NEWARK, Del, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global conference room solutions market is valued at approximately US$ 1,521.9 million in 2023. It is anticipated that this market will grow significantly, reaching a total of US$ 6,068.1 million by the year 2033. This projected growth represents a CAGR of 14.8% from 2023 to 2033.
The market is expected to grow substantially because of multiple variables, including the increasing demand for dependable and cost-effective conference room solutions, expenditures in digitizing the workspace, growing requirements for high-performance conferencing approaches, and the growing variety of cost-effective conferencing solutions software, as well as integral advancements in technology.
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Alliances between modern technology solution companies contribute to an upsurge in revenue from conference room strategies. During the forecast time frame, technological innovations in digital transformation such as AI/ML, cloud computing, analytics, and others are generating new opportunities for development. This is especially prevalent in the BFSI sector.
Frequent advancements and the implementation of new solutions/software, such as seamless communication and meeting event coordinators/scheduling software for work-from-home applications, are presenting new avenues for conference room solution expansion.
Collaborations between technology solution companies contribute to the increase in revenue of conference room strategies. Throughout forecasting, technologies associated with digital transformation such as AI/ML, cloud computing, analytics, and others are generating new potential for development. This is particularly true in the BFSI sector.
Key Takeaways from the Conference Room Solutions Market Report:
- The global market is anticipated to grow at a 14.8% CAGR.
- North America was expected to have the largest market share of 31.5%.
- Europe was expected to have a share of the market of 21.8%.
- By 2033, the global market is expected to be worth US$ 6,068.1 Million.
- The IT and telecom segment was expected to account for 23.20% of the global market.
"The new conference room solutions regulations allow for greater efficiency requirements as well as enhanced user accessibility while simplifying the design and manufacturing processes," says an analyst at FMI.
Competitive Landscape:
Major competitors in the market expand their earnings through new solution introductions and strategic partnerships.
- Biamp announced in April 2023 the introduction of new bundle services for small conference rooms to help organizations streamline the buying and configuration procedure by offering an entire system in a box and a single hardware framework built for end-user ease of use.
- In 2023 April, ClearOne launched superior meeting room efficiency and simplicity characteristics. ClearOne has updated the BMA 360 microphones, the CONVERGE Pro 2 (CP2) family of digital signal processing mixers (DSPs), and the simple-to-operate CONSOLE AI implementation programs.
- Flat Screens
- Projectors
- Cameras
- Interactive/Digital Whiteboards
- Unified Communication and Collaboration
- Document Management
- Meeting Organizers/Scheduling
- Others
- Professional Services
- Managed Services
Leading Key Players:
- Cisco Systems, Inc.
- Microsoft Corporation
- Huawei Technologies Co. Ltd.
- Alphabet, Inc. (Google)
- Adobe Systems Incorporated
- LogMeIn, Inc.
- Polycom (Plantronics, Inc.)
- Zoom Video Communications, Inc.
- ZTE Corporation
- Biamp
- ClearOne
- WolfVision
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Conference Room Solutions Market Segmentation:
By Component:
- Hardware
- Flat Screens
- Projectors
- Cameras
- Interactive/Digital Whiteboards
- Software
- Unified Communication and Collaboration
- Document Management
- Meeting Organizers/Scheduling
- Others
- Services
- Professional Services
- Managed Services
By Enterprises Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Vertical:
- IT & Telecom
- BFSI
- Healthcare
- Retail
- Media & Entertainment
- Transportation & Logistics
- Education
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
Web Conferencing Market Analysis: The web conferencing market is set to thrive at a CAGR of 14.2% between 2022 and 2032. FMI unravels the other elements of the market further. Web conferencing can be defined as an online meeting that includes two or more participants from different locations.
Audio Conferencing Services Market Size: The audio conferencing services market revenue by the end of 2021 was US$ 21.3 Billion. The audio conferencing services market is expected to reach US$ 35.2 Billion by 2032, as it is estimated to grow at a CAGR of 4.8% for 2022-2032.
Video Content Management Market Share: The global video content management market was estimated at US$ 3.5 Billion in 2021. Owing to rapid technological adoption, demand is projected to spike, garnering US$ 4 Billion in 2022 and US$ 13.5 Billion in 2032. The predicted growth rate is 12.9% from 2022 to 2032.
Cloud Based Collaboration Software Market Sales: The global cloud-based collaboration software market is poised to attain a CAGR of 18.8% during the forecast period. It is likely to garner a revenue of about US$ 45,310.1 million by 2033, up from US$ 8,068.9 million in 2023.
Collaboration Tools Market Scope: The collaboration tools market size is pegged to reach US$ 39,407.4 million by 2023. It is estimated to reach US$ 116,338.4 million by 2033, meanwhile recording a CAGR of 11.4%.
Consumer Video Feedback Software Market Growth: Consumer Video Feedback Software Market analysis report by Future Market Insights shows that global sales of the Consumer Video Feedback Software Market in 2023 are anticipated to be valued at US$ 1,697.9 million.
Cloud Based Collaboration Software Market Trends: The global cloud-based collaboration software market is poised to attain a CAGR of 18.8% during the forecast period. It is likely to garner a revenue of about US$ 45,310.1 million by 2033, up from US$ 8,068.9 million in 2023.
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