Published on : Jan 08, 2016
Conducting conferences for business meetings is a common practice in today’s fast developing era. Companies cannot afford to lose business and clients if the business conferences are delayed due to different locations of both the parties. Video conferencing is a solution that enables real-time two-way communication between two parties where transmission of video and audio takes place. With the fast growing globalization, most of the organizations are shifting towards video conference meetings to enable faster decision making and minimize travel hassles. Organizations use video conference meetings to spread their reach globally.
As video conferencing is a fast means of communicating business proposals, it is widely accepted by the majority of the organizations. The increasing use of video conferencing for business proposals, advanced conferencing techniques, and availability of cloud-based systems are some of the factors expected to propel the global video conferencing market in the years to come. Another important factor responsible for the growth of the global market for videoconferencing is the rise in its applications across various industries. As video conferencing is a cost effective means of communication, it is widely accepted by the businesses. Easy process to set-up a video conference is another factor expected to drive the global video conferencing market in the next few years.
Video conferencing is widely used in various industries such as education, healthcare, IT, corporate enterprise, government and defense, media and entertainment, and manufacturing and retail. The demand for on-premise, managed, and cloud-based deployment of video conferencing is on the rise. In case of any kind of emergencies, businesses can get connected with the help fo video conferencing to take quick decisions.
Organizations operating in different geographical locations can cost-effectively connect with each other to discuss business processes. Innovations from the leading players in video conferencing applications are expected to create new growth opportunities for the global video conferencing market in the near future. Currently, Huawei Technologies Co. Ltd., Cisco Systems, Inc., and Polycom, Inc. collectively accounts for more than 70% of the global video conferencing market. Entry of new companies is expected to make the global video conferencing market more competitive. Information security issues and high initial investments are some of the factors expected to restrict the growth of the global video conferencing market in the years to come.