According to a new market report published by Credence Research “Video Conferencing (Corporate Enterprises, Healthcare, Government & Defense, Education, Media & Entertainment and Others (Retail, Manufacturing and Residential) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022”, the video conferencing market is projected to gain substantial traction from the healthcare segment owing to the rising adoption of these services. The corporate enterprise segment dominates the market, as of 2014; however substantial growth is estimated to emerge from the healthcare and education segments in the coming years.
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The video conferencing market is currently governed by the corporate enterprises end-user segment contributing to more than 50% of the total market revenue generated worldwide. Corporate enterprise segment includes small and medium as well as large sized business organizations across the IT & telecommunication, banks, financial services and insurance (BFSI), BPOs, KPOs and other business entities. Due to increasing efforts for globalization in these organizations, the segment is estimated to retain its dominant position in the market throughout the forecast period. Nevertheless, healthcare segment is estimated to emerge as the most promising segment for video conferencing in the coming years. Presently, market for video conferencing in healthcare segment is in its nascent stage even in regions such as North America, Western Europe and Southeast Asia where technology acceptance is higher as compared to other regions. Video conferencing enables better medical support within no time and reduces the need for unnecessary hospitalization. Since using video conferencing solution is highly cost effective, patients can have access to healthcare organizations/experts irrespective of their location.
Apart from healthcare and corporate enterprises, education is another promising segment expected to register substantial adoption growth in the coming years. Similar to healthcare, prime motive of using video conferencing in education sector is to reduce the overall costs. Additionally, video conferencing enables institutions to organize classrooms for numerous students located worldwide. Significant number of universities and institutions are actively investing on video conferencing systems in order to spread their services worldwide. Further, video conferencing sessions can also be recorded for future references and hence prove more useful as compared to the traditional education techniques. Due to these factors, education segment is expected to emerge as the second highest growing segment during the forecast period.
Some of the leading players operating in the video conferencing market include Cisco Systems, Inc., Polycom, Inc., Avaya, Inc., Microsoft Corporation, Huawei Technologies Co., Ltd., Adobe Systems, Inc., Lifesize (Division of Logitech International S.A.), InterCall (West Corporation) and ZTE Corporation among others.