A recent report published by Infinium Global Research on video conferencing market provides in-depth analysis of segments and sub-segments in the global as well as regional video conferencing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional video conferencing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global video conferencing market. According to the report, the global video conferencing market is projected to grow at a CAGR of 8.45% over the forecast period of 2018-2024.
A video conference is a live connection by using telecommunication technologies between two or more people residing in separate locations for the purpose of communication. Video conferencing differs from videophone calls. In the business world, desktop video conferencing is an essential component of integrated communications applications and Web conferencing services, while cloud-based virtual meeting room services enable organizations to organize video conferencing with negligible infrastructure investment. Uses for video conferencing include negotiating business deals, holding routine meetings, and interviewing job candidates. The major benefits offered by video conferencing are reduced travel time and cost. People calling from different locations, define start and end-times for structured meetings. This allows a more intensive discussion with less chit-chat, and participants are more likely to stay alert and focused on what is discussed.
Widespread adoption of smartphones and the introduction of 3G and 4G technologies across various locations drives the growth of the video conferencing market. Increasing adoption of cloud-based video conferencing has led to the implementation of better encryption and password protected solutions for cloud-based video conferencing systems. This, in turn, is strengthening the growth of the video conferencing market. Moreover, growing inclination of a mobile rising trend and Bring Your Own Device (BYOD) has led to widespread adoption of cloud-based video conferencing services. The video conferencing service providers, such as ezTalks and Polycom are offering easily downloadable mobile applications that can transform mobile devices into video conferencing workstations. Furthermore, healthcare administrations have stretched the magnitude of healthcare services through accomplished video conferencing services and cloud-based video conferencing for distant patient observing and teleconsultation solutions. This, in turn, has created several growth opportunities for the key players in the video conferencing market.
Among the geographies, North America dominated the video conferencing market. The growth in the North American region is due to the availability of highly sophisticated network infrastructure along with the local presence of global players such as Cisco and Polycom. Favorable government initiatives for modernizing ICT infrastructure and increasing adoption of cloud-based video conferencing solutions are driving the growth in the Asia Pacific regions. Moreover, Advanced ICT markets such as Japan, Australia, and South Korea are observing cumulative rollouts of different delivery models for UC services.
The report on global video conferencing market covers segments such as component, and end-use industry. On the basis of the component, the sub-markets include software and hardware. On the basis of end-user industry, the sub-markets include government, corporate enterprise, education, media & entertainment, healthcare, and others.
The report provides profiles of the companies in the market such as ZTE Corporation, West Corporation, Vidyo, Inc., Polycom, Inc., Orange Business Services, Microsoft Corporation, Logitech, JOYCE R, S.R.O., Huawei Technologies Co., Ltd., and Cisco Systems, Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the video conferencing market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.