Businesses are weighing the costs and benefits of switching to virtual conferencing solutions that will help them cut down on travel.
A study by Grand View Research concludes that the telepresence equipment market will rise from $1.9 billion in 2016 to $2.5 billion in 2025.
Grand View states in a somewhat obvious conclusion that the main market driver for telepresence equipment is the effort to limit the amount of money employees spend physically travelling to meetings. The study lists health care, education and government as big adopters of the technology.
“Many government authorities are also planning to establish telepresence rooms as services as one the avenues for revenue,” the study wrote Thursday. “Telepresence video conferencing is being increasing adopted by many organizations as it offers cost-effective solutions of high-quality interaction.”
The most popular type of telepresence technology is room-based, which Grand View notes allows employees to meet together in a virtual room. However, the reduced cost of less physical travel must be weighed next to the price of installing the equipment.
Large enterprises compromise a large majority of the market share, trailed by medium and small businesses. The enterprise segment is expected to grow at a rate of 3 percent over the next eight years, with the medium-size sector expected to grow at 3.2 percent. Health care currently takes the biggest piece of the pie in terms of verticals.
Grand View named Array Telepresence, Avaya, Cisco Systems, Huawei Technologies, Polycom, Vidyo and ZTE Corporation as market leaders.
Find a summary of the telepresence study findings on Grand View’s website.
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