATs), firewall traversals, border and security
elements, and other related devices.
Corporate
offices dominated the end users segment in South Korea video conferencing
hardware generating revenue share of ~% in the market in 2017 as there has been
rise in adoption of the video conferencing for this purpose.
Increase
in number of enterprises of different sectors including IT/ ITES, Media and
entertainment, oil and gas, hospitality, retail, manufacturing and others has
attributed to the market. The number of enterprises inclined from ~ in 2012 to ~
in 2017.
The
second highest revenue share of ~% was attributed by financial sector in the
country as the banking services have been on the technological drive. The
financial and insurance services ~ in 2012 to ~ in 2017 which further proved to
be a catalyst for the video conferencing hardware products. Woori bank
established its online wealth management center where customer can engage and
consult with the advisors video conferencing using phone, email or bank’s
homepage. In financial sector, video conferencing hardware is used not only for
meetings but training also.
The
third highest market share of ~% was contributed by the government sector and
PSUs as the project value for the same is very high and this sector prefers
video conferencing hardware due to security reasons. Tenders of significant
values were released in the review period.
The
virtual video conferencing market in South Korea contributed USD ~ million in
2017 which accounted to ~% of whole video conferencing market. The virtual
video conferencing market caters to various industries such as IT/ITES. SMEs
generally prefer using software owing to its lower price compared to the hardware
market is in growth stage and is a concentrated space with top ~ players
accounting revenue share of ~% in 2017. The players compete on the basis of
price, product portfolio, quality, promotions and discounts, number of
participants, trial days, free version, social media integration, plans offered
and platform availability. Skype is the leading player in the virtual video
conferencing contributing revenue share of ~% in the market and Cisco
contributed a share of ~% in 2017. The virtual conferencing software market is
expected to incline in future due to rising awareness about the market and the
rising demand majorly from SMEs. Web conferencing will become more
collaborative in future.
South
Korea Video Conferencing system integrators market has inclined from USD ~
million in 2012 to USD ~ million in 2017 at a five year CAGR of ~%. The
catalysts for the market have been introduction of new products, entry of new
OEM companies in the space and rising demand from various industries including Government,
BFSI, Manufacturing, IT/ITES, Education, Healthcare and others. The cluster of
system integrators is present in Yeongdeungpo-gu in the country. The major
system integrators operating in the space include Dimension Data Korea Inc,
British Telecom, Orange Business Service, ECS Telecom, Fujitsu Korea Ltd,
Insung Information Co. Ltd., GS Neotek Co. Ltd and E-Tron Co. Ltd. System
integrators compete on various factors including brand value, reach, quality of
service and OEM association. South Korea Video Conferencing system integrators
market is expected to increase from USD ~ million in 2017 to USD ~ million in
2022 at a five year CAGR of ~%.
South
Korea Video conferencing hardware endpoints and infrastructure market had
approximately ~ players in 2017. It is a concentrated space with four major
players including Polycom, Cisco, Huawei and Lifesize capturing ~% of the
market in 2017. Avaya, Sony and Panasonic are other notable players in the
industry. The end users for the industry include BFSI, IT/ITES, government
sector and others.
Video
conferencing hardware endpoints and infrastructure market in South Korea is
expected to increase from USD ~ million in 2017 to USD ~ million in 2022 at a
five year CAGR of ~% owing to the focus on designing smart workplace and
adoption of integration of video conferencing products. There will be rise in
the demand from various industries including Manufacturing, Education, Media
and entertainment, BFSI/banking and healthcare, hospitality and IT/ITES. Growth
in the number of SMEs is expected in the forecast period due to the five year
plan (2015-2019) of Korean government for development of companies with an aim
of nurturing ~ medium sized enterprises. Corporate offices are expected to
dominate as the end users in video conferencing hardware market in the country.
Moreover, endpoints will remain the leading type in the video conferencing
hardware in the country.
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+91-9015378249
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Ankur Gupta, Head Marketing & Communications
sales@kenresearch.com
+91-9015378249
