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Region : Global | Published Date: Upcoming | Report ID: FBI100293| Status : Upcoming
According to preliminary data from the international data corporation (IDC), the number of social media users worldwide in 2018 has increased to US$ 3.196 Bn, from US$ 2.786 Bn up a 13 percent increment from last year. Rapid penetration of social media platform such as Google Duo, WhatsApp and other, in smartphones has drifted the growth of video conferencing market in the forecast period. Video conferencing is defined as a system used to set up a live connection between users in separate locations with an aim to establish communication, usually comprising audio and often text as well as video.
Further, this system provides transmission of varying images and text between two locations and provides transmission of full-motion video images and high-quality audio between multiple sites. Video conferencing solution usually includes a shared set of hardware and software to help to transmit and to receive audio and video signals simultaneously. Further, video conferencing solutions offer live streaming and on-demand services through Over-the-top (OTT) video distribution to connect the right owners and distributors.
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Augmented adoption of video as a service (VaaS), development in video and audio cloud streaming online service, the rising market of advanced video communications solutions are the significant drivers expected to grow the video conferencing solution market globally. Further, emerging technologies like AI, 4K and machine learning are expected to drive the market in the forecasted period. An additional, recent development in video conferencing solutions market includes the adoption of cloud streaming services and AI in online conference videos.
Some of the key players in the video conferencing solution market include Adobe Systems Incorporated, Arkadin Cloud Communications, JOYCE CR, S.R.O., Logitech International S.A., Microsoft Corporation, Orange Business Services, Vidyo, Inc., West Unified Communications Services, and ZTE Corporation.
By Industry Vertical
· Corporate Enterprise
· Health Care
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
APAC is expected to hold the major share of the video conferencing solution market size during the forecasted period. The factors that drive the growth of the APAC market include huge online traffic and high adoption of well-established video conferencing media platforms such as Facebook, WhatsApp, Instagram, Google Duo, etc., and its security solutions. Countries such as India and Australia has a high penetration rate for video conferencing solution due to its large subscriber base connected through multiple social media platforms. For example, in 2018, West Unified Communications Services acquired Flowroute, with an objective to increase its diverse network all over the APAC region. This acquisition would offer a communication platform that enables users to quickly and easily transfer premise-based conferencing systems to voice over internet protocol.
Key Industry Developments
. In April 2017, Google Duo implemented cloud-based solutions in its application. This implementation of cloud-based service offers users to send and store voice and video messages up to 30 seconds long. These messages can later be viewed by the other users, with the option of calling.
· In March 2018, Cisco acquired Assemblage Entertainment Private Limited. This acquisition with an aim to strengthen the video conference market. This would allow users to adopt Video as a service in real-time conferencing apps for sharing whiteboards, presentation broadcasting, and screen sharing.
· In Oct 2018, 8X8 acquired Jitsi video communications technology, cloud provider of voice, video, collaboration and contact center solutions. This acquisition with an aim to further extends 8x8’s cloud technology platform and improves the company’s video collaboration capabilities.