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.
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.
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.
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