Cisco. Systems Inc. that leads the global video conferencing market has been instrumental in the development and promotion of video conferencing technology, says a new report by Transparency Market Research. The company offers a spectrum of newer video conferencing products that integrate voice, video, data, and software apps. These offerings have enhanced its brand image across the world.
Besides innovation, strategic acquisitions is the focus of the company to expand its outreach. For example, Cisco Systems Inc. acquired Acano Ltd. in a bid to expand dynamically in the video conferencing market.
Some other prominent companies in the global video conferencing market are Huawei Technologies Co. Ltd., West Unified Communications Services, ZTE Corporation, Polycom Inc., Vidyo Inc., Adobe Systems Incorporated, Microsoft Corporation, Arkadin International SAS, Logitech International S.A., Orange Business Services, and JOYCE CR, S.R.O.
As per a report by Transparency Market Research, the global video conferencing market is expected to be worth US$8,958.7 mn by 2025, expanding at a CAGR of 8.3% during the forecast period between 2017 and 2025.
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North America Market to Continue Displaying Strong Growth in Future
Amongst deployment type segments, on-premise dominates the video conferencing market in terms of revenue. However, cloud-based video conferencing is anticipated to surpass on-premise segment in terms of growth rate over the forecast period.
North America held supremacy in terms of revenue in the video conferencing market in 2016. The widespread popularity of telepresence and high adoption of managed video conferencing solutions are the key factors for the dominance of the region. The region is expected to display a significant growth rate over the forecast period.
The foremost factor driving the global video conferencing market is the increasing trend of virtual meetings with rising globalization across industries. Video conferencing allows real-time communication over long distances that benefits in the form of enhanced productivity and faster decision making. Additionally, it saves travel expenses and addresses customer queries.
In the corporate sector, video conferencing is a major communication tool used by enterprises for enhanced collaboration. It is because it allows two-way audio and video communication at minimal cost, especially in present times when organizations are focused on curtailing costs related to their means of communication. This has extended widespread opportunities for the video conferencing market.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations