Video Conferencing Market – Snapshot
Video conferencing refers to conducting conference using telecommunication technologies for a real-time two-way transmission of audio and video. With rise in globalization, organizations are shifting toward videoconference meetings so as to enable faster decision making and reduce travel hassles. In the corporate sector, video conferencing is predominantly used for effective real-time communication over long distances at minimal cost and time and enhance productivity between teams based at different locations worldwide. Additionally, it saves travel expenses and addresses customer queries in real time. The global video conferencing market is anticipated to grow at a CAGR of 7.9% during the forecast period. It was valued at approximately US$ 5 Bn in 2016.
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The video conferencing market is witnessing significant growth owing to the rising adoption of cloud-based video conferencing solutions globally. Increasing adoption of cloud-based video conferencing services has led to implementation of better encryption and password protected solutions for cloud-based video conferencing systems across the world. Furthermore, rise in usage of cloud-based solutions and emergence of 3D technology in video conferencing solutions are a major factor accelerating the demand for this solution globally. According to a report published by the American Telemedicine Association in 2015, more than 200 academic medical centers in the U.S. offer video-based consulting to clients based in other parts of the world.
Video conferencing is a common technology tool used by enterprises for enhanced collaboration. Additionally, organizations are increasingly focusing on curtailing costs related to their means of communication. This has created immense opportunities for the video conferencing market, thereby, leading to development of advanced conferencing solutions and services. Furthermore, considering the rising need to reduce operating costs, there has been a recent shift from the traditional immersive telepresence systems to software solutions in the video conferencing market. Enterprises across the world seek to deploy low-cost and scalable cloud-based video conferencing solutions to reduce the total cost of ownership (TCO).
Managing 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 accessibility to end-users, as the infrastructure is managed and maintained at the service provider’s site. Moreover, the rising trend of mobile workforce and Bring Your Own Device (BYOD) has led to widespread adoption of cloud-based video conferencing services. At present, the on-premise segment accounts for a major market share, whereas, the cloud-based video conferencing segment is expected to exhibit higher CAGR during the forecast period. Verticals such as healthcare and government & defense are expected to register strong growth in the next few years.