Albany, NY, March 08, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research entitled “Video Conferencing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” the global market for video conferencing equipment and services, in terms of revenue, was valued at US$3.69 bn in 2014 and is forecast to expand at a CAGR of 8.5% during the period from 2015 to 2023. The market is largely driven by the growing globalization of business organizations, coupled by the need for scalable communication methods. The increasing need to lower operational costs and effectively manage a global supply chain is another significant factor driving the global video conferencing market. In addition to corporate enterprises, increasing adoption of video conferencing services in the public sector and healthcare verticals is further expected to drive the growth of the market during the coming years.
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Based on deployment type, the on-premise video conferencing market held the largest share of around 73% in terms of revenue in 2014. Other deployment types namely, managed video conferencing services, and cloud based video conferencing solutions are expected to grow at a high rate during the period of 2015 to 2023. Factors such as an industry-wide shift from hardware-based to software-based solutions and a rising need to curtail infrastructure expenditure are leading to the growth of managed and cloud-based video conferencing services.
In 2014, corporate enterprise was the end-use industry that held the largest share of nearly 65% of the overall video conferencing market in terms of revenue. Apart from corporate enterprises, verticals such as healthcare and government & defense are expected to witness high growth in the coming years due to increasing adoption of video conferencing solutions in these sectors. With growing adoption of immersive telepresence systems and video conferencing infrastructure in Fortune 100 companies, a substantial amount of revenue is generated in the on-premise video conferencing solutions segment. Moreover, high-priced end-points, including high definition (HD) displays, cameras, microphones, and dedicated video conferencing networks, have contributed to a huge proportion of the overall video conferencing market’s revenue. However, a rising need to lower capital expenditure and operational costs has led to the increasing adoption of managed and cloud-based video conferencing solutions in small and medium enterprises (SMEs).
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North America accounted for the largest share, in terms of revenue, of about 37.3% in 2014 of the global video conferencing market owing to significant adoption by businesses and governments. However, with increasing adoption in the public, corporate, and healthcare sector in the region, the video conferencing market in Asia Pacific is expected to become the fastest-growing market in the coming years. On account of rising demand in India, China, and the Southeast Asian countries, the Asia Pacific video conferencing market is expected to expand with a CAGR of 8.9% during the forecast period from 2015 to 2023. Furthermore, catering to the rapidly emerging small/medium enterprises (SME) sector in Asia Pacific through cloud-based solutions is anticipated to be the key to gaining significant market share in the region during the coming years.
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The global video conferencing market comprises many players offering video conferencing infrastructure, networks, end-points and services. With the industry shifting from hardware-based solutions to software-based video conferencing solutions, key players offer a wide range of video conferencing solutions to fit specific customer requirements. The key players in the video conferencing market include Cisco Systems, Inc., Polycom, Inc., Huawei Technologies Co., Ltd., Vidyo, Inc., Lifesize (Division of Logitech International S.A.), ZTE Corporation, Avaya, Inc., Microsoft Corporation, Adobe Systems, Inc. and InterCall (West Corporation).
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Source:Transparency Market Research