Albany, NY, Dec. 4, 2015 (GLOBE NEWSWIRE) -- A new Transparency Market Research report states that the market for video conferencing will expand at a CAGR of 9.36% during the period 2014 to 2020. In 2013, the market was valued at US$ 3.31 billion and is expected to be worth US$ 6.40 billion in 2020. The title of the report is "Video Conferencing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," and it presents a bird's eye view of the global video conferencing market.
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The factors such as availability, security, accessibility, and scalability play a major role in the selection from a broad range of video conferencing solutions. These solutions are broadly implemented by global corporate enterprises due to their cost reduction and operational efficiency. In the government operations, video conferencing solutions have been implemented to increase operational efficiency and to reduce the cost. The rising usage of such solutions in the case of emergencies for the purpose of mass communication is also a major advantage.
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On the basis of deployment type, the video conferencing market is segmented into managed video conferencing, on-premise video conferencing, and cloud-based video conferencing. Among these, the cloud-based video conferencing is predicted to expand at an exponential rate in the forecast horizon from 2014 to 2020 owing to the industry shift from hardware solutions to software solutions. On the other hand, on-premise video conferencing dominated the market by taking the biggest share in the overall video conferencing market in 2013.On the basis of end-use, the video conferring market is segmented into healthcare, education, corporate enterprise, government and defense, and others including retail, manufacturing, entertainment, and media. The video conferencing market is fuelled by the rise in number of applications within the defense sector. Additionally, in the healthcare industry, the patient monitoring, tele-consultation, and diagnosis as well as similar other applications have stimulated the demand for video conferencing solutions. It is also utilized in web-seminars, distance learning, and for broadcasting exclusive events in the entertainment and media industry.
On the basis of geography, the video conferencing market is segmented into Europe, North America, Asia-Pacific, and Rest of the World (RoW). The Asia Pacific video conferencing market is predicted to grow substantially in the forecast horizon from 2014 to 2020. On the basis of revenue, North America dominated the total video conferencing market in 2013 because of an increased adoption of these solutions here, both in the government and business sector. Following North America, Europe led the market in terms of revenue in the same year. In the Middle East and Latin America, the growing opportunities are predicted to augment the growth of the market during the forecast period.The dominant companies in this market include Polycom, Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd., Vidyo, Inc., ZTE Corporation, Avaya, Inc., Lifesize (Division of Logitech International S.A.), Microsoft Corporation, InterCall (West Corporation), and Adobe Systems, Inc.
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The video conferencing market has been segmented as follows:
Video Conferencing Market, by Deployment Type
- Cloud based
Video Conferencing Market, by End-use Industry
- Corporate Enterprises
- Government and Defense
- Others (Manufacturing, Retail, Media and Entertainment)
Video Conferencing Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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Source:Transparency Market Research