Cloud-based Video Conferencing Market Solutions

​According to a new market report published by Transparency Market Research the global video conferencing market was valued at US$ 5,039.8 Mn in 2016 and is expected to expand at a CAGR of 7.9% from 2018 to 2026 to reach US$ 10,520.6 Mn by the end of the forecast period. According to the report, the global video conferencing market is expected to continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific is likely to continue to be at the forefront of global demand, with the market in the region expected to expand at a rapid pace throughout the forecast period.

Video Conferencing Market: Scope of the Report

The report offers detailed segmentation based on component and end-use industry. In terms of component, the hardware segment held a prominent market share in 2016. The segment is expected to expand at a steady CAGR over the forecast period from 2018 to 2026. High-priced end-points, including high definition (HD) displays, cameras, and microphones and dedicated video conferencing networks have contributed to a significant proportion of the overall revenue of the video conferencing market. The software segment is likely to expand at a significant CAGR during the forecast period. The compounded annual growth rate of the software segment is high owing to factors such as rising demand for cloud-based video conferencing solutions across the world. The shift toward cloud-based video conferencing solutions is currently low. However, it is expected to rise substantially in the coming years. Furthermore, the services segment is also expected to expand rapidly during the forecast period. This is due to an increasing trend among organizations to ensure the availability of video conferencing services without the need to employ and maintain a permanent in-house technical team for the purpose.

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Furthermore, among the end-use industries covered in the report, the corporate enterprise sector contributed significantly to global revenue of the video conferencing market. This is due to a rise in the number of multinational companies (MNCs) around the globe and globalization of supply chain, which has also led to a rise in need for effective long-distance communication. The health care segment is likely to expand at a CAGR of 9.2% during the forecast period. A hospital can eliminate the need to transfer a patient that needs specialized ongoing care by using video conferencing. Use of video conferencing also improves the delivery of treatment as doctors in other locations can speak directly with those administering care and make clinical diagnoses and consultations with patients. Furthermore, the government & defense sector is also expected to contribute significantly to the overall video conferencing market.

Global Video Conferencing Market: Competitive Dynamics

The global video conferencing market comprises large as well as mid-sized valve manufacturers and suppliers. The vendors present in 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, the vendors are adopting partnerships and acquisitions strategies to proficiently compete in the regional market

Key players operating in the global video conferencing market include Adobe Systems Incorporated, Arkadin Cloud Communications, JOYCE CR, S.R.O., Logitech International S.A., Microsoft Corporation, Orange Business Services, Vidyo, Inc., West Unified Communications Services, and ZTE Corporation.

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Real time Communication among Distantly Located Teams Fuels Growth of Video Conferencing Market

​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.

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.

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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 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 . 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 .

The global video conferencing , 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 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 . Moreover, government initiatives for superior telecommunication services is also having a positive impact on the video conferencing in the region.

Cloud-based Video Conferencing Market Ride on the BYOD Wave

​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.