Video conferencing involves conducting conferences by utilizing telecommunication technologies for enabling real-time two-way transmission of video and audio. Owing to rising globalization, the majority of multinational organizations are opting for video conference meetings for enabling swifter decisions and reducing the hassles related to traveling. Furthermore, for extending their global reach, organizations all around the world are focusing on cutting costs related to communication. All of these factors have resulted in new growth opportunities for the market for video conferencing and have resulted in cutting-edge video conferencing solutions.
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Requirement for Scalable Communication Methods to Propel Video Conferencing Market
The video conferencing market is majorly fuelled by the increasing globalization of business organizations and the requirement for scalable communication methods. In addition, the rising requirement for reducing operational costs is another key factor augmenting the growth of the market. Furthermore, rising adoption of video conferencing solutions in a number of corporate enterprises, the healthcare sector, and the public sector globally is also stimulating the market for video conferencing. On the other hand, factors such as the soaring costs of initial investments and issues related to information security may hamper the growth of the market in the coming years.
On-Premise Video Conferencing Solutions Led Market in 2014
By deployment type, the video conferencing market is segmented into managed, on-premise, and cloud-based video conferencing solutions. Amongst these, the segment of on-premise video conferencing solutions led the market in 2014. On the other hand, owing to the shift of the video conferencing market to software-based solutions from hardware-based solutions, the segment of cloud-based video conferencing solutions is poised to grow exponentially in the coming years.
Increasing Application of Video Conferencing in Corporate Enterprises to Boost Market Growth
By end use, the market is segmented into healthcare, corporate enterprises, education, government and defense, and others including retail, media and entertainment, and manufacturing. Amongst these, the application of video conferencing solutions is the highest among corporate enterprises due to the cost reduction capacity and high operational efficiency of these solutions. On the other hand, the rising application of video conferencing within the defense sector will also boost market growth. In the healthcare sector, the rising application of video conferencing in diagnosis, teleconsultation, and remote monitoring will further augment the demand for video conferencing solutions. Furthermore, the increasing usage of video conferencing in webinars and distance learning will also fuel the development of the market within the sector of education.
North America Video Conferencing Market Held the Largest Share in 2014
Geographically, the market is segmented into Europe, North America, the Middle East and Africa (MEA), Latin America, and Asia Pacific. Amongst these, in 2014, the region of North America held the largest share in the market on the basis of both adoption and revenue. The reason for the superiority of this region is the high adoption rate of video conferencing solutions across the government and business sectors within this region. On the other hand, Europe trailed North America and held the second largest share in the market on the basis of revenue in the same year. However, the reducing public expenditure and the recent economic slowdown may restrain the growth of the video conferencing market in Europe in forthcoming years.
The chief players operating in the global video conferencing market are ZTE Corporation, Vidyo, Inc., Avaya, Inc., and Adobe Systems, Inc., among others.