Global Video conferencing Market to exceed US $20 Bn by 2024

September 18, 2019


Worldwide video conferencing market is anticipated to cross US $20 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
 

The video conferencing market is driven by the increase in demand for unified communication and collaboration solutions among enterprises. With foreign ventures, companies are compelled to adopt collaborative approach to inculcate teamwork between employees at several locations. The need to build communication lines amid multiple offices, along with the reduced cost of infrastructure and communication will augment the video conferencing market in the upcoming years.
 

Based on the component type, the hardware segment is anticipated to hold 50% share of the video conferencing market by the year 2024, owing to extensive installation of multipoint control units and need for interoperable solutions across enterprises. Moreover, the video conferencing market from software segment is predicted to grow with a CAGR of 14%, while the services segment is estimated to grow with a CAGR of 10% over the projected timeframe, claims the report.

On the basis of product type, video conferencing market from telepresence segment held 40% share in 2017, pertaining to its capability to support varied business environments. Whereas, the desktop segment is predicted to grow with a CAGR of 14% over the analysis period. The introduction of various efficient, reliable and affordable devices has encouraged businesses to adopt video conferencing solutions.
 

Speaking of application spectrum, corporate enterprise segment held over 65% market share of the video conferencing market in 2017. Increasing inclination of companies towards adopting collaborative solutions, BYOD policies, and the necessity for inexpensive video communication mechanisms is promoting the market growth.
 

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Considering the regional landscape, North American dominated the video conferencing market with over 35% share in 2017. The regional growth is attribute to the presence of major players such as Polycom and Cisco, along with the availability of advanced telecommunication infrastructure.
 

Some of the key vendors operating in the global video conferencing market are Logitech, Vidyo, Cisco Systems, Arkadin, Polycom, Microsoft, ZTE Corporation, Huawei Technologies, Adobe Systems, and West Unified Communications Services.