The global video conferencing market is growing at a significant CAGR during the forecast period. Video conferencing is a technology that provides a visual interaction between two or more people located in different places. It provides live transmission of full-motion video images and high-quality audio between different locations. It assists businesspeople in saving time, expenses, and hassle associated with business travel wing to which it is highly beneficial for them. Video conferencing has several benefits over teleconferencing because users can see each other and can develop strong relations. Moreover, video conferences can be conducted by using web cameras, laptops, and smartphones and so on.
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The key market players operating such as Polycom, Cisco Systems, Arkadin, Adobe Systems, Logitech, Microsoft, West Unified Communications Services, ZTE Corporation, Vidyo, and Huawei Technologies.
Globalization of businesses, remote workforce management, and business operations scattered globally are assisting in the rapid escalation of the video conferencing market. Expansion of businesses in different geographical locations is one of the key drivers, as it becomes difficult for an organization to establish and manage business communication processes, so organizations are adopting video conferencing to enhance interaction and make better coordination with different teams at different locations. Additionally, organizations are working to reduce communication costs, therefore, they are moving towards video conferencing as it assists them to save travel costs primarily for employee training.
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Managing business operations is getting complex, however, using video conferencing organizations does not need to dedicated human resources for the management of communication modalities and can it can be controlled from a single hub further assisting in huge cost-saving, hence contributing to the market growth. The reduction in the price of video conferencing systems is assisting in the growth of the market, most of these systems consist of basic features such as video chats, document and application sharing ability, and text chat. Further, video conferencing is now being used in educational institutions, adoption of online education platforms and video tutoring is the predominant factors that are driving the demand for video conferencing and further propelling the market
Moreover, corporate enterprises and government organizations are widely using video conferencing. Healthcare institutions are another addition which has a high usage of video conferencing systems, with the advent of telemedicine and online checkup concept the use of video conferencing has grown significantly in healthcare companies. Some of the strategies that are majorly being adopted include new products and services offering, expansion, mergers & acquisitions among others. Major players such as Huawei technologies are providing a dedicated division for video conferencing in its product portfolio.
Global Video Conferencing Market Segmentation
• Audio Devices
• Software and Services
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