Video conferencing market to grow by 9.36% by 2020

Video conferencing market to grow by 9.36% by 2020

The video conferencing market is set to grow by 9.36 per cent over the course of the next six years.

That is the main finding of a new report by Transparency Market Research, which found that the market is set to build on the US$ 3.31 billion (£2.18 billion) valuation reached in 2013, with a greater level of urgency being placed on remote face-to-face communication and the subsequent levels of flexibility it brings.

The benefits that come with the installation of such infrastructure in terms of productivity and employee morale have been well documented over the course of recent years.

However, it is the impact on lowering operational costs that, according to research, has proved to be the most popular draw, particularly in the public sector, which is widely expected to drive the growth of the market over the course of the next few years.

According to the report, it was on-premise video conferencing that took the greatest share of the market (80 per cent) in terms of revenue over the course of 2013.

However, cloud-based and managed video conferencing services are expected to have displayed substantial levels of growth over 2014, which could continue up until 2020.

Some of the factors that will come into play include a general shift from solutions powered by hardware, to those driven by software.

This has mainly been driven by organisations recognising that software trends can help them to accommodate current and upcoming trends, including bring you own device (BYOD), mobile working and other practices aimed at improving workforce productivity and morale.

In terms of areas with the best rates of adoption, 2013 was unsurprisingly dominated by North America and Europe, with the former holding a share of 37.3 per cent of the overall market.

According to the report, the main driver for such a high level of adoption was the demand from the business and government sector.

However, the Asia Pacific region looks almost certain to catch up, with increasing levels of adoption in public, corporate and healthcare sector.

One trend that appears to be for certain however, is the fact video conferencing is showing no sign of going away any time soon.