The software segment in Video Conferencing Market 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. The hardware market is expected to account for over 50% of the video conferencing industry. 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.
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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 industry 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.
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 industry 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.
Corporate enterprises held over 65% market share of the video conferencing market in 2017. The increasing adoption of advanced collaborative solutions and the need for inexpensive video communication mechanisms are also fostering the market growth. Furthermore, trends such as BYOD aimed at enhancing employee convenience are also driving the growth of the corporate enterprise market. The education market is expected to register a CAGR of approximately 14% over the projected timeline. The extensive adoption of online education platforms is nurturing the growth of the education market.
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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.
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.
Some Points From Table Of Content: –
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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