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Video Conferencing Market

Video Conferencing Market – Snapshot

Video conferencing refers to conducting conference using telecommunication technologies for a real-time two-way transmission of audio and video. With rise in globalization, organizations are shifting toward videoconference meetings so as to enable faster decision making and reduce travel hassles. In the corporate sector, video conferencing is predominantly used for effective real-time communication over long distances at minimal cost and time and enhance productivity between teams based at different locations worldwide. Additionally, it saves travel expenses and addresses customer queries in real time. The global video conferencing market is anticipated to grow at a CAGR of 7.9% during the forecast period. It was valued at approximately US$ 5 Bn in 2016.

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The video conferencing market is witnessing significant growth owing to the rising adoption of cloud-based video conferencing solutions globally. Increasing adoption of cloud-based video conferencing services has led to implementation of better encryption and password protected solutions for cloud-based video conferencing systems across the world. Furthermore, rise in usage of cloud-based solutions and emergence of 3D technology in video conferencing solutions are a major factor accelerating the demand for this solution globally. According to a report published by the American Telemedicine Association in 2015, more than 200 academic medical centers in the U.S. offer video-based consulting to clients based in other parts of the world.

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