Video Conferencing Services: A Global Strategic Business Report - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-14 07:51:01
The Global Video Conferencing Services market is projected to reach US$2.5 billion by 2018, driven by current economic uncertainty in developed markets and the subsequent need to drive down costs on business travel.
Advancements in communications industry over the years have been transforming the way people connect and interact. Video conferencing especially has been revolutionizing the art of communications by allowing people from different locations and in different time zones to communicate in real time, and at short notice. This saves considerable time and expenses that would have otherwise been spent on travelling and meeting each other. Capable of offering visual remote communication, video conferencing is leaving behind traditional means of communication including face-to-face meetings, e-mail and telephone conversation by providing life-like communication experience. Video conferencing is currently used as a vital means of communication by a range of end-users from enterprises, government, educational institutions, financial service companies and legal agencies to consumers.
Growing popularity of hosted and cloud based video conferencing services as cost efficient alternatives to expensive full-scale video conferencing system deployments among enterprises is additionally fueling growth in the market. A type of an arrangement whereby live video conferencing is run directly on a vendors network, cloud based video conferencing services especially are growing in popularity. The main value proposition for enterprise users is that they can even access videos-as-a-service over the internet for a simple subscription fee.
The US is the largest regional market worldwide. Asia-Pacific is the fastest growing market with revenues waxing at a CAGR of more than 17.3% over the analysis period. While IP based Video Conferencing Services represents the most prominent market segment with revenues projected to grow at about 14.8% over the analysis period, ISDN based Video Conferencing Services is steadily waning.
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