Managed Network Service Providers and Telecom Service Providers are contributing to the Growth of the Conference Room Solution Market
Conference room solution are a combination of certain software and software related services that connect enterprises with their clients over an internet network. Conference room solutions include video as well as audio conferencing solutions. Major stakeholders of conference room solutions include software providers, communication device OEMs and managed network service providers.
Third party managed networks service providers are slowly and gradually becoming overall solution provider of conference room solution. Telecom service providers have also started the offering of conference room solution, hence contributing significantly in the growth of the conference room solution market.
SaaS Segment is the Primary Contributor to the Growth of the Conference Room Solution Market
In this report, FMI has segmented the global conference room solution market on the basis of component, deployment, organization size, vertical and region. By component, the conference room solution market can be segmented into software and services. By deployment, the market has been segmented into on-premises and SaaS.
The software-as-a-service (SaaS) segment drives the growth of the global conference room solution market, owing to increasing trend of cloud- and web-based solutions. In addition, the adoption of Internet-based technologies by several industry verticals is surging the growth of the conference room solution market.
IT and Telecom Sector is expected to Account for the Highest Market share in the Global Conference Room Solution Market
On the basis of vertical, the market has been segmented into BFSI, transportation & logistics, manufacturing, retail and consumer goods, IT and telecom, media & entertainment, government, energy and utility, education, healthcare and others. The IT and telecom segment accounted for the highest market share of 15.6% in 2016 in the global conference room solution market. The media and entertainment segment is expected to register a healthy CAGR of 15.0% during the forecast period in the conference room solution market.
Telecom service providers (TSP) across the world are going through digital transformation to increase their network’s internet speed and enhance customer satisfaction. In the process, TSPs are spending millions of dollars as capital expenditure as profits are expected to remain elusive with legacy data and voice services in the near future.
To timely achieve break-even, it’s high time for telecom service providers to become end-to-end IT solution providers. TSPs need to collaborate with conference room solution providers and offer unified communication services to enterprises.
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Enterprise Mobility Trend in North America is expected to boost the Overall Conference Room Solution Market
On the basis of geography, North America is expected to dominate the global conference room solution market, owing to the technological advancements in the U.S. and Canada. Advancements in enterprise mobility technology are expected to propel the conference room solution market in North America. Moreover, the region has witnessed widespread deployment of IoT and communication technologies over the past couple of years, which is fuelling the growth of the conference room solution market in North America.
A number of enterprises in North America, especially the United States, are looking to build multinational conferencing facilities. Such enterprises normally face challenges such as unauthorized access to the company’s bridge and network. If a company has frequent conferences that include participants from various other regions of the world, the chances of spotting fraudulent activities become low. Therefore, such companies must plan to combat fraud and should build processes and technologies to enhance security.
In Europe, various enterprises are adopting conference room solutions that help them enhance their communication networks and drive increased productivity and greater visibility across all functions of the enterprises.
Companies in various industrial sectors such as manufacturing, IT and telecom, BFSI, and transportation & logistics are moving forward to adopt conference room solutions to reduce errors, misunderstandings, and communication barriers, and to improve the quality of group work outputs. Due to this factor, the demand for high-performance conferencing solutions is increasing, which is ultimately driving the growth of the conference room solution market.
According to FMI analysis, technology partnerships with telecom service providers and cloud service providers are likely to increase revenue and new innovation strategies are estimated to enable conference room solution vendors to reach new growth markets. Some of the key players in the global conference room solution market include 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.
Key Developments in the Conference Room Solution Market
- In June 2017, Cisco Systems, Inc. enhanced its partnership with Apple, an American multinational technology company, in order to broaden support for optimized Apple devices on Cisco networks. With this partnership, the company plans to enhance the capabilities of its Cisco WebEx, so that when joining a Cisco meeting from an iOS device, users will be able to seamlessly share their screen real time with other meeting participants. Also, infrequent users of Cisco WebEx will be able to quickly join on Safari with full audio, video, and presentation viewing capabilities
- In October 2017, Adobe Systems Incorporated launched Adobe Connect 9.7, which provides customers with a faster way to join and manage meetings from a desktop. With the new Adobe Connect applications, users do not need Adobe Flash player installed or enabled in browsers to join or conduct meetings, and this application is available for both, Microsoft Windows and Apple Macintosh users
- In July 2017, Polycom Inc. acquired a contract from CavinCare, an Indian conglomerate company, in order to improve employee engagement at CavinCare. As a strategic vendor, Polycom provides conferencing and collaboration solutions to CavinCare, which helps it to arrange frequent and recurrent meetings in order to collaborate, share feedback, and expedite its business
By component, the conference room solution market has been segmented into
By deployment, the global conference room solution market has been segmented into
On the basis of organization size, the market has been segmented into
- large enterprises