Video Conferencing Market - Worldwide Share, Growth, Trends & Future Estimate 2023

Video Conferencing Market: Snapshot

The implementation of video conferencing in any enterprise significantly improves the rate and clarity of communication between employees across the hierarchy. This applies a great deal more to globally spread out companies, as the use of video conferencing can help them cut costs in operations management, training, and recruitment.

Additionally, the current rate of cloud computing implementations in video conferencing is allowing an influx of companies of all sizes as customers in this market. Another trend expected to boost video conferencing usage is the increasing demand for telemedicine, especially in the developed economies.
The market is, however, restrained by the high initial cost of installing video conferencing systems. This can be mitigated to a large extent through the application of cloud-based video conferencing systems.

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The above factors are critically important in influencing the progress of video conferencing players globally. This market is expected to expand at a CAGR of 8.5% from 2016 to 2023. This market is expected to reach US$4.51 bn by the end of 2016 and US$7.85 bn by 2023.

Large Number of North America-based MNCs Show High Demand for Video Conferencing

By the end of 2023, the revenue earned by video conferencing players in North America is expected to near US$2.9 bn. It will be the largest market share for video conferencing, as it already is currently. A key reason for this dominance is the high demand shown by the large number of multinational companies in the region, especially within the U.S. This also applies to the video conferencing players themselves, as the prominent presence of globally leading players such as Cisco Systems, Inc. and Polycom, Inc. in the U.S. has made it possible to meet the growing demand. Although the North American market for video conferencing can already be considered to have matured, new avenues are still opening up through cloud computing implementations and the increasing expenditure of the region in telemedicine.

The second-largest share in video conferencing is currently held by Europe, while the Asia Pacific video conferencing demand is growing at a rapid pace owing to the industrialization rate of key countries in the region.

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Cloud-based Video Conferencing Services Ride on the BYOD Wave
A majority of the current video conferencing services offered go into the on-premise segment, which is expected to retain its market leadership in 2023, by which time it will attain a share of 54.4% in revenue. On-premise video conferencing offers a much more secure and controlled means of communication for an enterprise, but comes at a very high price. Its high initial investment is what bars small and medium enterprises from availing beneficial video conferencing services.

This has changed after the advent of cloud computing. The rapidly growing segment of cloud-based video conferencing is taking up a greater share of the global market every year. A key reason for this is the ability of SMEs to avail video conferencing, and the increasing popularity of the bring-your-own-device workplace concept. BYOD synergizes with cloud computing very well, allowing users the freedom to communicate in a more streamlined manner.

A consolidated presence of a few globally prominent players marks the global video conferencing market. These include Polycom, Inc., Avaya, Inc., Cisco Systems, Inc., Microsoft Corporation, Vidyo, Inc., Lifesize, ZTE Corporation, Huawei Technologies Co., Ltd., Adobe Systems, Inc., and InterCall.

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