Video Conferencing Market - CAGR of 8.5% within a Forecast Period from 2015 to 2023

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.

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