New York, June 28, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, from 2023 to 2033, the global telepresence (videoconferencing) market is expected to reach US$ 7 billion. Between 2023 and 2033, the market is expected to grow at a CAGR of 8%.
Telepresence (videoconferencing) is an advanced technology that allows human beings to be present from a distance. A person at a remote location can feel this virtual presence through lights, which can provide more interaction. Enterprises are now able to communicate remotely through audio and video conferencing platforms such as Google Hangouts, Facetime, and Skype.
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The technology behind telepresence (videoconferencing) closely resembles that of virtual reality. Through telepresence (videoconferencing), participants can substitute their senses with transducers like a video camera and a microphone. Corporations can save money and time with the help of new technologies.
Increasing telepresence (videoconferencing) usage in business meetings and reducing travel costs are expected to drive market growth. Using high-bandwidth satellite connections and modern computer networks, telepresence (videoconferencing) enables the participation of remote users in ocean exploration and research. Data and video are transmitted in real time between a ship and a shore-based hub using satellite technology, such as the NOAA Ship Okeanos Explorer.
Using telepresence (videoconferencing), NOAA Ocean Exploration's mission to explore the ocean for national benefit can also be accessed from classrooms and newsrooms, opening up new educational opportunities. Technologies are evolving, and telepresence (videoconferencing) capabilities are continuing to develop, opening up new exploration and communication opportunities for ocean exploration and communication. With technological advancements, companies like Cisco are creating intelligent conference rooms, which include speakers, cameras, and 4K screens.
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Key Takeaways from Market Study
- The Japanese telepresence (videoconferencing) market is expected to reach US$ 1.1 billion by 2033 as demand increases.
- United States telepresence (videoconferencing) sales are expected to reach US$ 4.7 billion in 2033.
- In 2033, China is predicted to have a 35% of the telepresence (videoconferencing) market.
- Telepresence (videoconferencing) in the United Kingdom is expected to generate US$ 740.9 million by 2033.
- The solution telepresence (videoconferencing) market is predicted to grow at a CAGR of 7.9% between 2023 and 2033.
- Industry analysts predict that the telepresence (videoconferencing) system market will grow 7.8% between 2023 and 2033.
“The rise of telepresence (videoconferencing) will likely be driven by technological advancements and internet in the market. A new generation of technological apps and innovative designs will be in high demand in the market,” says an analyst at Persistence Market Research.
Market Segmentation
- By Component (Solution, Hardware, Software, Services)
- By Conference Type (Telepresence (videoconferencing) System, Integrated System, Desktop System, Service-based System)
- By Deployment (Cloud, On-premises)
- By Application (Small and Medium Enterprises, Large Enterprise)
Key Market Players
Telepresence (videoconferencing) manufacturers are gaining a larger share of the market. Key players who are seeking to expand their market presence will benefit from the increasing number of partnerships and collaborations. A number of companies are involved in telepresence (videoconferencing) development, including:
- Cisco Systems
- Verizon Communications Inc.
- Polycom Inc.
- Alphabet Inc.
- Adobe Systems
- Microsoft Corporation
- Vidyo Inc.
- Zoom Video Communication Inc.
- Logitech International S.A.
- Visual Systems Group, Inc.
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Key market developments are as follows:
- In February 2023, Telefónica exhibited its 3D holographic telepresence (videoconferencing) system at MWC as part of the demo "Making Holographic Telepresence (videoconferencing) happen", which incorporates fiber, 5G, and edge computing. In its MWC booth, the company will present a live, real-time experience in which visitors can see their 3D figures as avatars in augmented and virtual reality environments that will be integrated in real time.
- In June 2023, Proximie's PxLens will provide uninterrupted first-person views of operating room procedures. Additionally, Proximie's healthcare platform provides reliable telepresence (videoconferencing) for 50 people, enabling medical professionals to analyze data from operating rooms and manage content. In order to provide users with an integrated platform in one place, the infrastructure was designed to facilitate plugging in of other modules via APIs.
Know More about Report Inclusions
Persistence Market Research published a new market report on the telepresence (videoconferencing) market, covering a global industry analysis of 2018 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how telepresence (videoconferencing) sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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