The video conferencing market is witnessing significant growth owing to the rising adoption of cloud-based video conferencing solutions globally.
Albany, NY -- (SBWIRE) -- 05/17/2018 -- Video conferencing is becoming the most in-demand application of the new information age. Recently, Market Research Hub (MRH) has published a report on the state of the global video conferencing market, which is titled as "Video Conferencing Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026". The study is a combination of primary and secondary research, which mainly offers a comprehensive assessment of this market to readers by examining the trends, driving forces, restraints, and opportunities and the impact of these factors on the global market scenario of video conferencing between 2018 and 2026.
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Over the years, technology has revolutionized the way of communication. Due to the steady rise in globalization, organizations are shifting toward video conference meetings so as to enable faster decision making and reduce travel hassles. Presently, the video conferencing market is witnessing significant growth owing to the rising adoption of cloud-based video conferencing solutions globally. Through this report, analysts have evaluated that the global video conferencing market is anticipated to grow at a remarkable CAGR of 7.9% during the forecast period. In 2016, the market revenue was valued at approximately US$ 5 Bn, which is estimated to reach US$ 10,520.6 Mn by 2026 end.
Market Overview and Key Insights
Geographically, the research study broadly categorizes the global video conferencing market into North America, Europe, Latin America, Asia Pacific and the Middle East and Africa (MEA). In order to provide an insight into the current and expected growth for video conferencing, the study also analyzes the market on the basis of the current and forthcoming trends in each of the regions. Market size assessments involved in-depth study of its major components, services and end-use industry.
Considering the various facets of the market, the study has observed that increasing adoption of cloud-based video conferencing services is a prime factor contributing towards market growth. Also, the rise in usage of cloud-based solutions and emergence of 3D technology in video conferencing solutions are a major factor accelerating the demand for this solution globally. On the basis of geography, the research finds that the Asia Pacific has the maximum share in the global market.
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To elaborate further, the report looks into the various components, which include hardware, software, and services. Among these components, the hardware component segment is further sub-segmented into camera, codec, microphone/speakers, and others. The software segment is further classified into on-premise and cloud-based. On the other hand, end-use industries covered in the report are corporate enterprise, education, healthcare, government and others. Of them, the corporate enterprise sector contributed significantly to global revenue of the video conferencing market. This is due to a rise in the number of multinational companies (MNCs) around the globe and globalization of supply chain, which has also led to a rise in the need for effective long-distance communication.
Some of the prime players profiled in this study include Adobe Systems Incorporated, JOYCE CR, Arkadin Cloud Communications, Logitech International S.A., Cisco Systems, Inc., Vidyo, Inc., Microsoft Corporation, Huawei Technologies Co., Ltd., S.R.O., Orange Business Services, Polycom, Inc., West Unified Communications Services and ZTE Corporation.
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