The Growing Market Opportunity for Videoconferencing
Given the rise of image-driven social media and the fact that most of us now carry around a camera at all times, our comfort level with video communications is at an all-time high. Pair that with the fact that air travel is becoming increasingly inconvenient, and you have the perfect storm for videoconferencing growth.
Indeed, a recent Research Nester study suggests that the global enterprise videoconferencing space will see 7.4 percent compound annual growth through the end of 2023, reaching $7.9 billion. And Researchnreport.Com says this space will experience CAGR of more than 7.5 percent by 2025.
IDC in December said total worldwide enterprise video equipment revenue in the third quarter of last year exceeded $542 million. That was up from $505 million the prior quarter.
“Meeting solutions blend communications, collaboration, and content to enable real-time group work from anywhere,” Gartner writes.
Increasingly, those solutions are moving beyond the boardroom to other environments such as the huddle room and the desktop. That’s because more organizations are opening up their office spaces to encourage collaboration. It’s also because some new solutions are more affordable, making them accessible to a broader base of users.
Video is also increasingly being embedded in a range of applications. And companies like Twilio offer tools to help people embed video and other real-time communications capabilities into their applications and solutions. Telehealth is one area where we’re seeing this trend.
“In today’s digital world, real-time video is the human touch that helps organizations engage directly with their desired audiences,” said Elana Anderson, chief marketing officer of Vidyo, which this week released a report on the rise of embedded video communications. “For example, telemedicine enhances continuity of care and, therefore, the patient experience. This report shows the tremendous uptake of embedded real-time video to enrich and simplify how we communicate.”
In fact, health care is one of the leading industry verticals for videoconferencing overall. It’s popular in education as well.
Enterprise videoconferencing solution providers include Adobe, Arkadin, Avaya, BlueJeans Network, BT Conferencing, Cisco, Huawei, InterCall, Lifesize, Microsoft, PGi, Polycom, Vidyo, Zoom, ZTE, and many others.
Edited by Mandi Nowitz