GIA announces the release of a comprehensive global report on the Video Conferencing Services markets. Global market for Video Conferencing Services is projected to reach US$2.5 billion by 2018, driven by current economic uncertainty in developed markets and the subsequent need to drive down costs on business travel.
San Jose, CA (PRWEB) March 01, 2013
Follow us on LinkedIn ? Advancements in communications industry over the years have been transforming the way people connect and interact. Video conferencing especially has been revolutionizing the art of communications by allowing people from different locations and in different time zones to communicate in real time, and at short notice. This saves considerable time and expenses that would have otherwise been spent on travelling and meeting each other. Capable of offering visual remote communication, video conferencing is leaving behind traditional means of communication including face-to-face meetings, e-mail and telephone conversation by providing life-like communication experience. Video conferencing is currently used as a vital means of communication by a range of end-users from enterprises, government, educational institutions, financial service companies and legal agencies to consumers.
In today?s work culture that is largely dominated by business meetings, companies across industry segments are increasingly adopting videoconferencing services as an alternative to traditional communication channels. Modern businesses operating at a global level especially are beginning to rely heavily on video conferencing services for establishing communications between corporate headquarters and regional offices spread across the globe. Globalization of businesses and emergence of workforce mobility as key enterprise strategies are especially fueling growth in the world video conferencing services market. In addition to cost savings, the technology?s ability to ensure business continuity is also helping strengthen the business case for video conferencing services in enterprises. With enterprises now realizing that the best way to achieve profitable growth is by enhancing operational efficiency, taking immediate and quick strategic decisions, and avoiding business disruptions, video conferencing services are increasingly being adopted by companies both large and small as a tool to achieve these goals.
Growing popularity of hosted and cloud based video conferencing services as cost efficient alternatives to expensive full-scale video conferencing system deployments among enterprises is additionally fueling growth in the market. A type of an arrangement whereby live video conferencing is run directly on a vendor?s network, cloud based video conferencing services especially are growing in popularity. The main value proposition for enterprise users is that they can even access videos-as-a-service over the internet for a simple subscription fee.
Capable of offering a host of advantages for users with the most primary benefit being radically lower IT costs, cloud based video conferencing is set to drive significant revenue over the next few years. SMBs especially are forecast to emerge into a lucrative customer base for cloud services as the ?pay-as-you-go? subscription based business model is a perfect fit for small enterprises with limited IT budgets, which typically prefer basic conferencing facilities that too on a ?need? basis. In addition, the realities of the tough economic and financial climate is encouraging organizations to move from in-house infrastructure to accessing on-demand services as and when required, and this thereby bodes well for the services market as a whole.
As stated by the new market research report on Video Conferencing Services, the US is the largest regional market worldwide. Asia-Pacific is the fastest growing market with revenues waxing at a CAGR of more than 17.3% over the analysis period. While IP based Video Conferencing Services represents the most prominent market segment with revenues projected to grow at about 14.8% over the analysis period, ISDN based Video Conferencing Services is steadily waning.
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