By 2020 the cloud-based video conferencing services market is anticipated to worth $2.9 billion.
Besides, GIA predicts that over the next few years the cloud-based video conferencing services market’s growth will be driven by the increasing use of video conferencing in the government, healthcare and education sectors.
According to other report results:
– Nowadays, the largest market for cloud-based video conferencing services is the United States. Still, through 2020 the fastest-growing market is expected to be the Asia-Pacific region, with a compound annual growth rate (CAGR) of 13.5 percent;
– Applied Global Technologies, Blue Jeans Network, BT Conferencing, Level 3 Communications (LVLT) and NTT Communications are some of the key market players;
– The rising demand for enterprise mobility and the eventual increase in the number of mobile workers will cause many businesses to adopt cloud-based video conferencing services.
GIA also analysed market data compiled from search engine research. According to the results of this analysis:
– 85 percent of business professionals want one cloud-based video conferencing service for remote meetings;
– 76 percent prefer a video conference to a web conference;
– 71 percent lost a deal due to lack of face-to-face interaction;
– 51 percent join video conferences via web browser;
– Video conferences have helped business professionals save 2.1 billion miles of travel and $1.3 billion over the past six months.
Other market research firms expect the global cloud-based video conferencing services market to grow as well. According to TechNavio, for example, this sector will expand a CAGR of 39.06 percent between 2014 and 2019.
In addition, new cloud-based video conferencing solutions are becoming available: Glowpoint and Logitech are among the companies planning to launch video conferencing solutions soon.