Driving Forces of the Video Conferencing Market
The global business landscape is constantly shifting, bringing to light new trends and patterns when it comes to how companies operate. Video conferencing is now seen as a viable communications solution for many corporations across the world, offering a number of benefits that would be difficult to achieve by other methods.
Video conferencing offers the chance for you and your colleagues to make faster decisions, reduce travelling costs and connect with other offices around the world incredibly easily, and without having to be in the same room. With businesses always looking for a way to lower their costs, this is fast emerging as the answer to keeping up communication between colleagues and even clients.
Key drivers of video conferencing
There has been a huge increase over the last few years in globalisation, with more organisations shifting towards a mobile workforce or a decentralised team. In other words, companies may have teams of employees who work together, but not necessarily in the same office. Globalisation of companies can only be done successfully if a high level of communication is maintained; this is where video conferencing can become a huge player.
More companies are shifting towards meetings via this method to enable a smooth transition when expanding offices to other regions or even countries, while sustaining valuable face-to-face communication.
With the expansion of big corporations across the world, opportunities are created for video conferencing systems as they find a niche in the market for communication solutions, especially if they are cloud-based.
The success of the video conferencing market is also driven by the growing focus of enterprises being smarter with their money, especially when it comes to technology. More companies see it as a worthwhile option now that there is a selection of high quality products on the market. With organisations wanting to lower operational costs while managing a global supply chain, it is essential that costs remain low without compromising on quality. Video conferencing systems are a cost efficient way of keeping everyone in your business on the same page.
There is also a particular demand around the world for cloud-based video conferencing services. A report from Global Industry Analysts (GIA) found that 85% of business professionals said they want one cloud-based video conferencing service for remote meetings. 76% admitted they are less likely to pay attention on a web conference versus a video conference.
With the figures speaking for themselves when it comes to the importance of video conferencing, it is no wonder that the market is due to be worth $2.9 billion by 2020.
In 2014, corporate enterprise was the end-use industry holding the largest share of the overall market in terms of revenue, at 65%. However, it is expected that healthcare and the government will witness high growth in the coming years; this is due to these industries increasingly adopting the technology.
There has been an industry-wide shift from hardware-based to software-based solutions, opening the door for video conferencing worldwide and there is no doubt that sooner or later, this will be a market that is integral for businesses both big and small.
If you’re looking to make video conferencing a fundamental part of your business, contact Viju today.