Transparency Market Research has published a new report on the global video conferencing market. As per the report, the global video conferencing market is predicted to progress from US$3.7 bn in 2014 to US$7.8 bn by 2023. The report, titled ‘Video Conferencing Market Industry – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,’ states that the global video conferencing market is expected to expand at an 8.50% CAGR during the period from 2015 to 2023 due to factors such as the increasing demand for scalable communication methods and the rising globalization of business organizations.
Video conferencing means effective, face-to-face communication over long distances. Due to the increasing globalization of businesses, companies need to operate from various offices located in various parts of the world. In order to set up multinational businesses, companies need to establish regular, efficient, and effective communications with different offices and their headquarters. Video conferencing offers a feasible communication solution to offices that are located in different areas across the globe. Vendors of video conferencing offer flexible, managed, on-premise, and cloud-based deployment solutions. With the help of video conferencing, companies operating in different geographical locations can easily coordinate their business processes.
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During emergencies, video conferencing offers an immediate and effective means of communication. Nowadays, regulatory authorities and governments of various nations are leveraging video conferencing solutions to control various emergencies such as communal disruptions, natural calamities, and others. Considering all these factors, the global videoconferencing market is expected to witness increasing demand in the years to come. The global video conferencing market is segmented on the basis of deployment type, end-use industry, and geography. Video conferencing vendors offer their services and products in the form of managed video conferencing, on-premise, and cloud-based video conferencing.
There has been a rise in the adoption of various video conferencing services due to the increasing need to reduce travel expenses and operating costs. Increasing applications of video conferencing in the defense sector are expected to further propel the global video conferencing market. The rising expenditure in applications such as teleconsultation, patient monitoring, and diagnosis is also expected to increase the acceptance of video conferencing services. Use of video conferencing for other applications including webinars and distance learning is predicted to contribute towards the growth of the global video conferencing market. In the next few years, it is expected that video conferencing solutions will find their application in the media and entertainment industry, especially for broadcasting special interactive events.
Based on geography, the global video conferencing market is divided into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. In 2014, in terms of revenue, the North America video conferencing market accounted for around 37.3% of the global video conferencing market owing to the rising adoption of video conferencing services by the governments and businesses. The Asia Pacific video conferencing market is expected to progress at an 8.90% CAGR from 2015 to 2023.
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Cisco Systems, Inc., Huawei Technologies Co., Ltd., Lifesize (Division of Logitech International S.A.), Microsoft Corporation, InterCall (West Corporation), Polycom, Inc., Vidyo, Inc., and Adobe Systems, Inc. are some of the leading players in the global video conferencing market.
Key Segments of Global Video Conferencing Market
Video Conferencing Market, by Deployment Type
Video Conferencing Market, by End-use Industry
Government & Defense
Others (Manufacturing, Retail and Media & Entertainment)
Video Conferencing Market, by Geography
Middle East & Africa (MEA)