Conferencing Market Expects Healthy 2017 Gains
It's no secret by now that videoconferencing has caught on in a big way with businesses of all sizes throughout the United States. That's almost too easy to make clear. It's one thing to say it's a big market, however, and another entirely to point out just how big it's set to be. Transparency Market Research recently delivered big news on that front with a new report plotting the trajectory of the conferencing market through 2023.
It's good news ahead for firms involved in conferencing, as the market is expected to see a compound annual growth rate (CAGR) of 8.5 percent through 2023. For the end of 2016, the market was expected to hit $4.51 billion, and by 2023, that number is slated to climb to $7.85 billion. North America alone is expected to account for better than a third of that number, bringing in close to $2.9 billion by the end of 2023.
It will be the single largest share of the market worldwide, thanks in large part to the growing number of firms in the North American market that handle conferencing systems, including Polycom and Cisco. Those who think it's too late to get into that market, meanwhile, will be happy to note that some new subsectors are likely to open up, including telemedicine and cloud computing operations that will draw on some established standards of conferencing but in new ways that mean new markets.
Though the high costs associated with initial installation of video conferencing systems may drag the market down a bit, these have been seen on the decline also, and the subsequent cost savings make a value proposition easy to establish for potentially interested firms.
It's good news all around; conferencing has long been a part of the picture for many businesses, so selling those who haven't gotten in yet or those who need a specific breed of conferencing system should be comparatively easy to pitch. There are more than enough use cases out there, and satisfied customers, to allow most sales reps in the field to draw on a wide variety of testimonials and examples where conferencing has saved big money, made big money with new opportunities, or even both at the same time.
An increasingly mobile workforce is just part of what's generating new value in conferencing, and that means a lot of new opportunity for conferencing firms to make headway. With even a mature market poised for growth, this is clearly an exciting time to be involved in the field.
Edited by Stefania Viscusi