Conference Room Solutions Market Snapshot
Conference room solutions market worth is forecast to top US$ 1.18 Bn in 2021. As per FMI analysis, the market will register impressive growth at 14.7% CAGR between 2021 and 2031, as enterprises around the world exhibit high demand for advanced solutions to improve communication networks.
Newly released data on the conference room solutions market analysis indicates 12.7% y-o-y growth in 2021. Among components available, the demand for hardware is highest among all. The component segment will grow at 15.1% CAGR to remain dominant through the assessment period.
Key Points Covered in Conference Room Solutions Market Study
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Conference Room Solutions Market and How to Navigate
- Recommendation on Key Winning Strategies
2016-2020 Conference Room Solutions Market Outlook Compared to 2021-2031 Forecast
The global conference room solutions market size is estimated to be valued at US$ 1,188.4 Mn in 2021. The conference room solutions market is expected to witness an increase at a CAGR of 14.7% during the forecast period 2021-2031.
The market is projected to witness significant growth due to several factors such as the growing need for reliable and cost-effective conference room solutions, the investments in digitizing the workspace, increasing demand for high-performance conferencing solutions, and the rising availability of cost-effective conferencing solutions software along with relevant technological advancements.
In the past few years, it has been observed that many small and medium enterprises across the globe are adopting advanced conference room solutions to reduce the complications in conferencing and to improve the communication between employees.
The global conference room solutions market is anticipated to witness growth in revenue from US$ 1.1 Bn in 2020 to US$ over 4.7 Bn by 2031. In recent years, conference room solutions have gained notable interest due to the development of cloud communication solutions across the globe.
Partnerships between technology solution vendors aid the surge in sales of conference room solutions. Digital transformation technologies such as AI/ML, cloud computing, analytics, and others, are creating new potential opportunities for growth during the forecast period. This is especially true of the BFSI sector.
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How are Technological Advancements Escalating Conference Room Solutions Sales?
Frequent developments and the implementation of new solutions/software such as unified communication and meeting organizers/scheduling software for work-from-home applications are creating opportunities for growth for the conference room solutions.
New conference room solutions standards enable higher performance standards and promise superior convenience for users, while bolstering simplicity for designers and manufacturers.
Advantages such as low cost, and uncomplicated conferencing processes, to integrate with cloud solution providers are primary factors resulting in increasing number of conference room solutions being used on a global scale.
The integration of technologies such as IoT, Big Data, Artificial Intelligence, and others can be expected to lead to development of the conference room solution functionalities, with improved performance.
What are the Key Expansion Strategies Adopted by Conference Room Solution Providers?
Conference room solution vendors have a long history of jump-starting or accelerating their growth through the acquisitions of various promising start-up companies. This planned, yet aggressive approach to business growth coupled with strong execution allowed key players to maintain their lead while helping them to build a broader portfolio of products and a customer base ranging from largest enterprises to small- and medium-sized businesses.
For instance, in September 2019, Cisco System Inc. acquired Voicea, an American company that provides real-time solutions such as meeting transcription, voice search, and meeting highlights/action items, with data privacy. The company aims to enhance its Webex portfolio of products with a transcription service that blends AI and Automated Speech Recognition.
Why is Demand for Conference Room Solutions Surging in the U.S.?
According to the FMI analysis, the overall conference room solutions spending in the U.S. alone is likely to increase at a rate of 10.6% between 2021 and 2031, with a market value of US$ 323.3 Mn in 2021.
North America will emerge as the largest market for the conference room solutions, due to the strong presence of service providers, in the region. This is attributed to the increase in demand from various verticals such as IT and telecom, BFSI, healthcare, retail, media and entertainment, and others.
In North America, especially in the U.S., continuous innovation in cloud communication is resulting in greater choice, flexibility, and cost-saving solutions for conferencing within the enterprises that will support long term developments.
Is Germany a Lucrative Market for Conference Room Solutions?
The market in Germany is anticipated to be valued around US$ 236 Mn by 2031. In the past few years, it has been observed that many small and medium enterprises in European countries such as the U.K., Germany, and France are adopting advanced conference room solutions to improve communication between employees.
Enterprises in the region are functioning out of multiple locations across Europe, owing to favorable business policies and free workforce mobility allowed by the European Union.
The number of mobile workers is increasing significantly, which is encouraging organizations to adopt advanced connectivity solutions. Europe is identified by FMI as the second-largest market, a position it is likely to continue through the forecast period.
Will Development for High-Performance Solutions in China Support Demand?
According to the FMI analysis, the spending on conference room solutions in China alone is likely to increase by 16.1% from 2021 and 2031, with a market value of around US$ 100.5 Mn in 2021. China, Japan and South Korea are creating potential growth opportunities for the growth of conference room solutions owing to improvements in the workflow during meetings and room automation systems.
Automobile and telecom sectors are growing rapidly in the East Asia region owing to the high number of Tier II & Tier III manufacturers and providers, which in-turn has increased the demand for the conference room solutions in the region drastically.
Various enterprises in the region are adopting high-performance conferencing solutions, which helps them enhance their communication networks, and drives increased productivity and greater visibility across all the parts of the enterprise.
Key players in various industrial sectors such as IT and telecom, manufacturing, BFSI, and transportation and logistics are moving forward to reduce errors and communication barriers, while improving the quality of group work outputs.
How are Conference Room Solutions Faring across India?
The conference room solution market in India is anticipated to witness a growth in revenue from around US$ 42.1 Mn in 2020 to US$ 486.4 Mn by 2031. The demand for remote solutions has increased rapidly in various manufacturing industries in major economies of the South Asia and Pacific region including India and Australia, which has created key potential growth opportunities for the market.
The growth can be attributed to the increasing usage of web conferencing applications to conduct internal meetings and trainings. Also, the growing adoption of video conferencing solutions in various enterprises to enable team collaboration, and to enhance cross-functional communication is fueling the growth of the conference room solutions in India.
What’s the Market Share of Conference Room Solutions Hardware?
In terms of components, the market is segmented into hardware, software, and services. The conference room solutions hardware segment is dominating the market and it is estimated to account for nearly 50.0% of the total market value share by the end of 2020.
The hardware segment includes various products including flat screens, projectors, cameras, interactive/digital whiteboards, and more.
These conference room solutions offer different features such as real-life interactivity, superior functionalities for video conferencing, recording user screens, and the development of software for smartphones. The reliability of such features is driving demand across regions.
Why are Small & Medium Enterprises Reflecting Higher Market Growth?
In terms of enterprise size, small & medium enterprises (SMEs) are expected to register a CAGR of 16.7% during the forecast period, while also creating an incremental opportunity of US$ 1,766.9 Mn between 2021 and 2031.
Moreover, conference room solutions are ideal for SMEs businesses, as it helps such enterprises to improve collaboration with emerging technologies and develop stronger and more engaging relationships with customers.
Why is the Demand for Conference Room Solutions Rising from the IT & Telecom Sector?
Among end use industries, the market is segmented as IT & Telecom, BFSI, healthcare, retail, media and entertainment, transportation and logistics, education, manufacturing, and others.
The IT and Telecom industry segment is dominating the global conference room solutions and it is estimated to account for 22.2% of the total market value share by the end of 2021.
Moreover, the growth of unified communication and collaboration, voice and web conferencing, mobility, real-time communications, team collaboration, and unified messaging, generate substantial contributions to the market. Such factors are driving the adoption of conference room solutions in this industry.
Introduction of new products and strategic partnerships are key strategies followed by top players in the conference room solutions landscape to increase their business revenue.
For instance, in November 2020, LoopUp Ltd. launched a new video-enabled conference rooms solution. It combines high standard remote meeting solution with off-the-shelf hardware to create simple and accessible video conferencing suites for businesses across the globe.
Developers are also focusing on entering into partnerships with technology and digital solution providers to target new innovations within the market. The strategy helps the company in enhancing its product portfolio with the release of new products to expand new horizons. Also, through this strategy, the companies are broadening their geographic reach with additional service portfolios.
For instance, in November 2019, Cisco Systems, Inc. expanded its partnership with TTEC Holdings, Inc., an American company, which offers digital customer experience technology and services. According to the partnership, TTEC became the first authorized reseller of Webex Contact Center Enterprise.
Scope of Report
Historical Data Available for
USD Million for Value and Units for Volume
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa
Key Segments Covered
Component, Enterprise Size, Industry, and Region
Key Companies Profiled
Market Forecasts, Vendor Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Key Questions Answered in the Report
What is conference room solutions market size?
The overall conference room solution market worth will surpass US$ 1.18 Bn in 2021.
At what rate did the conference room solutions market grow in the last five years?
Demand in the conference room solution market increased at 11.7% CAGR between 2016 and 2020.
What are the key trends shaping the conference room solution market?
Market players are likely to focus on introducing technological improvements. Their key aim will remain to offer cost-effective and advance conference room solution to help enterprises improve their communication network and productivity.
Who are the leading conference room solutions system integrators?
Leading system integrators of conference room solutions include Key Code Media, Inc., Pure Audio Visual Ltd., VIcom Corporation, All Wave AV Systems Pvt. Ltd., and Applied Global Technologies.
What is the North America conference room solution market outlook?
North America will remain dominant in the global conference room solution market. It will account for estimated 32.4% of the global market in 2021.
Who are the top conference room solutions providers and what is their market share?
Cisco Systems, Inc., Microsoft Corporation, Huawei Technologies Co., Ltd., Google, ZTE Corporation are the top conference room solution providers. They are likely to account for nearly 55% of the global conference room solution market.
At what rate will the demand rise in Europe conference room solution market?
The Europe conference room solution market is expected to rise at a CAGR of 13.6% between 2021 and 2031.
Which are the top five countries driving conference room solution market demand?
Leading countries driving demand in the conference room solution market are U.S., Germany, China, Japan, and India.
What are the key statistics for conference room solution market in Japan and South Korea?
Conference room demand in Japan and South Korea is expected to rise at 20.1% CAGR and 11.5% CAGR, respectively.
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Market Segmentation by Category
- 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)