Video Conferencing Market’s Growth is Driven by Rising Adoption of VaaS, the Market to Register a Healthy CAGR by 2025
Pune, India -- (SBWIRE) -- 06/13/2019 -- The growing demand for next-gen communicating tools is likely to expand the global video conferencing market during the forecast period. Fortune Business Insights in a report, titled "Video Conferencing Market Size, Share and Global Trend By Component (Hardware & Software), By Industry Vertical (Corporate Enterprise, Health Care, Government and others) and Geography Forecast till 2025," states that rapid urbanization and automation is one of the chief drivers of the market. In addition to this, these advances are expected to transform the future of next-gen tools.
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Video conferencing can be used in several areas such as digital classroom, smart factories, automated talent acquisition, e-healthcare, and video-driven customer engagement. Upsurge in cloud computing services is expected to push growth in the video conferencing market. The rising penetration of social media platforms such as WhatsApp, Google Duo, Skype among others in smartphones and tablets is driving the market.
Growing Number of Online Users in APAC Garners Growth for the Market
APAC is anticipated to hold a major share in the global video conferencing market during the forecast period. This is primarily on account of the high adoption of video-conferencing platforms such as Instagram, Facebook, and their large online customer base. Among countries in this region, Australia and India have the highest adoption of video conferencing solutions owing to their huge online user base.
The market in North America is expected to grow considerably during the forecast period. The high adoption of advanced technology and presence of large players in this region are likely to create ample growth opportunities for the market.
Introduction of Disruptive Technologies such as VaaS Bodes Well For the Market
Video conferencing enables real-time sharing of high-quality audio and video images among multiple sites. In addition to this, video conferencing solutions provide on demand services via over-the-top video distribution. Rising awareness about these benefits are expected to drive the market in the upcoming years. Furthermore, the video conferencing technology enables its users experience live streaming videos, which in turn, is likely to fuel demand for video conferencing systems by 2025. Rapid development in audio and video cloud streaming services is another factor boosting the market's growth. The market for advanced video communication solutions is growing at a rapid pace, which acts as a potential growth trigger.
"High-end developers are investing their time to develop innovative video conferencing solutions," said a lead analyst at Fortune Business Insights. "The rising adoption of emerging technologies such as machine learning and artificial intelligence (AI) is further expected to help developers build advanced video conferencing software," he added. To add to this, some of the recent developments in the market include adoption of AI and cloud streaming services in online conference videos.
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The rising demand for next-generation communicating tools, urbanization, and automation are some of the other factors likely to fulfil the changing customer requirements. This, as a result, is anticipated to enable growth in the market.
Google Duo's Advanced Cloud-based Services Offer Increasingly User-friendly Solutions
Arkadin Cloud Communications, Adobe Systems Incorporated, Logitech International S.A., JOYCE CR, Orange Business Services, Microsoft Corporation, ZTE Corporation, West Unified Communications Services, and Vidyo, Inc. are some of the leading players operating on the global video conferencing market. Companies are planning to focus on acquisitions, partnerships, and new product launches to stay industry focussed and broaden their portfolio. For instance, West Unified Communication Services announces an acquisition in 2018 with Flowroute. The aim of this strategic decision was to expand the formers diverse network, especially in APAC. Some of the significant mergers and acquisitions (M&A) in the video conferencing market are listed below:
- Google Duo implemented cloud-based solutions in its different applications in April 2017. This implementation enables users to send and store audio and video messages up to 30 seconds long.
- Cisco announced the acquisition of Assemblage Entertainment Pvt. Ltd. in March 2018. The aim of this acquisition was to adopt VaaS in video conferencing apps and strengthen the video conference market.
- 8X8 acquired Jitsi video communications technology in Oct 2018 to extend its 8x8's cloud technology platform and improve the company's video collaboration capabilities
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