Increasing cost of travel, declining bandwidth rates, and increasingly hectic nature of the modern world has put pressure on techies across the globe to rethink video conferencing as a means to bridge gaps between businesses. The global video conferencing market has been growing at a rapid pace. Statistics show that this market was valued at US$3.31 billion in 2013 and is expected to reach US$6.40 billion by 2020.
The global video conferencing market has been segmented on the basis of type of deployment, end-use industry, and geography. The deployment segments include on-premise, cloud-based, and managed. Depending on the end user, the global video conferencing market is divided into healthcare, corporate enterprises, government and defense, education, and others such as entertainment, retail media, and manufacturing. Geographically, the global video conferencing market is segmented into Europe, Asia Pacific, North America, and Rest of the World.
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3D Telepresence to Drive Video Conferencing Market in Healthcare Industry
The future of the global video conferencing market will truly be revolutionized by the 3D telepresence feature. Andor Salga of Seneca College in Toronto was recently awarded US$2,500 prize money by US Ignite for developing a prototype system that shows how 3D telepresence is actually going to change the face of telemedicine. Through the prototype, he explained how physicians and doctors will be able to examine certain wounds better. The new system is called Engage3D. It adopts the Kinect technology design used in Microsoft’s Xbox, which can be plugged to a TV set. This kind of 3D imaging technique will surely help in diagnosing patient’s injuries with accuracy.
Telepresence systems will have a combination of a built-in depth camera and/or sensors and built-in video camera. The built-in depth camera and/or sensors help in calculating the distance of the objects from each other to generate data using multidimensional points representing a 3D object.
The surge in demand is also supported by the healthcare industry, as it extensively uses video conferencing for tele-consultation and diagnosis. Amongst the deployment segments, the demand for cloud-based video conferencing is expected to grow at an incredible rate as most of the industry users are shifting from hardware to software solutions. The key market drivers for the global video conferencing market are the increasing number of applications in the defense industry. The usage of video conferencing in the media and entertainment industry for distance learning, web-seminars, and broadcasting events has also led to the growth of this market.
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Asia Pacific to Lead Global Video Conferencing Market
Out of all the regional markets, Asia Pacific video conferencing market is expected to grow at a significant pace from 2014 to 2020. Analysts predict that the markets in Latin America and the Middle East will also generate lucrative opportunities in the same period. The major players in the global video conferencing market are InterCall (West Corporation), Microsoft Corporation, Cisco Systems, Inc., Polycom, Inc., Huawei Technologies Co., Ltd., Vidyo, Inc., Avaya, Inc., Lifesize (Division of Logitech International S.A.), ZTE Corporation, and Adobe Systems, Inc.