According to a new market research report published by Credence Research “Video Conferencing Market (Corporate Enterprises, Healthcare, Government & Defense, Education, Media & Entertainment and Others (Retail, Manufacturing and Residential) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022”, the global video conferencing market was valued at US$ 3,967.6 Mn in 2014 and is estimated to expand with a CAGR of 8.6% from 2015 to 2022.
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Video conferencing refers to video communication among two or more participants in real-time. With the rising globalization of business organizations worldwide, need for flexible, scalable and cost effective communication techniques has grown substantially since the past few years. Video conferencing is a viable solution for organizations to organize online conference thereby eliminating the costs related to traveling and accommodation. Likewise, video conferencing acts as a boon for business entities having multiple geographical locations requiring frequent collaboration. Video conferencing solutions are available both; on-premise as well as cloud-based. Video conferencing vendors also offer managed solutions with an intent of delivering more feasible and cost-effective solution to consumers. As a result, the market is witnessing a paradigm shift towards cloud-based solutions due to their low costs as compared to the on-premise deployment. Corporate enterprises and government & defense are the largest consumer segments for these solutions. Due to growing penetration of video conferencing solutions across these segments worldwide, advanced solutions such as high definition (HD) video conferencing services are likely to become popular in the coming years.
The global video conferencing market is highly consolidated in nature with few major players accounting for more than 60% of the total market revenue. Major companies dominating the market include Cisco Systems, Inc., Polycom, Inc. and Huawei Technologies Co., Ltd. Some of the other prominent players in the market are ZTE Corporation, Microsoft Corporation, Vidyo, Inc. and Avaya, Inc. The market is largely technology driven and hence highly competitive in nature. Thus, most of these players focus on offering viable and cost-effective solutions in order to sustain in the market. As a part of providing advanced solutions, video conferencing vendors focus on delivering cloud-based and high quality video services.
- Shift towards cloud-based video conferencing solutions
- Focus on healthcare industry due to increasing adoption of video conferencing solutions in the segment
- Introduction of high quality video conferencing solutions comprising HD video service
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