Video Conferencing's Coming Boom: Polycom CEO Predicts Rapid Growth
Thanks to a combination of better technology, lower prices and faster Internet connections, video communications finally are moving into the mainstream. "The industry is at an inflection point," says Andy Miller, CEO of Polycom (PLCM), an industry leader based in Pleasanton, Calif.
"In the past, video communications was mostly a boardroom technology, but that is rapidly changing," Polycom roughly splits the $2 billion market with its Norwegian rival Tandberg, which Cisco (CSCO) acquired earlier this year. Revenue growth for the industry is rising up, according to Miller. He expects the company to grow about 40% this year. IDC (IDC) predicts the compound annual growth rate for the industry for the next five years will be about 23%, roughly twice as fast as during the previous five.