The revenue generation for video conferencing globally is expected to progress at a CAGR of 8.5% within a forecast period from 2015 to 2023. This market is expected to be valued at US$4.51 bn by the end of 2016 and US$7.85 bn by 2023.
The advent of cloud computing in video conferencing imparted several key advantages to this market. This segment is expected to expand at a robust CAGR of 15.0% between 2015 and 2023. This is also the period within which on-premise video conferencing will remain the leading deployment model. It is expected to reach US$4.27 bn by 2023 in revenue.
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Corporate enterprises have always been the biggest end users for video conferencing. Their segment is expected to generate a revenue of US$4.29 bn for video conferencing players. Meanwhile, the use scope of video conferencing in healthcare is being expanded at a rapid rate, allowing this segment to progress at a CAGR of 15.0% from 2015 to 2023.
The information presented in this review is based on a Transparency Market Research report, titled, “Video Conferencing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
US$4.29 bn of total video conferencing player revenue is expected to be generated from corporate enterprises.
On-premise video conferencing segment expected to drop to a share of 54.4% by 2023 due to growing popularity of cloud-based services.
US$2.89 bn of total video conferencing revenue by 2023 is expected to be generated in North America.
Global Enterprises Look for Easier Business Management through Video Conferencing Tools
“Companies are constantly trying to expand their geographic horizons in order to get the most out of the regionally diverse market opportunities,” states a TMR analyst. “These expansion projects come with several price tags, including operations costs, something that the companies need to reduce to maintain a feasible business structure. At the moment, video conferencing offers one of the best solutions for that.”
The necessity to constantly maintain communication between regional branches has urged global enterprises to seek solid paths for it. Video conferencing not only offers a better communication channel in a company’s hierarchy, but also allows for cheaper and more effective training methods for regional employees. Trainers or managers can approach their peers and colleagues directly through video conferencing, allowing for significant reductions in the costs for end-user training, customer service, conducting interviews, and maintaining an overall network for assets to communicate through.
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More SMEs Taking up Cloud Video Conferencing
The high initial investment required for video conferencing had till recently kept it out of reach from most small and medium-scale enterprises. SMEs, however, take up a huge portion of the global industrial business in all verticals. This is rapidly changing with the advent of cloud-based video conferencing.
While larger companies still might prefer to maintain in-house video conferencing practices, SMEs can now easily avail these services from players that offer the cloud-based options. This has opened the doors for not only a large number of SMEs towards video conferencing, but also increased the client base for the companies that provide video conferencing services.