The results of the Western Hospital pilot suggest the extensive possibilities offered by the video conferencing market to enhance the efficiency of healthcare professionals and services as a whole. Increasing number of healthcare facilities in Canada and also in the U.S. are deploying video-call and teleconferencing systems to keep pace with the rapidly growing industry. North America, which procured a substantial proportion of the worldwide video conferencing market in 2017, has some of the most advanced healthcare systems and facilities. Initiatives taken by governments in region will further boost the adoption of video conferencing across a slew of patient care services.
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Owing to the increasing availability of advanced connectivity solutions, the video conferencing market has been able to witness a rapid development in conjunction with the growing demand for communications infrastructure. Governments and various industry verticals are gradually realizing the benefits of long-distance video communication to leverage the expertise and skills of people from around the world. The video conferencing market has enabled corporates, local authorities, academic institutes and healthcare services to expand beyond physical connections and into the virtual era. Continuous developments in technology and reducing implementation costs will propel the global video conferencing market trends in the years to come.
The hardware market is expected to account for over 50% of the video conferencing market. The hardware segment comprises multipoint control units, codecs, and peripheral devices. The growth of the market can be attributed to the high implementation of multipoint control units among businesses and the need for highly interoperable solutions. The software segment is expected to grow at a CAGR of over 14% over the forecast timeline. This can be credited to the increasing demand for cloud-based solutions & mobile applications. The services market is also projected to grow with a CAGR of over 10% over the projected timeframe. The increasing demand among organizations to outsource their communication infrastructure to focus on their core competency is also driving the growth of the market.
Essentially, teleconferencing helps to establish a productive line of communication between two parties to minimize time and cost spent on traveling and to provide quicker assistance at the time of any emergency. A critical application of the video conferencing market is in the healthcare segment, where patients residing in one part of the world can avail the services of medical professionals practicing in another section of the globe. Add to that, it also helps to connect hospital staff with doctors, suppliers, vendors of any other entity which is involved in the functioning of a facility but is located elsewhere, expanding the scope of the video conferencing market.
Speaking further, the move has helped eliminate the need for transporting a patient to another hospital for only receiving diagnosis, besides enabling faster access to treatments for irregular heartbeats or probable life threatening heart conditions. Royal Columbian is also using the technology to connect mental health patients with community teams before discharging them. Bringing healthcare and education together, the North America video conferencing market has found a novel application area in student counseling. In early November this year, Athol Hospital in Massachusetts, was granted USD 1.05 million to provide teleconferencing to students of the Ralph C. Mahar and Athol high schools via two-way video conferencing market.
North American region holds a prominent share in the video conferencing market with over 35% share in 2017. The market is driven by the presence of major local players such as Cisco and Polycom and the availability of advanced telecommunication infrastructure. The high level of adoption of trends such as BYODs across businesses of all sizes is further driving the market growth. The Asia Pacific market is anticipated to register a CAGR of over 14% over the forecast timeframe. Favorable regulatory policies and government initiatives are fostering market growth. In addition, the consumer use of cloud-based solutions is also nurturing the market growth.
Browse key industry insights spread across 250 pages with 382 market data tables & 31 figures & charts from the report, “Video Conferencing Market” in detail along with the table of contents @
Table of content for this research report:
Chapter 6. Video Conferencing Market, By Type
6.1. Key trends, by type
6.2.1. Market estimates and forecast, 2013 – 2024
6.3.1. Market estimates and forecast, 2013 – 2024
6.4.1. Market estimates and forecast, 2013 – 2024
Chapter 7. Video Conferencing Market, By Application
7.1. Key trends, by application
7.2. Corporate enterprises
7.2.1. Market estimates and forecast, 2013 – 2024
7.3.1. Market estimates and forecast, 2013 – 2024
7.4.1. Market estimates and forecast, 2013 – 2024
7.5.1. Market estimates and forecast, 2013 – 2024
7.6.1. Market estimates and forecast, 2013 – 2024
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Effectively, with an aim to bring a suitable tele-behavioral health service, the project will entail improving the performance of students in school, help them with social or emotional problems and record enhanced trials. The interminable possibilities of two-way video communication are visibly highlighted by these examples. Swift adoption of the technology across the globe will accelerate the video conferencing market expansion in the coming years, the size of which is projected to cross USD 20 billion by 2024.
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