Big Gains Ahead for Video Conferencing
Given the recent successes in the video conferencing realm and the numerous ways in which the technology can be implemented, it shouldn’t come as a surprise that the overall market is set to grow quite a bit in the coming years. From divorce court and prison health checkups to drug & alcohol patient treatment and educational opportunities, video conferencing is revolutionizing the way we work.
A new report from Transparency Market Research highlights these positive trends, with the firm forecasting that the video conferencing market will be worth $8,958.7 million by 2025. This prediction represents an expansion at a CAGR of 8.3 percent during the forecast period between 2017 and 2025.
According to the research firm, North America will be the leading force behind this growth. “The widespread popularity of telepresence and high adoption of managed video conferencing solutions are the key factors for the dominance of the region. The region is expected to display a significant growth rate over the forecast period,” states the report.
Unsurprisingly, video conferencing’s ability to connect groups of people who are located miles apart is also going to be a major driving force behind the technology’s growth. Virtual meetings are growing in popularity thanks to the prevalence of the mobile workforce. It is no longer necessary for all employees to show up to the office every day, let alone live on the same continent. With video conferencing, people in China can easily communicate with people in California, as if they’re sitting in the same room.
The report also lists a few challenges to video conferencing as a whole, stating, “On the flip side, high initial investments and high installation costs are acting as major challenges to the growth of video conferencing market. Video conferencing systems that are designed to provide a close-to-real experience of a person present in another location require high-quality video devices. These systems also need to be protected with firewalls and security software for secure data transmission that add to the cost of the system.”
However, those challenges are largely outweighed by the positives. As a result, video conferencing is set to transform the way we work within the next 10 years.
Edited by Maurice Nagle