Video Conferencing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY (PRWEB) February 06, 2015
The global market for video conferencing equipment and services, in terms of revenue, was valued at US$ 3.31 Bn in 2013 and is forecast to grow at a CAGR of 9.36% during the period 2014 to 2020. The increasing need to lower operational costs and effective management of a global supply chain in the business sector are the factors driving the global video conferencing market. In addition, increasing adoption of video conferencing services in the public sector 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 80% in terms of revenue in 2013. Other deployment types namely, managed video conferencing services, and cloud based video conferencing solutions are expected to grow at a significant rate during the period 2014 to 2020. Factors such as industry shift from hardware based to software based solutions and rising need to curtail infrastructure expenditure are leading to the growth of managed and cloud based video conferencing services. By deploying software based solutions, organizations are able to leverage the current trends including bring your own devices, and mobile workforce to achieve higher efficiency and productivity among employees. Organizations seek to deploy video conferencing solutions offering higher availability, accessibility and with limited need for hardware video conferencing infrastructure to reduce capital expenditure.
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In 2013, corporate enterprise was the end-use industry that held the largest share of nearly 70% of the overall video conferencing market in terms of revenue. With increasing 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 network have contributed to a huge proportion of the overall video conferencing market revenue. However, 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). In addition, with increased accessibility through various electronic devices including laptops, tablets and smartphones, cloud-based video conferencing solutions offer a robust platform for video communications.
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Developed markets including North America and Europe led the global video conferencing market in 2013. With increasing adoption in public, corporate and healthcare sector in the region, the video conferencing market in Asia Pacific is expected to be the fastest growing market during the coming years. On account of increasing demand from countries such as India, China and Singapore, the Asia Pacific video conferencing market is expected to grow at a CAGR of 9.8% during the forecast period 2014 to 2020. Further, catering to the rapidly emerging 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.
The global video conferencing market comprises numerous players offering various video conferencing infrastructure, networks, end-points and services. With the industry shift 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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