June 17, 2020
According to a recent study titled ‘Global Cloud Video Conferencing Market Size study, by Type (Telepresence, Integrated, and Others), by Application (Corporate, Government & Defense, Media & Entertainment, and Others), And Regional Forecasts 2019-2026’, available with Market Study Report LLC, global cloud video conferencing market is projected to record a healthy growth rate through 2026.
Growing need for effective unified communication solutions, expansion of various businesses to untapped markets, and remote workforce management are the major growth drivers of global cloud video conferencing market.
Establishment of business & communication processes incur huge investment in construction of infrastructure and network management. Cloud video conferencing reduces the capital burden through an efficient and cost-effective mechanism for reliable synchronous and non-synchronous communication by eliminating the need for additional hardware or software.
Cloud video conferencing allows real time communication between two or more individuals. Improved connectivity and minimized travel costs are the key benefits boosting the demand from IT industries. Preference for improved user experience in web-based applications, growing penetration of smartphones with internet accessibility, and increasing adoption of cloud video conferencing solutions for online education will further enhance the industry outlook in the coming years.
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Although global cloud video conferencing industry is slated to exhibit a strong growth, but heavy initial cost and high bandwidth requirements may hinder the industry growth over the forecast period.
Based on type terrain, the market is classified into telepresence, integrated, and others. Elaborating on the application spectrum, cloud video conferencing market is split into corporate, media & entertainment, government & defense, and others.
Considering geographical landscape, global cloud video conferencing market is fragmented into North America, Europe, Asia Pacific, Latin America and Rest of the World. North America market is anticipated to accrue substantial gains over the forecast period, owing to the presence of well-established businesses and major market players in the region.
Key industry players include Lifesize, Avaya, ZTE Corporation, TKO Video Communications, Arkadin, NEC Corporation, BlueJeans Network, Zoom, Cisco Systems Inc., and Microsoft.