As businesses become more global, offices and work teams become more distant, as practices such as work-from-home increasingly become ordinary in several workplaces, the need for convenient and efficient ways for conducting group meetings has arisen. Video conferencing is increasingly emerging as the most preferred method of communication in the business world. The Video Conferencing Market had a valuation US$3.69 bn in 2014. It is estimated to expand at 8.5% CAGR over the period between 2015 and 2023 and reach US$7.85 bn by 2023.
Videoconferencing is highly favored in business settings, as it allows distant employees to interact in a more comfortable and relaxed setting, whether they are in the office premises or working from their home. The ability of videoconferencing to enable live video feeds allows participants in the meeting to have interactions in real time. This directly translates into stronger personal connections, increased involvement, and more efficient conveyance of information. When used within enterprises, videoconferencing allows for a significant reduction in time spent in commuting within campuses and buildings. Recent advancements in videoconferencing technology are making the field more appealing and cost-effective than ever before.
Next-generation Cloud Videoconferencing
Speaking of leveraged capabilities, cost-effectiveness, and more appeal in the field of videoconferencing, cloud computing in videoconferencing has brought about a huge change in the overall dynamics of the global videoconferencing market.
Cloud videoconferencing solutions have enabled HD video streaming and made it possible for mobile devices to seamlessly become a part of professional videoconferences. Better yet, the end user is provided these services at attractive prices, without the need for making large investments in videoconferencing technology upfront.
Cloud videoconferencing services also offer the choice of choosing from a variety of services, such as virtual rooms, or only the ones that are necessary. This flexibility proffers the user the option of investing only in the technology that is needed.
Has Cloud Technology Led to Plummeting Revenues?
Cloud in videoconferencing has significantly benefitted the market in terms of expanding its reach to distant end users, thus significantly expanding the overall consumer base of the videoconferencing market. This has led to healthy growth of the market in terms of volume, but not so much in terms of revenue, over the past few years.
Cloud-based videoconferencing systems are currently the most in-demand segment of the global videoconferencing market. The low-price structure of cloud-based videoconferencing techniques has undoubtedly led to an increased customer base, but has also cut into the overall revenue of the global market to a certain extent. However, the brighter side of this scenario is that most big vendors in the videoconferencing market are now offering cloud-based videoconferencing alternatives to the customers, presenting the chance of making up the shortfall in revenue through volume sales.
Videoconferencing is highly favored in business settings, as it allows distant employees to interact in a more comfortable and relaxed setting, whether they are in the office premises or working from their home. The ability of videoconferencing to enable live video feeds allows participants in the meeting to have interactions in real time. This directly translates into stronger personal connections, increased involvement, and more efficient conveyance of information. When used within enterprises, videoconferencing allows for a significant reduction in time spent in commuting within campuses and buildings. Recent advancements in videoconferencing technology are making the field more appealing and cost-effective than ever before.
Next-generation Cloud Videoconferencing
Speaking of leveraged capabilities, cost-effectiveness, and more appeal in the field of videoconferencing, cloud computing in videoconferencing has brought about a huge change in the overall dynamics of the global videoconferencing market.
Cloud videoconferencing solutions have enabled HD video streaming and made it possible for mobile devices to seamlessly become a part of professional videoconferences. Better yet, the end user is provided these services at attractive prices, without the need for making large investments in videoconferencing technology upfront.
Cloud videoconferencing services also offer the choice of choosing from a variety of services, such as virtual rooms, or only the ones that are necessary. This flexibility proffers the user the option of investing only in the technology that is needed.
Has Cloud Technology Led to Plummeting Revenues?
Cloud in videoconferencing has significantly benefitted the market in terms of expanding its reach to distant end users, thus significantly expanding the overall consumer base of the videoconferencing market. This has led to healthy growth of the market in terms of volume, but not so much in terms of revenue, over the past few years.
Cloud-based videoconferencing systems are currently the most in-demand segment of the global videoconferencing market. The low-price structure of cloud-based videoconferencing techniques has undoubtedly led to an increased customer base, but has also cut into the overall revenue of the global market to a certain extent. However, the brighter side of this scenario is that most big vendors in the videoconferencing market are now offering cloud-based videoconferencing alternatives to the customers, presenting the chance of making up the shortfall in revenue through volume sales.
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The rapidly expanding business world presents vast growth opportunities for the global videoconferencing market, be it deployment on a cloud, on-premise, or managed platform. Companies that are ready to scale up the level of digitization and modernization in their enterprise premises will continue to use videoconferencing techniques, as it is one of the most relied-upon ways of communication for the business world. It is needless to say, hence, that the market will rise to greater heights in the coming years and continue to be ruled by cloud tech.
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