Global Video Conferencing Market to Expand at 8.50% CAGR From 2015 to 2023 Owing to Globalization of Enterprises

Transparency Market Research has published a new report on the global video conferencing market. As per the report, the global video conferencing market is predicted to progress from US$3.7 bn in 2014 to US$7.8 bn by 2023. The report, titled ‘Video Conferencing Market Industry – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,’ states that the global video conferencing market is expected to expand at an 8.50% CAGR during the period from 2015 to 2023 due to factors such as the increasing demand for scalable communication methods and the rising globalization of business organizations.

 

Can video conferencing up your productivity and reduce costs?

If you haven’t heard the words lately, just wait. Video conferencing is becoming the most in-demand application of the new information age. This upsurge is prompted by three factors:

  • Globalization and the need for “virtual” work groups made up of experts from many different locations require a technology that allows people to meet face-to-face with high productivity on a moment’s notice. Only video conferencing meets this demand.
  • Changes in video conferencing technology, particularly high definition and what’s being called video presence, are giving video conferences the same sense of connection and collaboration as a live meeting. In fact, they’re better than live, because video conferencing allows data sharing that is not possible in live meetings, plus the recording of video conferences provides necessary records for security and regulatory requirements. In addition, new video conferencing technology has excellent security plus advanced management and scheduling capabilities. Also, the cost of video conferencing end points has decreased ten fold since 1998. Travel costs have escalated.
  • The IP (Internet Protocol) revolution has lead to “IP everywhere” making the transmission of video conferences far less expensive, much easier to use, more reliable and significantly more scalable to meet a company’s growing requirements.The bottom line is that every company, big or small, must evaluate video conferencing as a possible application

Global Video Conferencing Market Trends and Forecast 2014 – 2020

The global video conferencing market was valued at US$ 3.31 Bn and is expected to reach US$ 6.40 Bn by 2020, growing at a CAGR of 9.36% during the forecast period 2014 to 2020.

Video conferencing solutions are widely accepted in the global corporate enterprises segment owing to significant benefits such as operational efficiency and cost reduction. With the increasing need to lower operating costs and travelling expenditure in government operations, there has been an increase in adoption of video conferencing solutions in the public sector. In addition, increasing applications in the defense sector have led to the growth of this market. Rising expenditure in telemedicine and applications such as remote patient monitoring, diagnosis and tele-consultation have led to the rising popularity of video conferencing solutions in the healthcare industry. Other applications including distance learning and web-seminars are expected to drive the growth of the video conferencing market in the education sector. Video conferencing solutions have also found usage in the media and entertainment industry for broadcasting special interactive events.

North America video conferencing market led the overall video conferencing market in terms of revenue in 2013 owing to significant adoption of video conferencing solutions in the region across the business and government sector. Europeheld the second largest revenue share of the overall video conferencing market in 2013. However, economic slowdown and reduced public expenditure in the region are impacting the growth of the video conferencing market in Europe. Video conferencing market in Asia Pacific is expected to achieve significant growth during the forecast period 2014 to 2020. Increasing demand from countries including India and China are expected to primarily drive the growth of this market in this region. Opportunities from other regions including Latin America and the Middle East are expected to further drive the growth of the video conferencing market during the forecast period 2014 to 2020.