As per the revised report by Future Market Insights (FMI), the global conference room solution market is expected to expand at a CAGR of 14.7% over the forecast period (2021-2031). Thanks to rising demand for improvement in enterprise communication network, the market valuation is expected to surpass US$ 1.18 Bn in 2021.
Conference room solutions provide on-demand tools for professional collaboration, online meetings, web conferencing and video conferencing services. It supports the requirements for corporate meeting, trainings, and events.
Conference room solution platforms help enterprises to run productive meetings, with functionalities such as interactive whiteboards for end-users. Nowadays, IT and telecom companies are adopting cloud communication solutions for video and web conferencing to reduce the complexity of implementation and maintenance processes.
Cloud service providers are playing a significant role, as remote access to business databases becomes mainstream. With the frequent advancements in cloud security, numerous enterprises are opting for cloud services, including software-as-a-service (SaaS) and cloud storage offerings.
For conference room solution providers, cloud services create notable opportunities in terms of providing cost effective solutions to customers. Cloud service providers can also assist in developing conference room solutions for professionals across different geographical locations without expanding their physical distribution channel.
Key Takeaways from Conference Room Solutions Market Study
- IT and telecom applications will account for more than 22% of the market, owing to higher adoption of online services.
- Projectors will reflect higher adoption rates holding 35% of the market, supported by higher audio-visual requirements of industry end users.
- Australia, and New Zealand are leaders in the South Asia & Pacific market, reflecting a CAGR of over 23% through 2031, on the back of growing business requirements.
- The market in the U.S. is projected to expand at a CAGR of 10.6% through 2031, supported by a mature business sector.
- Japan will hold the lead in East Asia by the end of 2031, with a CAGR of over 20% owing to better consumer awareness and acceptance.
“Key players are focusing more on the development and implementation of new solutions including cloud communication and video-enabled conference room solutions for better workflow and business applications. Recent improvements in real-time communications will create opportunities for the foreseeable future in the conference room solutions market,” says a Future Market Insights (FMI) analyst.
Impact of COVID-19 on Conference Room Solutions Market
The COVID-19 pandemic has disrupted many industries, including the conference room solutions market. Private and government organizations, have transitioned to remote working operations, due to which there has been a sudden surge in demand for conference room solutions.
The demand for communications platforms as a service (CPaaS) software, collaboration tools, conferencing software, remote desktop software and remotely managed IT services has risen during the crisis. This is fueling an increase in the demand for conference room solutions.
Conference room solutions are estimated to grow by 1.8X from 2019-2020 and is expected to surge through 2021 and beyond, as remote working becomes the norm. The worldwide reach of the COVID-19 pandemic in Q1, 2020 has impacted professionals across the globe, with nearly 80% of the IT workforce being moved to home offices. This paradigm shift has created a huge demand for online platforms, cloud services, and remote access to important projects.
Who is Winning?
The moderately consolidated conference room solutions market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion.
Prominent players in the conference room solutions market include but are not limited to 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.
More Valuable Insights on Conference Room Solutions Market
A revised market research report published by Future Market Insights (FMI) on the global conference room solutions market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of component (Hardware (flat screens, projectors, cameras, and interactive/digital whiteboards), software (unified communication and collaboration, document management, meeting organizers/scheduling, and others) and services (professional services (integration & implementation, consulting, and training) and managed services)), enterprise size (small & medium enterprises (SMEs) and large enterprises), vertical (IT & telecom, BFSI, healthcare, retail, media & entertainment, transportation & logistics, education, manufacturing, and others), and across six major regions.