The Future Looks Bright for Video Conferencing
According to a new research report from MarketsandMarkets titled “Enterprise Video Market by Type (Webcasting, Video Content Management, Video Conferencing), Deployment Mode, Application (Knowledge Sharing & Collaboration, Corporate Communications), Vertical and Region - Global Forecast to 2022,” the Enterprise Video Market is expected to grow from an estimated $16.34 billion in 2017 to $40.84 billion by 2022. That’s a Compound Annual Growth Rate (CAGR) of 20.1 percent, which is quite impressive, even taking video’s popularity into account.
This promising forecast is due in large part to the growth of the video conferencing market. Video conferencing has become an essential part of most businesses’ collaborative efforts and operations, as it allows people from all over the world to gather together as if they’re in the same meeting room.
The report reflects this trend because, based on application, the knowledge sharing and collaboration segment is expected to hold the largest share of the enterprise video market. The announcement discussing the report states, “Knowledge sharing & collaboration video applications help enterprises stimulate creativity and engagement as well as innovation. By adopting enterprise video solutions, enterprises encourage their employees to exchange ideas, discuss projects, access data, and solve problems. Thus, the use of video communications for knowledge sharing & collaboration is expected to be the leading application among enterprises.”
MarketsandMarkets also believes that hybrid video conferencing solutions will become more popular in the coming years. This is attributed to the rise in the number of remote and mobile users, as well as the recent trend that’s seen more enterprises creating new branch office locations. These are worldwide trends, which means that people around the globe would undoubtedly benefit from hybrid video conferencing deployments. For these reasons, the research firm expects hybrid deployments to grow much more rapidly than cloud and on-premises, with the highest CAGR during the forecast period.
All in all, the future looks bright for video conferencing. However, only time will tell how much of an impact this technology truly has on our business operations.