Enterprise Video Conferencing Market Surging to New Heights
Big businesses are feeling pressured for continued growth and geographic expansion, and with that comes the need for technology that delivers scalability, flexibility, and reliable connectivity to global partners. So, it should be no surprise the Enterprise Video Conferencing Market is primed for an explosion, projected to hit the $4.48 billion mark by 2023.
Credence Research just put out a new report, which put the market’s anticipated CAGR at 7.6 percent from 2016-2023. In 2015, the market stood at $2.49 billion.
The Enterprise Video Conferencing Report analyzed the following factors:
- Current and future market trends to justify the forthcoming attractive markets within the enterprise video conferencing industry;
- Market fuelers, market impediments, and their impact on the market growth;
- In-depth competitive environment analysis;
- Trailing 2-Year market size data (2014 – 2015); and
- SRC (Segment-Region-Country) Analysis.
Enterprises utilize video conferencing solutions the most, with a growing eagerness to find cost-efficient methods for collaboration and team-assisted decision making. It is extremely beneficial for companies with multiple locations and a large percentage of remote employees.
In 2018, a handful of big enterprise players make up the global enterprise video conferencing market, around 60 percent. Those dominating companies include Cisco, Polycom, Huawei, ZTE, Microsoft, Vidyo, and Avaya.
The enterprise video conferencing merchants emphasize the delivery of cloud-based and high-quality video services. Additionally, they focus on giving viable, scalable, and cost-efficient solutions, further preserving their market share.
Key trends accelerating the market include:
- Shift towards cloud-based enterprise video conferencing solutions;
- Providing application-specific video conferencing solutions for enterprises;
- Introduction of high-quality enterprise video conferencing solutions comprising HD video service
It will be interesting to see if the Enterprise Video Conferencing Market meets or exceeds the report’s expectations.
How often does your business use video conferencing?
Edited by Erik Linask