Video Managed Services Market to grow by USD 3.95 billion; Driven by the need to focus on core competencies and improve efficiency -- Technavio
NEW YORK, Oct. 17, 2022 /PRNewswire/ -- The "Video Managed Services Market by End-user and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the video managed services market between 2021 and 2026 is USD 3.95 billion. However, the growth momentum in the market is expected to decelerate at a CAGR of 23.36% during the forecast period. The report provides a detailed analysis of the factors impacting the market growth, the latest trends, major revenue-generating segments, product launches, and more. Understand the scope of our full report on the global video managed services market. Download Sample PDF Report Now
Key Market Dynamics:
The need to focus on core competencies and improve efficiency is driving the growth of the market. Many enterprises are outsourcing some of their IT-related requirements such as application and infrastructure management from managed service providers. This is helping them achieve their mission and vision by putting their employee skills and resources into their core business. It also helps improve their operational efficiency, as firms do not need to invest in resources or be concerned about managing limited available resources. Video managed service providers offer services that are available worldwide. Companies can avail of these services, as globalization allows businesses to access services from anywhere. Also, companies prefer to outsource their IT services because managed service providers are equipped with innovative technology and domain expertise. All these factors are expected to drive the market during the forecast period.
However, system integration and interoperability issues will challenge market growth. Technical glitches that occur during video conferencing can incur a substantial loss to the organization and reduce operational efficiency. These issues arise mostly when organizations update their IT systems or merge their IT infrastructure with acquired companies. Integration of multiple IT systems on traditional IT infrastructure can create many cross-platform system integration issues. Thus, it is imperative for vendors to seamlessly integrate multiple IT systems in organizations with the help of an IT team equipped with the technical expertise to manage IT infrastructure. This is expected to reduce the growth potential in the market.
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The video managed services market report is segmented by end-user (enterprises and government) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
Enterprises are the prime end-users of video managed services. The segment is anticipated to dominate the market over the forecast period. Enterprises require video managed services to maintain the large deployment of video conferencing systems and audio-visual meeting rooms. Some businesses confront significant technical challenges, such as a lack of standardization and consistency in their meeting rooms, resulting in inconsistent user experiences. These factors are driving the demand for video managed services in the segment.
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Key Vendors in the Video Managed Services Market:
Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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