What’s driving the Video Conferencing Market growth? |By key players Avaya, BlueJeans Network, Huawei Technologies, Highfive, Cisco Corporation, Citrix Systems, Adobe Systems
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The declining price of video conferencing solutions is also propelling the growth of the video conferencing 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 video conferencing 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.
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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.
Chapter 3. Video Conferencing Industry Insights
3.2. Industry segmentation
3.3. Video conferencing market, 2013 – 2024
3.4. Video conferencing ecosystem analysis
3.5. Video conferencing architecture analysis
3.5.1. Mixing based
3.5.2. Multiplexing based
3.5.3. Scalable video coding based
3.6. Video conferencing evolution
3.7. Business model
3.7.1. Infrastructure as a software
3.7.2. Infrastructure as a cloud service
3.7.3. Business model adjustment
3.8. Technological & innovation landscape
3.8.2. Virtual reality
3.8.4. Artificial intelligence
3.8.5. Advanced video compression formats
3.9. Standards & protocols
3.9.1. Transport protocols
3.9.2. Network infrastrcture and devices
3.9.3. Integrated Digital Services Network (ISDN)
3.9.4. LAN, WAN, VPN and Intranet
3.9.5. Video standards
3.9.6. Audio standards
3.9.7. Data and control standards
3.9.8. NAT/Firewall Traversal
3.10. Industry impact forces
3.10.1. Growth drivers
220.127.116.11. Growing demand for unified communication
18.104.22.168. Technological advancement
22.214.171.124. Increasing trend for cloud application
126.96.36.199. Rising need to reduce communication cost among organizations
3.10.2. Industry pitfalls & challenges
188.8.131.52. Cost & complexity of solutions
184.108.40.206. Volatile competitive landscape
3.11. Growth potential analysis
3.12. Porter’s analysis
3.12.1. Threat of new entrants
3.12.2. Threat of substitutes
3.12.3. Bargaining power of buyer
3.12.4. Bargaining power of supplier
3.12.5. Industry rivalry
3.13. PESTEL analysis
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. This acquisition will further strengthen its position in the global voice market and expand its product portfolio.
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