The global video conferencing market was valued at USD 4.98 billion in 2017 and is estimated to expand with a CAGR of 8.6 percent from 2017 to 2025, states Research and Markets.
The market is highly consolidated in nature with few major players accounting for more than 60 percent of the total market revenue. Video conferencing vendors offer managed solutions with an intent of delivering more feasible and cost-effective solution to consumers. As a result, the market is witnessing a paradigm shift toward cloud-based solutions due to their low costs as compared to the on-premise deployment. Corporate enterprises and government and defense are the largest consumer segments for these solutions. Due to growing penetration of video conferencing solutions across these segments worldwide, advanced solutions such as high definition (HD) video conferencing services are likely to become popular in the coming years.