Video Conferencing Market:
Video conferencing refers to conducting a conference using
telecommunication technologies to enable real-time two-way transmission of
audio and video. Increasing globalization is encouraging most organizations to
shift to conference meetings to enable faster decisions and reduce traveling
hassles. In the corporate enterprise sector, video conferencing is
predominantly used to enable effective real-time communication over long
distances at minimal cost and time, and enhance productivity between teams
based in different locations worldwide. Additionally, it saves travel expenses
and addresses customer queries. The global video
conferencing market is anticipated to expand at a CAGR of ~9% during
the forecast period and was valued at approximately ~US$ 6 Bn in 2019.
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Key Drivers of Video Conferencing Market
The video conferencing market is witnessing noticeable
growth, owing to the rising adoption of cloud-based video conferencing
solutions globally. Increasing prominence of cloud-based video conferencing
services has led to the implementation of better encryption and password
protection solutions for cloud-based video conferencing systems across the
world. Furthermore, growing use of cloud-based solutions and emergence of the
3D technology in video conferencing solutions is also a major factor, which is
accelerating demand for this solution globally. According to a report by
American Telemedicine Association, more than 200 academic
medical centers in the U.S. already offer video-based consulting to clients in
other parts of the world.
Video conferencing is a major technology tool used by
enterprises to enhance collaboration. Additionally, organizations across the
world are increasingly focusing on curtailing costs related to their means of
communication in order to extend their reach globally. This has created immense
opportunities for the video conferencing market, thereby leading to the
development of advanced conferencing solutions and services. Furthermore, the
rising need to reduce operating costs has led to a recent shift from
traditional immersive telepresence systems to software solutions in the video
conferencing market. Enterprises across the world seek to deploy cheaper and
scalable cloud-based video conferencing solutions to lower the total cost of
ownership (TCO).
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Managing a business in the global context and increasing
adoption of video conferencing solutions by small and medium enterprises (SMEs)
are the key factors driving the growth of the video conferencing market
globally. Cloud-based video conferencing services offer higher availability and
accessibility to end-users, as the infrastructure is managed and maintained at
the service provider’s site. Moreover, the rising trend of a mobile workforce
and Bring Your Own Device (BYOD) has led to widespread adoption of cloud-based
video conferencing services. At present, on-premise holds major market revenue
share, whereas cloud based video conferencing is expected to see higher CAGR
during the forecast period. Verticals such as healthcare and government &
defense are expected to register strong growth in the coming years due to
digitization in governance and increasing impact of COVID-19 on different
industries.
Key Players in Video Conferencing Market
The global video conferencing market comprises of large as
well as mid-sized video conferencing system manufacturers and suppliers.
Companies such as Cisco Systems, Inc., Polycom Inc. and Huawei Technologies
Co., Ltd., have been able to establish a strong presence in various countries
across the world. Vendors present in the video conferencing market are
currently focusing on introducing advanced software and integrating new
capabilities within the software to enable video conferencing across company
boundaries, and meet the need to manage video delivery and quality. Moreover,
video conferencing solution providers are aggressively developing innovative
products that match customers’ expectations for enhanced features and
integrated capability over connected devices. Currently, the market is growing
and leading players are continuously focusing on acquisition of local players
in order to broaden their geographical reach.
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Some significant players engaged in the video conferencing
market include Adobe Systems Incorporated., Atlassian Corporation Plc.,
Cisco Systems, Inc., Fuze, Inc., Huawei Technologies Co., Ltd., JOYCE CR,
S.R.O., Logitech International S.A., LogMeIn, Inc., Microsoft Corporation,
Orange Business Services, Polycom, Inc., Vidyo, Inc., Visual Systems Group,
Inc. (VSGi), West Corporation, and ZTE Corporation.
Global Video Conferencing Market: Segmentation
Video Conferencing Market, by Component
- Hardware
- Camera
- Codec
- Microphone/Speaker
- Others
(Display, Cables, Switches, Projector, & Sensors)
- Software
- On-premise
- Cloud-based
- Services
- Managed/Outsourced
- Others
(Consulting, Integration & Maintenance)
Video Conferencing Market, by End-use Industry
- Corporate
Enterprise
- Healthcare
- Government
& Defense
- Education
- Others
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