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.