According to a new market research report published by Credence Research “Enterprise Video Conferencing (On-premise, Cloud-based and Managed Services) Market – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”, the global enterprise video conferencing market was valued at US$ 2,491.0 Mn in 2015 and is estimated to expand with a CAGR of 7.5% from 2016 to 2023.
With the rising globalization of business organizations worldwide, need for flexible, scalable and cost effective communication techniques has grown substantially since the past few years. In order to sustain in the ever-rising competition globally, business organizations continuously seek reliable and cost-effective collaboration systems for enabling better communication and decision making. Enterprise video conferencing refers to video communication designed specifically for the corporate enterprises. These solutions offer better scalability and reliability so as to enable better team collaboration and decision making.
Video conferencing solutions are available both; on-premise set-up as well as cloud-based. The vendors also offer managed solutions with an intent of delivering more feasible and cost-effective solution to consumers. With the rising shift towards BYOD (bring your own device) concept, corporate enterprises are increasingly turning towards cloud-based video conferencing solutions. This helps the enterprise communicate with their employees irrespective of their location. As a result, the market is witnessing a paradigm shift towards cloud-based solutions due to their low costs as compared to the on-premise deployment.
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The global enterprise video conferencing market is highly consolidated in nature with few major players accounting for more than 60% of the total market revenue. Major companies dominating the market include Cisco Systems, Inc., Polycom, Inc. and Huawei Technologies Co., Ltd. Some of the other prominent players in the market are ZTE Corporation, Microsoft Corporation, Vidyo, Inc. and Avaya, Inc.
The enterprise video conferencing market is largely technology driven and hence highly competitive in nature. Thus, most of these players focus on offering viable, scalable and cost-effective solutions in order to sustain in the market. As a part of providing advanced solutions, enterprise video conferencing vendors focus on delivering cloud-based and high quality video services.
- Shift towards cloud-based enterprise video conferencing solutions
- Providing application specific video conferencing solutions for enterprises
- Introduction of high quality enterprise video conferencing solutions comprising HD video service
Mr. Chris Smith
Credence Research Limited