Tune In: Global Video Conferencing Market Primed for Expansion
If you think you’ve been seeing and hearing a lot more these days about video conferencing and its adoption by the enterprise, you’re not mistaken. A new report shows the market is about to increase substantially in the next few years.
As per the report by Transparency Market Research, the global video conferencing market is predicted to progress from $3.7 billion two years ago to a projected $7.8 billion by 2023. Breaking down the numbers, the “Video Conferencing Market Industry - Global Industry Analysis” study sees the market expanding at a compound annual growth rate (CAGR) of 8.5 percent in that period. Factors for the expected growth include a rising demand for scalable communication methods and the growing globalization of business organizations.
“Due to the increasing globalization of businesses, companies need to operate from various offices located in various parts of the world. In order to set up multinational businesses, companies need to establish regular, efficient, and effective communications with different offices and their headquarters,” the report notes in its opening. “Video conferencing offers a feasible communication solution to offices that are located in different areas across the globe … [and] vendors of video conferencing offer flexible, managed, on-premise, and cloud-based deployment solutions.”
The research also notes that there has been a rise in the adoption of various video conferencing services due to an ongoing need to reduce travel expenses and operating costs. The rising expenditure in healthcare in applications such as tele-consultation, patient monitoring, and diagnosis is also expected to increase the acceptance of video conferencing services. “In the next few years, it is expected that video conferencing solutions will find their application in the media and entertainment industry, especially for broadcasting special interactive events,” the report adds.
Not surprisingly, the North America video conferencing market accounted for around 37.3 percent of the global video conferencing market, owing to the rising adoption of video conferencing services by government and business. The Asia Pacific market is expected to rise at an 8.9 percent CAGR from 2015 to 2023.