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Audio Conferencing Services Market

Market Insights on Audio Conferencing Services covering sales outlook, demand forecast & up-to-date key trends

Audio Conferencing Services Market by Enterprise Size, Industry & Region - Forecast 2022 - 2032

Audio Conferencing Services Market Outlook (2022-2032)

The audio conferencing services market revenue by the end of 2021 was US$ 21.3 Bn. The audio conferencing services market is expected to reach US$ 35.2 Bn by 2032, as it is estimated to grow at a CAGR of 4.8% for 2022-2032.

Estimated Year (2022) Market Value

US$ 22.1 Bn

Projected Year (2032) Market Value

US$ 35.2 Bn

CAGR% (2022-2032)

4.8%

Top 5 Vendor Market Share

Around 40%

Audio conferencing services market refers to the set of technologies implemented to establish a point-to-point conferencing system (communication between two people) or multipoint conferencing system (communication between multiple people) to hold an audio call, this form of calling is different since a common central point is accessed by the parties involved instead of calling each other.

Audio conferencing services market consists 10% of the global telecommunications services market.

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2017-2021 Audio Conferencing Services Market Demand Outlook Compared to 2022-2032 Forecast

The growth of audio conferencing services market is estimated to be at the CAGR of 4.8% for the forecast period

Communication innovations have made business easier, faster, and cheaper. Businesses are beginning to use voice and web collaboration technologies to communicate with customers and team members in various locations. It is not always possible to travel to the desired location for the meeting, which is fulfilled by a more cost-effective and efficient system for communicating with your team and clients through audio web conferencing. Headquarters with regional offices as well as increasing acceptance by private banks and insurance companies are expected to drive the market growth.

A Discussion Can Involve a Large Number of People from All Over the World

Today's phone systems allow callers to dial multiple people. This is especially helpful when each person is in different cities, states, or even different parts of the world. This kind of conversation is common in multisite organisations.

For example, a company has offices in Atlanta, Richmond, and Cebu, Philippines. Colleagues are geographically separated but can meet to discuss project details. All they have to do is set a date that is most convenient for them to chat with anyone. A conference call can be set up between the two parties if you would like to learn more about the matter. This gives each member a chance to update on their progress and obstacles.

Sudip Saha
Principal Consultant
LinkedIn
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Regional Analysis

North America was estimated to hold the largest market share in 2021 of 34.5% and South Asia and Pacific is estimated to be the fastest growing region for audio conferencing services market with a CAGR of 4.7% for the forecast period.

North America has a large number of companies from various well developed industries and audio conferencing has been historically used in this region.

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.

However, it needs to be noted, that video conferencing solutions are catching up as the new mode of conferencing as well across both the regions.

Country wise insights

Low Cost of Connection in USA Driving the Growth of Audio Conferencing Market

Factors influencing include lower cost connecting versus video conferencing, simple set-up, and a rich computerised meeting administration highlight. Versatility has arisen as a significant pattern in this market with the rising reception of sound conferencing. Cloud-based stages are progressively being carried out to have sound conferencing administrations and with versatility, clients can now introduce a remote application on their gadgets that advances the contribution of "bring your own gadgets" (BYOD) in the sound meeting.

Scope for Growth of Audio Conferencing Services in China, but with a Language Barrier

China is one of the most industrialised and developed countries in East Asia, which is also progressing at a fast rate.

One of the additional points which needs to be considered for China is the language barrier. China has several multinational companies operating within its borders and several Chinese companies operating offshore as well. However, as Mandarin is the most spoken language in this country, in order to improve the performance of audio conferencing services in this country, individual translators need to be employed to interact with foreign individuals, or specific software updates need to be made to the audio conferencing services.

Mexico Has Growing Interest in Audio Devices, Which Acts in the Growth of the Audio Conferencing Services Market

The development of the audio conferencing service market is primarily determined by interest in headsets, brilliant homes, cell phone advances, and so on. In addition, a few confidential associations are effectively putting resources into 5G innovation and assembling plants. This at last builds the interest in sound in hardware.

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Category wise Insights

Why Large Enterprises Have the Largest Market Share for the Audio Conferencing Services Market?

Large Enterprises have historically held a larger share for conference solutions because of their presence in more than one office geographically, naturally causing the demand for conferencing solutions.

Owing to this factor, large enterprises were estimated to hold the largest market share for the year 2021 of 56.3%.

Why Healthcare Sector is the Fastest Growing for the Audio Conferencing Services Market?

Healthcare sector is rapidly implementing technologies to improve the workflows. Communication and exchange of information needs to be done in a regulated manner within this sector as well.

Due to these factors, healthcare sector is estimated to be fastest growing market for the forecast period with a CAGR of 5.6%.

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.
  • In November 2021, Mitel partnered with RingCentral to enable audio conferencing services implementing cloud technology called CloudLink. Mitel customers will be able to improve their PBX (private automatic branch exchange) capabilities using the RingCentral application.

Scope of report

Attribute

Details

Market value in 2021

US$ 21.3 Bn

Market CAGR 2022 to 2032

4.8%

Share of top 5 players

Around 40%

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

USD Million for Value

Key Regions Covered

North America, Latin America, Europe, South Asia & Pacific, East Asia and the Middle East & Africa

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey and South Africa

Key Segments Covered

Enterprise Size, Industry and Region

Key Companies Profiled

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

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

Frequently Asked Questions

Some leading of the Audio Conferencing services market are Zoho, Grptalk, BrandedBridgeLine and RingCentral

South Asia & Pacific is estimated to have the highest growth for the Audio Conferencing services market during the forecast period of 4.7%.

Interacting with multiple people in a conference call, especially in the absence of internet.

IT & Telecom had the largest market share for the Audio Conferencing services market of 26.5% in 2021.

Healthcare sector has the highest CAGR of 5.6% for the forecast period.

The market share of South Asia and Pacific for the year 2021 for the Audio Conferencing services market was 9.4%.

North America had a market share of 34.5% in 2021 for Audio Conferencing services market.

India has the highest CAGR for the forecast period, which is 5.0%.

The estimated market value for Audio Conferencing services market for the year 2022 is US$ 22.1 Bn.

For East Asia region, the CAGR for the forecast period is estimated to be 4.2% for the Audio Conferencing services market.

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Sudip Saha
Principal Consultant
LinkedIn
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Audio Conferencing Services Market