Published By : 15 Feb 2016 | Published By : QYRESEARCH
With recent developments in the way businesses are carried out and globalization of the organizations, video conferencing is the mode of meetings preferred, to enable faster decisions and eliminate travelling issues. In order to extend their reach globally, at a minimal cost, video conferencing is carried out by organizations, thus benefitting the market for video conferencing equipment and services.
According to a report published by Transparency Market Research, the global market for video conferencing equipment and services is set to expand at a CAGR of 8.5% from 2015 to 2023. The shift from hardware based solutions to software based solutions and the need to reduce infrastructure expenses can be accounted for the growing market for video conferencing equipment and services. Another benefit that video conferencing brings along with it, is higher accessibility and availability, at a lower expenditure in terms of infrastructure.
Video Conferencing Equipment and Services Market is Expected to Grow Due to its Adoption by Healthcare, Education and Defense Sectors:
Through video conferencing, healthcare organizations are able to increase the reach of their services. Consulting doctors internationally, remote monitoring of the patients are some of the reasons why there is an increased adoption of video conferencing, thereby leading to a growth in the video conferencing equipment and services market.
Education systems are using web seminars for distance education where they are able to provide tutorial and trainings through video conferencing, simultaneously to students staying in different parts of the world.
Asia Pacific Region to become the Fastest Growing Market for Video Conferencing Market:
Although North America had the largest share of 37.3% in 2014, the increasing adoption of video conferencing in various sectors such as government, healthcare, defense, education and corporate organizations, is expected to bring the highest growth in the Asia Pacific Region, for the video conferencing equipment and services market. Due to an increased demand for video conferencing equipment from the consumers of China, India and other Southeast Asian countries, the Asia Pacific region for the video conferencing market is expected to witness a rise of 8.9% CAGR for the period of 2015 to 2023, suggests the report by Transparency Market Research.