Video Conferencing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 05/19/2015 -- Video conferencing technology enables face-to-face conversation between individuals in different geographic locations. With multinational presence now valued in global heavyweights, video conferencing is used to connect executives working in various parts of the world. It is also becoming the perfect solution for educational purposes, with several institutions offering courses via video conferencing and web seminars, or 'webinars', becoming increasingly frequent. Video conferencing is also crucial in the media, where it can be used to hold discussions between parties not present in the primary filming location.
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The 2013 global video conferencing market held a value of US$3.31 billion. It is expected to grow at a CAGR of 9.36% to US$6.4 billion by 2020.
Segmentation of the Global Video Conferencing Market
The global video conferencing market is divided according to the way in which the video conferencing technology is applied, its end–use application, and its geographical distribution.
According to the type of deployment, three categories are formed within the global video conferencing market: on-premise video conferencing, cloud video conferencing, and managed video conferencing. On-premise video conferencing held the dominant market share in the 2013 market thanks to its wide acceptance in business services. However, the growing prevalence of cloud services is expected to carry over to the video conferencing market, as cloud-based video conferencing services will grow at the fastest rate till 2020. This presents excellent market opportunities for companies providing cloud storage services.
Four end-use applications are major consumers of the video conferencing market, viz. healthcare, corporate enterprises, education, and government and defense. Other applications such as media, retail, etc., are classified as a single miscellaneous category. Due to the higher efficiency and low costs offered by video conferencing, it is already popular among business services and government purposes. Applications in healthcare, such as teleconsulting, are expected to grow at a strong CAGR till 2020. The education sector is also increasingly relying on video conferencing for distance learning and web seminars, and news outlets and video loggers are also increasingly using video conferencing to reach out to their target audience.
North America led the global video conferencing market in 2013 thanks to the high degree of development and sophistication in its business sector. The European market came in second, for similar reasons. Rising demand from developing economies such as the BRICS countries, the Middle East, and other Asian and Latin American countries such as Indonesia, South Korea, Bolivia, Colombia, and Argentina is expected to drive the video conferencing market in the Asia Pacific and Rest of World segments.
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Global Video Conferencing Market: Drivers and Restraints
The major driver for the video conferencing market all over the world is expected to be the increasing amount of globalization in every service imaginable. The rising need for coordination between disparate divisions of the same company will drive the video conferencing market in the corporate sector.
Efforts by numerous governments to reach out to the grassroots constituencies and to streamline fragmented government enterprises will also see increasing government expenditure on video conferencing technologies.
Healthcare and education will increasingly become major consumers of video conferencing technologies, due to the increased efficiency offered by the same.
The high cost of initial installation is the only major restraint on the market, along with concerns over the security of the data transmitted over video conferencing. However, these are not expected to hinder the expansion of the market in a significant way.
Key Players in the Video Conferencing Market
Cisco Systems, Inc., Huawei Technologies Co. Ltd., and Polycom, Inc., hold the top three market shares in the video conferencing market. Other major players include Microsoft Corporation, Intercall (West Corporation), Vidyo, Inc., Avaya, Inc., ZTE Corporation, Adobe Systems, Inc., etc.
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