ing project management software, document sharing websites and group messaging programmers, said the report, enabling remote cooperation to be more organized and seamless. AI-powered capabilities also are being used to improve communication and user engagement of video conferencing, including noise reduction, real-time language translation, automated transcription and virtual backdrops. And security and privacy issues have taken front stage as video conferencing becomes increasingly commonplace, said MarketandMarkets. Mandated lockdowns and social distancing during the COVID-19 pandemic considerably sped up the deployment of video conferencing. Healthy growth is expected to continue, said analysts at MarketsandMarkets, driven by a number of industry and technological trends. The research firm forecasts the global video conferencing market size to register a compound annual growth rate of 12.6 percent through 2027, reaching $19.1 billion from an estimated $10.6 billion in 2022. The cloud segment, not surprisingly, is expected to register a higher CAGR than the on-premises segment during the forecast period. Hybrid workforce enablement continues to be a key trend driving the use of video conferencing. As employees divide their time between office-based and remote work, video conferencing remains important in fostering productive communication and teamwork. “The market is seeing a rise in demand for products that enable natural interactions between participants who are present in person and those who are not,” said the research firm. Along these lines, video conferencing services are merging with other collaboration tools includVideo Conferencing Stays Hot, Expected 12.6% CAGR Partner@solexp.com Contact Us Today 800-411-3611 Voice & Collaboration UCaaS, Hosted PBX, POTs Replacement, PRI Replacement, SIP Trunking, Virtual Fax, Conferencing, Contact Center, Toll-Free Data & Networking Dedicated Internet, Broadband, SD-WAN, Fixed Wireless, Satellite, Ethernet Private Line, 4G/5G Wireless Security Strategy & Risk Services, Network Security, Endpoint Security & Identify Services, Threat Detection & Response, United Threat Management (UTM), Consultancy Services • Multi Location • Competitive Pricing • Veteran Expertise • Multi Services • A Single Custom Bill • Process Driven Fulfilment • Multi Providers (USA, Canada, Global) • “White Glove” Service • Industry Leading Commissions Security oice & Collaboration Data & Networking V 30 Years Experience, 100% Partner SolEx is your best choice for Custom Solutions SolEX_0523_HalfVertical.indd 1 6/20/23 4:55 PM “The market is seeing a rise in demand for products that enable natural interactions between participants who are present in person and those who are not.” 55 SEPTEMBER - OCTOBER 2023 | CHANNELVISION
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