Video Conferencing market to grow at 10% CAGR from 2018 to 2024

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Video Conferencing Market will be valued USD 20
billion by 2024 Global Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
Low Power Wide Area Network
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Overview of Video Conferencing Market

• The Asia Pacific video conferencing market is
  expected to register a CAGR of 14 over the
  projected timespan. The supportive government
  policies in the region are expected to nurture
  the growth of the market. The increasing consumer
  use of software-based and cloud-centric video
  conferencing services is enhancing the growth of
  the market. Moreover, the growing adoption of the
  video conferencing solutions among the SMBs is
  also driving the market growth.
• The video conferencing market is propelled by the
  rise in globalization. The current scenario of
  globalization has witnessed closer relations
  between the countries, regions, and districts.
  This has allowed the multinational organizations
  to grow while enhancing their communication
  collaboration frequency between the companies.
  The corporations are relocating their workplaces
  to distant locations to take advantage of the
  supportive regulatory policies and resources in
  various regions across the globe. Moreover, as
  the number of remote workplaces increases, the
  need for a unified communication and
  collaboration solutions among enterprises also
  rise to foster teamwork between the employees at
  different locations.

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• The falling price of the video conferencing
  products is also driving the growth in the
  market. Most of these video conferencing systems
  are providing basic essential features such as
  text chat, video chat, and the ability to share
  documents applications. The prices of these
  formerly expansive systems have changed over the
  last four to five years. The vendors in the
  market are following entry-level pricing models
  ranging between USD 8 to 40 per month. In
  addition, many companies are offering trial
  periods or free usage tiers with basic features.
• The hardware accounted for over 50 of the video
  conferencing market in 2017. Hardware market
  includes the Multipoint Control Unit (MCU),
  codecs, and peripheral devices. The market growth
  is credited to the high adoption of MCUs among
  enterprises due to the increasing need for high
  interoperable video conferencing systems. It
  coordinates media stream processing parameters
  between multiple endpoints. On the other hand,
  the software market is anticipated to grow at a
  CAGR of 14 over the projected time frame. The
  growing demand for cloud-based video conferencing
  solutions and mobile applications among the
  corporates is driving the market. The increasing
  adoption of BYOD policies and enterprise mobility
  also promotes the demand for software solutions.
  Moreover, the benefits offered by the cloud
  models, such as cost-effectiveness, flexibility,
  and scalability, also augment the demand for the
  cloud software.

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• The desktop segment is expected to grow at a CAGR
  of 14 over the forecast timespan. The smart
  businesses and organizations have moved beyond
  static workplaces and are adopting mobile
  workforces. The emergence of affordable,
  reliable, and powerful smart devices has shifted
  the focus of the business industry toward mobile
  video conferencing applications. The video
  conferencing service providers, such as Polycom
  and ezTalks, are offering easily downloadable
  mobile applications that can transform mobile
  devices into video conferencing workstations. The
  startups in the market are offering freemium
  models to increase market penetration. In
  addition, the widespread adoption of smartphones
  and the advent of 3G and 4G technology across
  various locations are also fostering the growth
  of the market.
• Video conferencing is used widely across
  corporate enterprises, educational institutions,
  government organizations, and healthcare
  establishments. The education market is predicted
  to grow at a CAGR of 14 over the forecast time
  period. The widespread adoption of video tutoring
  and online education platforms is the primary
  factor driving the demand for video conferencing
  solutions among the education institutes. The
  healthcare market is also projected to attain a
  growth rate of 15 over the projected time frame.
  The advent of mHealth and Telemedicine concept
  across the countries is the major force driving
  the adoption of video conferencing among the
  healthcare sector.

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• The players operating in the video conferencing
  industry are Cisco Systems, West Unified
  Communications Services, Polycom, Adobe Systems,
  Arkadin, Logitech, Microsoft, Vidyo, ZTE
  Corporation, and Huawei Technologies. The market
  is highly fragmented and the players in the
  market are focusing on forming partnerships with
  other companies to increase their market share.
  The major players, such as Cisco, are offering a
  complete range of dedicated video conferencing
  endpoints as a part of their comprehensive
  product portfolio. The companies are also
  extending the value of its product line through
  key partnerships.
• The companies in the market are conducting
  strategic acquisitions of expert companies in the
  market to strengthen their product capabilities
  and increase their market share. For instance, in
  January 2018, Polycom announced the strategic
  acquisition of Obihai Technology, a company that
  develops software and hardware for VoIP
  endpoints. This acquisition will allow Polycom to
  compete more effectively in the global voice
  market and expand its product portfolio to
  include complementary technologies.

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• U.S. Video Conferencing Market Revenue,
  By Component, 2017 2024, (USD Million)

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