The market for audio conferencing services generated $21.3 billion in sales by the end of 2021. The market for audio conferencing services is anticipated to develop at a CAGR of 4.8% from 2022 to 2032, reaching US$ 35.2 billion.
A range of technologies used to set up a point-to-point conferencing system (for communication between two people) or a multipoint conferencing system (for communication between several persons) to hold an audio conversation is referred to as the “audio conferencing services market.” The difference between this sort of calling and others is that rather of dialling one another, all parties involved access a single central location. Audio conferencing services make approximately 10% of the global market for telecommunications services.
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The market for services that permit distant contact through audio channels, such as telephone and internet-based systems, is known as the “audio conferencing services market.” These services are utilised for many different things, such as corporate meetings, online learning, and private communications. Recent years have seen a substantial increase in the use of audio conferencing, driven by the rise in remote work and the demand for adaptable and affordable communication solutions. Zoom, Cisco Webex, Microsoft Teams, and GoToMeeting are important players in the market for audio conferencing services.
Competitive Landscape
Audio Conferencing vendors are implementing technologies to allow international calls with their services and solutions, but more importantly allow a large number of participants in a call.
- In August 2022, RingCentral was approached by Ryder Systems to develop their communication solutions. RingCentral provided the company with various solutions and services to improve their communication ability, including the call centre service, which allows Ryder Systems to improve its customer interaction.
Regional Analysis
According to estimates, South Asia and the Pacific will have the quickest rate of growth in the market for audio conferencing services, with a CAGR of 4.7% during the projection period, surpassing North America in 2021 with a market share of 34.5%.
Numerous businesses from a wide range of developed industries can be found in North America, where audio conferencing has long been used.
South Asia & Pacific on the other hand has a surge in industrialization and enterprises, especially small enterprises. To establish a low cost communication service for these enterprises, audio conferencing services can witness a growth in this region.
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Audio Conferencing Services Market by Category
- By Enterprise Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Industry:
- IT & Telecom
- BFSI
- Education
- Healthcare
- Government
- Retail
- Travel & Hospitality
- Others
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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