Global Video Conferencing Market Could Exceed $9 Billion By 2026
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Jan 08, 2021, 11:30 ET
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PALM BEACH, FL, Jan. 8, 2021 /PRNewswire/ -- One of the markets that is actually growing not only during… but because of the global pandemic. Remote working and video conferencing go hand-in-hand in this upswing and both markets are projected significantly increase revenues in the coming years. Remote work, home office, work from home, telework are some of the terms used to describe settings where workers are not physically present in the office of their employer or the purchaser of their services. The concept mainly works for jobs and tasks that involve a large amount of screen work. (including marketing and sales functions). The advancement of digitalization and the shift to a more knowledge-based economy in many countries have made the option of remote work more realistic for employers and employees. For example, roughly half of all jobs could be done in a remote setting in the United States. A recent report from Statista said that: "The increasing availability of stable, reliable, and fast fixed and mobile broadband connections, along with the rise of cloud computing, provides the backbone infrastructure for work from home. The steady growth of cloud solutions offers companies and workers alike the flexibility to have access to data and tools from anywhere." Active companies in the markets this week include Verb Technology Company, Inc. (NASDAQ: VERB), Zoom Video Communications, Inc.(NASDAQ: ZM), Cisco Systems, Inc. (NASDAQ: CSCO), Microsoft Corporation (NASDAQ: MSFT), 8x8, Inc. (NYSE: EGHT).
The Statista Report continued: "Spending… on cloud-based business applications, collaboration tools, cybersecurity, and remotely managed IT services are projected to grow by almost 100 billion U.S. dollars over the next few years for example. Spending for on-premises solutions is forecast to stay nearly flat on the other hand. Placed on top of the fundamental infrastructure, collaboration and communication tools provide the necessary services to work collaboratively as a team in remote settings. In line with the growth trend of the cloud market, the revenue from the cloud email and collaboration market is set to double in size by 2024 compared to 2020 and is projected to be worth around 81 billion U.S. dollars annually, almost doubling its projected size in 2020." Meanwhile in a collaborative market, the video conferencing market, also shows increased revenues. The two-way transmission of audio and video content by using telecommunication devices is referred to as video conferencing. Video conferencing plays important role in the business processes by saving traveling time and cost to the organization.
Financialnewsmedia.com News Commentary
NEWS PROVIDED BY
Financialnewsmedia.com
Jan 08, 2021, 11:30 ET
SHARE THIS ARTICLE
PALM BEACH, FL, Jan. 8, 2021 /PRNewswire/ -- One of the markets that is actually growing not only during… but because of the global pandemic. Remote working and video conferencing go hand-in-hand in this upswing and both markets are projected significantly increase revenues in the coming years. Remote work, home office, work from home, telework are some of the terms used to describe settings where workers are not physically present in the office of their employer or the purchaser of their services. The concept mainly works for jobs and tasks that involve a large amount of screen work. (including marketing and sales functions). The advancement of digitalization and the shift to a more knowledge-based economy in many countries have made the option of remote work more realistic for employers and employees. For example, roughly half of all jobs could be done in a remote setting in the United States. A recent report from Statista said that: "The increasing availability of stable, reliable, and fast fixed and mobile broadband connections, along with the rise of cloud computing, provides the backbone infrastructure for work from home. The steady growth of cloud solutions offers companies and workers alike the flexibility to have access to data and tools from anywhere." Active companies in the markets this week include Verb Technology Company, Inc. (NASDAQ: VERB), Zoom Video Communications, Inc.(NASDAQ: ZM), Cisco Systems, Inc. (NASDAQ: CSCO), Microsoft Corporation (NASDAQ: MSFT), 8x8, Inc. (NYSE: EGHT).
The Statista Report continued: "Spending… on cloud-based business applications, collaboration tools, cybersecurity, and remotely managed IT services are projected to grow by almost 100 billion U.S. dollars over the next few years for example. Spending for on-premises solutions is forecast to stay nearly flat on the other hand. Placed on top of the fundamental infrastructure, collaboration and communication tools provide the necessary services to work collaboratively as a team in remote settings. In line with the growth trend of the cloud market, the revenue from the cloud email and collaboration market is set to double in size by 2024 compared to 2020 and is projected to be worth around 81 billion U.S. dollars annually, almost doubling its projected size in 2020." Meanwhile in a collaborative market, the video conferencing market, also shows increased revenues. The two-way transmission of audio and video content by using telecommunication devices is referred to as video conferencing. Video conferencing plays important role in the business processes by saving traveling time and cost to the organization.
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