The implementation of Video Conferencing Market 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.
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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Video conferencing refers to conducting conferences using telecommunication technologies to enable real-time two-way transmission of audio and video. With increasing globalization, most organizations are shifting toward conference meetings in order to enable faster decisions and reduce traveling hassles.
Additionally, in order to extend their reach globally, organizations around the world are increasingly focused on curtailing costs related to their means of communication. This has created immense opportunities for the video conferencing , leading to the development of advanced conferencing solutions. Due to the availability of cloud-based solutions, which help organizations reduce their initial investment, the penetration of video conferencing solutions is estimated to increase substantially in the coming years.
The report titled “Video Conferencing (On-premise, Managed and Cloud-based Video Conferencing) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 – 2023” aims to provide a comprehensive strategic analysis of the global market scenario along with the market size and growth forecast for the period from 2013 to 2023. The key factors driving the growth of video conferencing market are the increasing globalization of businesses and rising costs of international operations.
With increases in the cost of managing and maintaining the global supply chain, the need for efficient and cost-effective means of communication has increased. Video conferencing is a viable solution for multinational organizations to easily establish communication among headquarters and various offices scattered around the globe. Another factor driving the growth of the video conferencing market is the rise in applications of video conferencing in the healthcare and education sectors.
Healthcare organizations are able to widen the reach of healthcare services through managed video conferencing services and cloud-based video conferencing solutions. Remote patient monitoring and tele-consultation have been widely implemented across the world. In the education sector, video conferencing has found numerous applications in distance learning and web seminars. Educational institutes are able to offer tutorial and training services to numerous students in different parts of the world using video conferencing solutions.
This research study on the global video conferencing market offers a detailed analysis of the various deployment models of video conferencing solutions and aims to explain the driving forces behind the rising demand for these models across different industries. The report also provides an analysis of the various factors affecting the market dynamics, such as market drivers, restraints, and growth opportunities. These factors help analyze various trends that would impact the market during the forecast period from 2015 to 2023.
The report includes a comprehensive coverage of underlying economic and technological factors influencing the video conferencing market. The market positioning analysis of key players in the video conferencing market throws light on the prevalent competition in this market. The section also elucidates different strategies adopted by various players in the market along with recommendations.