What's Driving the Video Conferencing Market Growth? Avaya Inc., BlueJeans Network, Cisco, Google, Huawei Technologies Co. Ltd., Lifesize Inc., LogMeIn Inc., Microsoft, Polycom Inc., ReadyTalk, Vidyo Inc.

Global video conferencing market outlook will be propelled by robust demand for collaboration and unified communication solutions among enterprises. An increasing number of businesses are venturing into foreign markets, creating the need for a collaborative approach to enable efficient teamwork between employees at different locations.

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Falling prices of long distance communication technologies will be a key factoring driving video conferencing market trends in the near future. This can be mainly attributed to minimization of costs associated with developing infrastructure by industry leaders. Market players are also adopting entry-level marketing pricing strategies to boost the adoption of video conferencing solutions.

Desktop segment in global video conferencing market could witness gains at over 14% up to 2024. Increasing number of vendors are now providing freely-available mobile applications to enable users to use their mobile devices for conferencing applications. The introduction of affordable, reliable and efficient devices has encouraged organizations to adopt suitable products and services.

Telepresence segment currently holds a share of over 40% in the global video conferencing market and is poised to amass substantial gains in the coming years. Its compatibility with different business environments is encouraging businesses to embrace telepresence solutions.

The Major Key Players in the Market are as follows:
1. Avaya Inc.
2. BlueJeans Network
3. Cisco Corporation
4. Google Inc.
5. Huawei Technologies Co. Ltd.
6. Lifesize Inc.
7. LogMeIn Inc.
8. Microsoft Corporation
9. Polycom Inc.
10. ReadyTalk
11. Vidyo Inc.
Video conferencing hardware market size is anticipated to capture over 50% of the global share by 2024. Video conferencing hardware consists of equipment such as peripheral devices, control units and codecs. Surging demand for highly interoperable solutions along with growing implementation of multipoint control units by businesses will drive the demand for these products.

Video conferencing software segment will record a robust 14% CAGR over 2018-2024. Strong demand for cloud-based solutions and mobile applications is the major factor driving this growth. Video conferencing services market share will register a healthy CAGR of 10% over the analysis timeline. This can be credited to growing need among businesses to outsource their communication infrastructure and increase focus on their core competencies.

North America video conferencing market is dominated by the presence of local players such as Polycom and Cisco. The regional demand will be largely driven by easy availability of advanced and modernized telecom infrastructure. The adoption of trends like BYOD by businesses will further complement the regional outlook. North America captured over 35% of the global share in 2017.

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Favorable government initiatives and regulatory policies in the Asia Pacific region is boosting the adoption of video conferencing solutions. Future trends will be driven by growing adoption of cloud-based products and services in developing economies. Asia Pacific video conferencing market shar will record a CAGR of 14% over 2018-2024.

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