Video conferencing market to reach $7.8bn by 2023

Video conferencing market to reach $7.8bn by 2023 (iStock)

The increase in trends such as flexible working has given rise to a number of technologies, including video conferencing.

The ability to conduct meetings with colleagues and customers anywhere in the world has given companies the ability to save money without having to compromise on quality.

The success of video conferencing saw the global market grow to $3.7 billion (£2.61 billion) in 2014, but new research estimates this number could more than double to $7.8 billion by 2023.

A study by Transparency Market Research forecasts the global market to grow at a combined annual growth rate (CAGR) of 8.5 per cent between 2015 and 2023, with the figures expected to be drive by increased demand for scalable communication solutions, as well as an increased rate of globalisation among businesses in various sectors.

With the reach of companies becoming increasingly wider, the need to establish a platform that enables regular and efficient communications is a challenge that has only aided video conferencing popularity.

Vendors often offer flexible, managed, on-premise, and cloud-based models, meaning there is always a solution available that is suited to the needs of almost any business.

The technology's popularity is not only determined by businesses themselves as many regulatory authorities and governments across the world are choosing to leverage video conferencing solutions to help control various emergencies such as communal disruptions.

The market is expected to be further heightened by the increased use within the defense sector, while the increased expenditure in applications such as teleconsultation, patient monitoring, and diagnosis is also expected to be a significant factor.