Video conferencing refers to conducting conferences using telecommunication technologies to enable real-time two-way transmission of audio and video. With increasing globalization, most organizations are shifting toward conference meetings in order to enable faster decisions and reduce traveling hassles. Additionally, in order to extend their reach globally, organizations around the world are increasingly focused on curtailing costs related to their means of communication. This has created immense opportunities for the video conferencing market, leading to the development of advanced conferencing solutions. Due to the availability of cloud-based solutions, which help organizations reduce their initial investment, the penetration of video conferencing solutions is estimated to increase substantially in the coming years.
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The report titled “Video Conferencing Market (On-premise, Managed and Cloud-based Video Conferencing) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 – 2023” aims to provide a comprehensive strategic analysis of the global market scenario along with the market size and growth forecast for the period from 2013 to 2023. The key factors driving the growth of video conferencing market are the increasing globalization of businesses and rising costs of international operations. With increases in the cost of managing and maintaining the global supply chain, the need for efficient and cost-effective means of communication has increased. Video conferencing is a viable solution for multinational organizations to easily establish communication among headquarters and various offices scattered around the globe.
Based on deployment type, the on-premise video conferencing market held the largest share of around 73% in terms of revenue in 2014. Other deployment types namely, managed video conferencing services, and cloud based video conferencing solutions are expected to grow at a high rate during the period of 2015 to 2023. Factors such as an industry-wide shift from hardware-based to software-based solutions and a rising need to curtail infrastructure expenditure are leading to the growth of managed and cloud-based video conferencing services. By deploying software-based solutions, organizations are able to leverage the current trends, including bring-your-own-devices and mobile workforces, to achieve higher efficiency and productivity among employees. Organizations seek to deploy video conferencing solutions offering higher availability, accessibility, and with limited need for hardware video conferencing infrastructure in order to reduce capital expenditure.
North America accounted for the largest share, in terms of revenue, of about 37.3% in 2014 of the global video conferencing market owing to significant adoption by businesses and governments. However, with increasing adoption in the public, corporate, and healthcare sector in the region, the video conferencing market in Asia Pacific is expected to become the fastest-growing market in the coming years. On account of rising demand in India, China, and the Southeast Asian countries, the Asia Pacific video conferencing market is expected to expand with a CAGR of 8.9% during the forecast period from 2015 to 2023. Furthermore, catering to the rapidly emerging small/medium enterprises (SME) sector in Asia Pacific through cloud-based solutions is anticipated to be the key to gaining significant market share in the region during the coming years.