Owing to the increasing need for long-distance visual communication, the video conferencing market trend has been depicting an upward trajectory in the past few years. Rapidly changing business dynamics and expanding horizons of enterprises across different geographies, the need to reduce the cost of communication, expenditure on network management, and infrastructure procurement has taken precedence. Apparently, the video conference systems are effective in lowering expenses associated with business communication modalities and are effective in managing synchronous and asynchronous communication functions. These characteristics of video conference systems have invariably favored the profitability quotient of the global video conferencing industry.
U.S. Video Conferencing Market Revenue, By Component, 2017 & 2024, (USD Million)
One of the major factors to have significantly influenced the video conferencing market trends is the launch of revamped and advanced video conferencing systems by several well-known firms. Enumerated below are a few instances of recently introduced video conferencing systems and equipment that would certainly transform the way employee meetings are presently held in companies of all sizes and shapes:
Education sector to be one of the leading applications of video conferencing industry
Video conferencing gives students the opportunity to access different resources, communities, and subject experts from around the world without leaving the school premises. The gradual emergence of online education and video tutoring platforms has been altering the contours of traditional educational institutes and has driven the demand for video conferencing solutions in the last few years. In fact, as per a research study put together by Global Market Insights, Inc., education sector in video conferencing market has been projected to register a remarkable annual growth rate of 14 percent over 2018-2024.
Amidst this backdrop and future growth prospects, numerous universities are teaming up with prominent firms partaking in video conferencing industry to improve expertise in special needs education and raise awareness concerning the students with disabilities. Kagawa University in Japan, for instance, has tied up with Fujitsu Limited to launch a trial study that would utilize telepresence and virtual reality to simulate the difficulties faced by children with disabilities.
Elaborating further on the trial study, both the parties would work together to connect the Cisco Telepresence video conference system with the web meeting service through Fujitsu Managed Infrastructure Service. A total of three trials will be undertaken to connect various subject experts with teachers at remote locations through video conferencing, which would use a fully spherical camera to facilitate remote education consulting.
Driven by falling prices of the video conference systems along with the introduction of advanced products by major companies such as Huawei Technologies, ZTE Corporation, Vidyo, Microsoft, Logitech, Adobe Systems, Polycom, and Cisco Systems, the commercialization scale of video conferencing market is slated to register a remarkable annual growth rate over the ensuing years.