Video Conferencing Market : Scenario along with the market size and growth forecast for the period 2015 - 2023

Video conferencing enables effective face-to-face real-time communication over long distances. With the rising globalization of businesses, organizations need to operate from numerous offices located in different parts of the world. Multinational companies need to establish efficient and effective communication among regional offices and the headquarters of the organization. Video conferencing offers a viable solution to offices situated far away from one another to communicate and share business information on a real-time basis. In addition, video conferencing enables organizations to reduce the time and costs associated with foreign travel and accommodation. Video conferencing vendors also offer flexible models of deployment: on-premise, managed, and cloud-based. Organizations operating in several geographical locations can synchronize their business processes without the need for personnel to travel across the world to collect and share critical business information. In case of emergencies, video conferencing offers an effective and immediate means for mass communication. Government and regulatory authorities can leverage video conferencing solutions to deal with natural calamities, communal disrupts, and other emergencies. On account of such factors, the overall video conferencing market is expected to witness increasing adoption around the world. In 2014, the global video conferencing market was valued at US$ 3.69 Bn and is estimated to reach US$ 7.85 Bn by 2023, expanding at a CAGR of 8.5% during the forecast period from 2015 to 2023.

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Video conferencing service providers offer their products and services in the form of on-premise video conferencing infrastructure, managed video conferencing services, and cloud-based video conferencing solutions. Customers choose from a wide range of video conferencing solutions depending on various factors such as scalability, availability, accessibility, and security. On-premise video conferencing held the largest market share of the overall video conferencing market in 2014. On account of the industry shift from hardware- to software-based solutions, the cloud-based video conferencing market is forecast to grow at a significant rate during the forecast period 2015 to 2023.

Video conferencing solutions are widely accepted in the global corporate enterprises segment owing to their operational efficiency and capacity for cost reduction. With increasing need to lower operating costs and travel expenditure in government operations, there has been an increase in the adoption of video conferencing solutions in the public sector. In addition, increasing applications in the defense sector have led to the growth of this market. Rising expenditure in telemedicine and applications such as remote patient monitoring, diagnosis, and tele-consultation have led to increases in the popularity of video conferencing solutions in the healthcare industry. Other applications, including distance learning and webinars, are expected to drive the growth of the video conferencing market in the education sector. Video conferencing solutions have also found usage in the media and entertainment industry for broadcasting special interactive events.

The video conferencing market in North America led the overall video conferencing market, in terms of revenue and adoption, in 2014, owing to significant adoption of video conferencing solutions in the region across the business and government sectors. Europe accounted for the second-largest revenue share of the overall video conferencing market in 2014. However, economic slowdown and reduced public expenditure in the region are impacting the growth of the video conferencing market in Europe. The video conferencing market in Asia Pacific is expected to achieve significant growth during the forecast period from 2015 to 2023. Increasing demand from countries including India and China are expected to primarily drive the growth of this market in this region. Opportunities from other regions, including Latin America and the Middle East, are expected to further drive the growth of the video conferencing market during the forecast period from 2015 to 2023.

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The video conferencing market is consolidated in nature with few major players accounting for over 70% of the total market revenue. Cisco Systems, Inc, Polycom, Inc. and Huawei Technologies Co., Ltd. were identified to be the top three players in the video conferencing market in 2014. Other key players of the market include Vidyo, Inc., Lifesize (Division of Logitech International S.A.), ZTE Corporation, Avaya, Inc., Microsoft Corporation, Adobe Systems, Inc. and InterCall (West Corporation).

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