SAN FRANCISCO, Aug. 1, 2019 /PRNewswire/ -- The global video conferencing market size is expected to reach USD 6.7 billion by 2025, expanding at a CAGR of 9.2% from 2018 to 2025, according to a new report conducted by Grand View Research, Inc. Growing deployment and use of video conferencing solutions in startups, educational institutes, corporates, and healthcare verticals in developing countries, especially in Asia Pacific, is expected to drive the market.
Key suggestions from the report:
- The software segment is expected to emerge as the fastest growing segment over the forecast period owing to rapid technological advancements that are propelling organizations to continuously update their systems with the latest available technology
- The cloud segment is expected to expand at the highest CAGR of 10.8% over the forecast period owing to increasing demand for flexibility and remote access
- Asia Pacific is anticipated to be the fastest growing regional market owing to strong presence of business process outsourcing (BPO) and knowledge process outsourcing (KPO) companies. In addition, major global manufacturing and information technology (IT) companies have established their R&D and production centers in the region
- Key industry players operating in the market include Array Telepresence Inc.; Adobe Systems Incorporated; Avaya Inc.; Huawei Technologies Co., Ltd.; Logitech International S.A.; Microsoft Corporation; Cisco Systems, Inc.; Polycom Inc.; Vidyo Inc.; and West Corporation.
Read 144 page research report with TOC on "Video Conferencing Market Size, Share & Trends Analysis Report By Deployment, By Component (Hardware, Software, Service), By End Use (Corporate, Healthcare), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/video-conferencing-market
Recently, a majority of countries in Asia Pacific witnessed the development of robust digital communication infrastructure that created the need for video conferencing solutions. Proliferation of video communication-enabled mobile devices and increasing number of video conferencing-as-a-service (VCaaS) providers are also anticipated to contribute to the market growth.
Video conferencing is an effective interaction and communication tool that enables small and large scale enterprises to reduce travel and operational costs incurred in conducting meetings. Demand for remote workforce management using video conferencing solutions has increased owing to rapid globalization. Deployment of such solutions has enabled businesses to effectively communicate with multiple teams or clients in different locations.
Increased adoption of cloud-based video conferencing solutions, owing to benefits such as low operating cost and improved data security, is expected to act as a key driving factor in the global market. Rapid growth in telemedicine, development of startup ecosystem, and increased penetration of online education in developed as well as emerging economies, such as U.S., U.K., Japan, China, and India, are anticipated to play a pivotal role in driving demand for these solutions over the forecast period. Integration of innovative technologies such as virtual reality (VR) is also expected to drive the adoption of these solutions.
Grand View Research has segmented the global video conferencing market on the basis of component, deployment, end use, and region:
- Video Conferencing Component Outlook (Revenue, USD Million, 2014 - 2025)
- Microphone & Headphone
- Video Conferencing Deployment Outlook (Revenue, USD Million, 2014 - 2025)
- Video Conferencing End Use Outlook (Revenue, USD Million, 2014 - 2025)
- Government & Defense
- Media & Entertainment
- Video Conferencing Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Find more research reports on Communication Services Industry, by Grand View Research:
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- Software Defined Radio (SDR) Market – The global software defined radio market is poised for growth over the forecast period. This can be attributed to several benefits the technology offers such as flexibility, cost efficiency and the power to drive communication.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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