Video Conferencing Market Analysis by Top Key Players - Cisco Systems, Polycom, Arkadin, Microsoft, Vidyo, ZTE Corporation, Huawei Technologies, Logitech, Adobe Systems, and West Unified Communications Services.
Video Conferencing Market is anticipated to exceed 20 billion by 2024. The market is driven by the increasing demand for unified communication and collaboration solutions among enterprises. As the companies are venturing into various foreign markets, the need for a collaborative approach to foster teamwork between employees at various locations also increases. It allows organizations to build communications lines between multiple offices without incurring a huge capital expenditure.
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The vendors operating in the video conferencing market are Cisco Systems, Polycom, Arkadin, Microsoft, Vidyo, ZTE Corporation, Huawei Technologies, Logitech, Adobe Systems, and West Unified Communications Services. The market is vastly fragmented and the companies present in the market are embracing strategic collaborative initiatives to increase their market share. Large players in the market are working toward expanding their product lines and strengthening their product capabilities to solidify their position in the market. For instance, in January 2018, Polycom, Inc. acquired Obihai Technology, a developer of hardware and software VoIP systems.
The declining price of video conferencing solutions is also propelling the growth of the market. The prices of the previously expansive solutions have fallen significantly over the last five years. The companies in the market are adopting entry-level pricing strategies to increase their market penetration. Moreover, the increasing focus by companies to reduce the cost of the communication infrastructure to increase their operational efficiencies is also driving the market growth.
The hardware market is expected to account for over 50% of the video conferencing market. The hardware segment comprises multipoint control units, codecs, and peripheral devices. The growth of the market can be attributed to the high implementation of multipoint control units among businesses and the need for highly interoperable solutions. The software segment is expected to grow at a CAGR of over 14% over the forecast timeline. This can be credited to the increasing demand for cloud-based solutions & mobile applications. The services market is also projected to grow with a CAGR of over 10% over the projected timeframe. The increasing demand among organizations to outsource their communication infrastructure to focus on their core competency is also driving the growth of the market.
Telepresence accounts for over 40% of the market. Its ability to support various business environments has led the enterprises to embrace telepresence solutions. The desktop market is estimated to grow at a CAGR of over 14% over the projected time period. The advent of various reliable, efficient, and affordable devices has led businesses across various business verticals to adopt video conferencing solutions. In addition, the vendors are providing freely available mobile software to transform mobile devices into effective video conferencing solutions.
Corporate enterprises held over 65% market share of the video conferencing market in 2017. The increasing adoption of advanced collaborative solutions and the need for inexpensive video communication mechanisms are also fostering the market growth. Furthermore, trends such as BYOD aimed at enhancing employee convenience are also driving the growth of the corporate enterprise market. The education market is expected to register a CAGR of approximately 14% over the projected timeline. The extensive adoption of online education platforms is nurturing the growth of the education market.
North American region holds a prominent share in the video conferencing market with over 35% share in 2017. The market is driven by the presence of major local players such as Cisco and Polycom and the availability of advanced telecommunication infrastructure. The high level of adoption of trends such as BYODs across businesses of all sizes is further driving the market growth. The Asia Pacific market is anticipated to register a CAGR of over 14% over the forecast timeframe. Favorable regulatory policies and government initiatives are fostering market growth. In addition, the consumer use of cloud-based solutions is also nurturing the market growth.
This acquisition will further strengthen its position in the global voice market and expand its product portfolio.
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