As per a study by FMI, the global conference room solutions market is expected to exhibit impressive growth at a CAGR of 14.7% over the forecast period 2021 to 2031. Owing to rising number of enterprises and high demand for advanced solutions to enhance communication networks, the market share for conference room solutions is projected to reach a valuation of US$ 1.18 billion by the end of 2021.
The primary factors fuelling the demand for conference room solutions are increasing adoption of cloud-based communication solutions, rising number of enterprises & corporate houses, and the need for high-performance conferencing solutions. To address the surging demand for these solutions, various market players are engaging into strategic collaboration and partnership with other companies to improve their services.
For instance, in September 2019, Cisco System Inc., a U.S.-based company announced the acquisition of an enterprise voice assistant company named, Voicea, which provides real-time solutions such as voice search, meeting highlights, meeting transcription, action items, along with data privacy.
With this acquisition, Cisco Systems, Inc. planned to improve its Cisco WebEx portfolio of products by infusing Automated Speech Recognition and AI. Such innovations are expected to boost the technology used in conference rooms, driving the growth of the market.
North America is dominating the global conference room solutions. Owing to the presence of leading service providers in the region, the North America market is estimated to account over 32.4% of the global sales through 2021.
“With the emergence of cloud technology, a number of organizations across the globe are adopting various cloud-based services, including software as a service (SaaS) and cloud storage. Key players are emphasizing on developing new solutions such as cloud communication conferencing to cater to increasing demand for these novel conference room solutions,” says the FMI analyst.
Key Takeaways from Conference Room Solutions Market Survey
- The U.S. is dominating the market in North America with an estimated market value of around US$ 323 million in 2021. According to FMI, the market spending in the country is expected to rise at 10.6% over the forecast period.
- Driven by free workforce mobility and favorable business policies, the market in Germany is predicted to reach a valuation of around US$ 236 million by 2031.
- The conference room solutions spending in China is likely to surge by 16.1% between 2021 and 2031, with a market value of nearly US$ 100.5 million in 2021.
- By 2031, the market revenue of India’s conference room solutions market is projected to grow around US$ 486.4 million.
- The component segment is expected to surge at a robust CAGR of 15.1% during the assessment period.
- Growing demand for high-performance conferencing solutions is driving the market growth.
- Surging number of enterprises will fuel the demand for conference room solutions.
- Increasing adoption of cloud communication solutions creating growth opportunities for the market.
- Rising number of corporate houses heightening the sales of conference room solutions.
- High cost of installation is a factor hampering the demand for conference room solutions.
- The outbreak of COVID-19 has declined the sales of conference room solutions due to the closure of numerous organizations.
Leading players in the conference room solutions market are focusing on developing new products to increase their business revenue. Besides this, some of the market players are engaging in strategic collaboration and partnerships. For instance,
- LoopUp Ltd. announced a launch of a new video-enabled conference room solution in November 2020. The product combines high standard remote meeting solution to create accessible and simple video conferencing suites for businesses, worldwide.
- In November 2019, Cisco Systems, Inc., a U.S. based company, announced expansion of its partnership with TTEC Holdings, Inc., a digital customer experience services and technology company. With the partnership, TTEC has become the first authorized reseller of Webex Contact Center Enterprise.
Key players operating in the market profiled by FMI are:
- Cisco Systems, Inc.
- Microsoft Corporation
- Huawei Technologies Co., Ltd.
- Alphabet, Inc. (Google)
- Adobe Systems Incorporated
- LogMeIn, Inc.
- Polycom (Plantronics, Inc.)
- Zoom Video Communications, Inc.
- ZTE Corporation
More Valuable Insights on Conference Room Solutions Market
FMI, in its new report, offers an unbiased analysis of the global conference room solutions market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on conference room solutions market with detailed segmentation:
- Flat Screens
- Interactive/Digital Whiteboards
- Unified Communication and Collaboration
- Document Management
- Meeting Organizers/Scheduling
- Professional Services
- Implementation and Integration
- Managed Services
- Professional Services
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- IT & Telecom
- Media & Entertainment
- Transportation & Logistics
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Key Questions Covered in the Report
- The market study also highlights projected sales growth for conference room solutions market between 2021 and 2031
- The report offers insight into conference room solutions market demand outlook for 2021-2031
- Conference room solutions market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
- Conference room solutions market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry