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Global Video Conferencing Market: Rise in Corporate Industry Drives Demand

Blog Description

The global market for video conferencing has witnessed an exponential rise in the recent times. The continual growth of the corporate sector across the world, led by the increasing globalization of businesses, has substantially fuelled demand for video conferencing in the global arena.

Browse the full Report of Global Video Conferencing Market

Several companies are expanding their businesses internationally, which requires them to operate as well as manage their businesses from across sites located at different places around the world. Video conferencing enables them to communicate face-to-face in real-time over long distances, together with curbing the telecom expenses. This factor is expected to keep the demand for video conferencing high globally, over the next few years.

A report on the global video conferencing market, published by Transparency Market Research (TMR), states that this market stood at US$3.6 bn in 2014. Analysts at TMR have projected this market to rise at a CAGR of 8.50% between 2015 and 2023 and attain a value of US$7.8 bn by the end of 2023.

Cloud-based Video Conferencing Enjoys Highest Demand in North America and Europe

Europe and North America dominated the global video conferencing market over the past few years. In 2014, North America alone acquired a share of approximately 37% in the overall market. The rise in the uptake of video conferencing technology in this region across the corporate as well as the government sectors fueled the North America video conferencing market significantly.

Cloud-based video conferencing solutions enjoy the highest demand in North America and Europe. The market players are, thereby, heavily investing in the cloud technology to develop novel cloud-based video conferencing systems. However, the escalating demand for ‘high on quality’ but ‘low on cost’ video conferencing solutions among end users is putting pressure on market participants to invest more, which is a big setback for the enterprises operating in the market.

Asia Pacific Exhibits Huge Potential for Video Conferencing Market Growth

The video conferencing market in Asia Pacific is exhibiting great potential for growth. The rising adoption of this technology in the corporate, the government, and the medical and healthcare sectors has made this region emerge as the fastest growing video conferencing market across the world. The growing interest of people around the world in yoga and ayurvedic treatments has increased the usage of video conferencing in the Asia Pacific medical and healthcare sector, establishing it as the biggest end user of video conferencing technology in this region.

Experts forecast this regional market to expand at a CAGR of 8.90% during the period from 2015 to 2023 on account of the growing demand for video conferencing in China, India, and several South East Asian economies. Apart from this, the growing trend of adopting cloud-based solutions among small- and medium-size enterprises (SMEs) in Asia Pacific is also anticipated to support the demand for video conferencing in this region in the coming years.

Browse the full Press Release of Global Video Conferencing Market

InterCall, Adobe Systems Inc., Huawei Technologies Co. Ltd., ZTE Corp., Lifesize, Vidyo Inc., Microsoft Corp., Cisco Systems Inc., Avaya Inc., and Polycom Inc. are some of the major enterprises operating in the global video conferencing market.