According to Future Market Insights’ (FMI’s) updated report, the market for conference room solutions worldwide is anticipated to grow at a CAGR of 14.7% during the forecast period (2021-2031). The market valuation is anticipated to cross US$ 1.18 Bn in 2021 as a result of the growing demand for improvements in enterprise communication networks.
For professional collaboration, online meetings, web conferencing, and video conferencing services, conference room solutions offer on-demand resources. The requirements for business gatherings, trainings, and events are supported.
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Platforms for conference room solutions assist businesses in running effective meetings with features like interactive whiteboards for users. To simplify the implementation and maintenance processes, IT and telecom firms are now implementing cloud communication solutions for video and web conferencing.
With the increasing popularity of remote access to company databases, cloud service providers are becoming increasingly important. Numerous businesses are choosing cloud services, such as software-as-a-service (SaaS) and cloud storage options, due to the ongoing improvements in cloud security.
Cloud services open up significant prospects for conference room solution providers in terms of offering consumers affordable options. Without increasing their physical distribution network, cloud service providers can help professionals in various regions construct conference room solutions.
Key Takeaways from Conference Room Solutions Market Study
- IT and telecom applications will account for more than 22% of the market, owing to higher adoption of online services.
- Projectors will reflect higher adoption rates holding 35% of the market, supported by higher audio-visual requirements of industry end users.
- Australia, and New Zealand are leaders in the South Asia & Pacific market, reflecting a CAGR of over 23% through 2031, on the back of growing business requirements.
- The market in the U.S. is projected to expand at a CAGR of 10.6% through 2031, supported by a mature business sector.
- Japan will hold the lead in East Asia by the end of 2031, with a CAGR of over 20% owing to better consumer awareness and acceptance.
Impact of COVID-19 on Conference Room Solutions Market
The COVID-19 pandemic has disrupted many industries, including the conference room solutions market. Private and government organizations, have transitioned to remote working operations, due to which there has been a sudden surge in demand for conference room solutions.
The demand for communications platforms as a service (CPaaS) software, collaboration tools, conferencing software, remote desktop software and remotely managed IT services has risen during the crisis. This is fueling an increase in the demand for conference room solutions.
Conference room solutions are estimated to grow by 1.8X from 2019-2020 and is expected to surge through 2021 and beyond, as remote working becomes the norm. The worldwide reach of the COVID-19 pandemic in Q1, 2020 has impacted professionals across the globe, with nearly 80% of the IT workforce being moved to home offices. This paradigm shift has created a huge demand for online platforms, cloud services, and remote access to important projects.
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Who is Winning?
The moderately consolidated conference room solutions market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion.
Prominent players in the conference room solutions market include but are not limited to Cisco Systems, Inc., Microsoft Corporation, Polycom Inc., Zoom Video Communications Inc., Google, West Corporation, LogMeIn Inc., Adobe Systems Incorporated, Blue Jeans Network and Premiere Global Services, Inc.
More Valuable Insights on Conference Room Solutions Market
A revised market research report published by Future Market Insights (FMI) on the global conference room solutions market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of component (Hardware (flat screens, projectors, cameras, and interactive/digital whiteboards), software (unified communication and collaboration, document management, meeting organizers/scheduling, and others) and services (professional services (integration & implementation, consulting, and training) and managed services)), enterprise size (small & medium enterprises (SMEs) and large enterprises), vertical (IT & telecom, BFSI, healthcare, retail, media & entertainment, transportation & logistics, education, manufacturing, and others), and across six major regions.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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