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Video Conferencing Market: Rising Trend of Business Operations at Multiple Locations Catalyzes Growth, says TMR

11-30-2017 12:37 PM CET | IT, New Media & Software

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
Video Conferencing Market: Rising Trend of Business Operations

Global Video Conferencing Market: Snapshot

The video conferencing market has one clear leader Cisco Systems Inc., which is further expanding its outreach by means of product innovation. The spectrum of video conferencing products offered by the company has enhanced its brand image globally. Acquisitions of smaller companies is another notable growth strategy adopted by the company.

The increasing trend of virtual meetings for real-time communication with distantly located teams is the primary factor driving the global video conferencing market. With rapid globalization, video conferencing is a major communication tool used by enterprises that benefits in the form of enhanced productivity and faster decision making.

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Acting as a barrier to the growth of the video conferencing market are high initial investments and high installation costs of video conferencing equipment.

As per a report by Transparency Market Research, the global market for video conferencing is likely to expand at a CAGR of 8.3% between 2017 and 2025, for the market to become worth US$8,958.7 mn by the end of 2025. The market was evaluated to be worth US$4,405.6 mn in 2016.

global video conferencing market

Healthcare and Education to Emerge as Significant End-use Segments

The segments of the global video conferencing market based upon deployment type are on-premise, managed, and cloud-based. Of them, on-premise presently holds dominance in the video conferencing market vis-à-vis revenue. However, the segment of cloud-based video conferencing is expected to surpass on-premise segment in terms of growth rate over the forecast period.

The major segments into which the global market for video conferencing is divided depending upon end user are corporate enterprise, healthcare, government and defense, education, and others. Amongst all, corporate enterprise accounts for the leading revenue share of the video conferencing market. However, the segments of healthcare and education are expected to contribute significant revenue to the overall video conferencing market in the forthcoming years. Rising investments for technology-driven healthcare services to render quality patient care at low cost is the key factor fuelling growth of healthcare segment of video conferencing market. The rising need to lower educational costs and efforts to expand the reach of educational services are mainly driving the education segment of video conferencing market.

North America to Continue to Remain Dominant

The global video conferencing market, by geography, has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. In 2016, North America powered by the U.S., dominated the market holding the leading revenue share. The region is expected to display significant growth rate over the forecast period. The leading revenue share of the region is owing to the widespread adoption of telepresence to enhance workforce collaboration and also due to the popularity of managed video conferencing solutions among small and medium sized companies.

However, Asia Pacific video conferencing market is predicted to display the leading CAGR over the forecast period. The increasing concentration of corporate enterprises in the region that are resorting to video conferencing solutions in an attempt to curtail travel costs is the primary factor driving the Asia Pacific video conferencing market. Moreover, government initiatives for superior telecommunication services is also having a positive impact on the video conferencing market in the region.

Europe is expected to be the second-leading regional market for video conferencing in terms of revenue in the upcoming years. The Middle East and Africa is expected to emerge as a strong market for video conferencing over the forecast period.

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Huawei Technologies Co. Ltd., West Unified Communications Services, ZTE Corporation, Polycom Inc., Vidyo Inc., Adobe Systems Incorporated, Microsoft Corporation, Arkadin International SAS, Logitech International SA, Orange Business Services, and JOYCE CR. S.R.O. are some other key companies that operate in the global video conferencing market.

About Us:-

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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