According to a new market report published by Transparency Market Research the global video conferencing market was valued at US$ 5,039.8 Mn in 2016 and is expected to expand at a CAGR of 7.9% from 2018 to 2026 to reach US$ 10,520.6 Mn by the end of the forecast period. According to the report, the global video conferencing market is expected to continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific is likely to continue to be at the forefront of global demand, with the market in the region expected to expand at a rapid pace throughout the forecast period.
Video Conferencing Market: Scope of the Report
The report offers detailed segmentation based on component and end-use industry. In terms of component, the hardware segment held a prominent market share in 2016. The segment is expected to expand at a steady CAGR over the forecast period from 2018 to 2026. High-priced end-points, including high definition (HD) displays, cameras, and microphones and dedicated video conferencing networks have contributed to a significant proportion of the overall revenue of the video conferencing market. The software segment is likely to expand at a significant CAGR during the forecast period. The compounded annual growth rate of the software segment is high owing to factors such as rising demand for cloud-based video conferencing solutions across the world. The shift toward cloud-based video conferencing solutions is currently low. However, it is expected to rise substantially in the coming years. Furthermore, the services segment is also expected to expand rapidly during the forecast period. This is due to an increasing trend among organizations to ensure the availability of video conferencing services without the need to employ and maintain a permanent in-house technical team for the purpose.
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Furthermore, among the end-use industries covered in the report, the corporate enterprise sector contributed significantly to global revenue of the video conferencing market. This is due to a rise in the number of multinational companies (MNCs) around the globe and globalization of supply chain, which has also led to a rise in need for effective long-distance communication. The health care segment is likely to expand at a CAGR of 9.2% during the forecast period. A hospital can eliminate the need to transfer a patient that needs specialized ongoing care by using video conferencing. Use of video conferencing also improves the delivery of treatment as doctors in other locations can speak directly with those administering care and make clinical diagnoses and consultations with patients. Furthermore, the government & defense sector is also expected to contribute significantly to the overall video conferencing market.
Global Video Conferencing Market: Competitive Dynamics
The global video conferencing market comprises large as well as mid-sized valve manufacturers and suppliers. The vendors present in video conferencing market are currently focusing on introducing advanced software and integrating new capabilities within the software to enable video conferencing across company boundaries and meet the need to manage video delivery and quality. Moreover, the vendors are adopting partnerships and acquisitions strategies to proficiently compete in the regional market