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Global conference room solutions market is anticipated to record a revenue of US$ 3,258.6 million by 2030 rising from US$ 1,081.8 million in 2021 and is expected to register a CAGR of 13.0% over the forecast period of 2022–2030.
Conference rooms are an important part of any organization and are used for a variety of purposes, such as meetings, presentations, conferences, and training sessions. There are a number of factors that are driving the growth of the conference room solutions market, such as the need for better communication and collaboration among employees, the need for efficient meeting management, and the increasing adoption of cloud-based solutions.
The conference room solutions market comprises software and hardware solutions that enable businesses to hold meetings, conferences, and other events. The solutions offered in the market include video conferencing, web conferencing, teleconferencing, and audio-conferencing solutions. These solutions help businesses save time and money by reducing travel costs associated with face-to-face meetings.
The video conferencing segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing adoption of video conferencing solutions among small and medium enterprises (SMEs) as well as large enterprises. Furthermore, video conferencing helps businesses improve their communication and collaboration capabilities.
Global conference room solutions market by software is majorly dominated by four players Namely Zoom Video Communication, Cisco Systems, Inc., Microsoft Corporation and Blue Jeans Network. These 4 companies collectively held around 69.7% of the market share. Wherein Zoom Video Communications, Inc held the highest market share of 20.4%.
Technology Develops Increasing Sales of Conference Room Solutions
Conference room solutions have potential to expand in the years to come due to ongoing advances and the adoption of new technologies, such as unified communications and meeting planners/scheduling software for work-from-home applications.
New conference room solutions standards in the global conference room solutions market support simplicity for developers and designers while enabling greater performance standards and superior user ease. The increasing use of conference room solutions on a global scale is mostly due to benefits including low cost, simple conferencing procedures, and integration with cloud solution providers. The development of the conference room solution functionalities, with enhanced performance, can be anticipated because of the integration of technologies like IoT, Big Data, Artificial Intelligence, and others.
Increasing Adoption of Cloud Based Solution
The increasing adoption of cloud-based solutions and services is one of the major factors driving the growth of the conference room solutions market. Cloud-based solutions offer several benefits such as scalability, flexibility, and cost-effectiveness, which are fueling their adoption among small and medium enterprises (SMEs).
Growing Popularity of BYOD
the growing trend of Bring Your Own Device (BYOD) in the corporate sector is also contributing to the growth of the conference room solutions market. BYOD refers to the practice of employees using their own devices such as laptops, smartphones, and tablets for work purposes. This trend is gaining popularity as it helps organizations reduce IT costs and improve employee productivity.
Data Breaches are More Likely
In 2021, concerns about data privacy include risks associated with software development, the loss of personal information, communication interception, unauthorised access to stored data, privacy damage, and use for influence operations. Emerged as the key concerns among organizations in the global conference room solutions market.
As the number of devices and sensors in the conference room continues to grow, so does the risk of a cyber-attack. A recent study by Kaspersky Lab found that over 15% of all businesses have experienced at least one cyberattack in the past year, with conference room solutions being the third most likely target.
There are a number of reasons why software in global conference room solutions market is particularly vulnerable to attack. Firstly, many of these systems are connected to the internet, making them accessible to anyone with an internet connection. Secondly, they often contain sensitive information such as customer data or financial records. Finally, they are often used by large numbers of people, making it difficult to track who has access to the system and what they are doing with it.
Cloud-based solutions: Cloud-based solutions are becoming more popular in the global conference room solutions market as businesses look for ways to reduce costs and increase flexibility. With cloud-based solutions, businesses can store data and applications off-site, which can save money on hardware and maintenance costs. Cloud-based solutions also make it easier for businesses to scale their operations up or down as needed.
Mobile apps: Mobile apps are another trend in the conference room solutions market that is gaining popularity in the conference room solution space. Mobile apps allow businesses to stay connected with their employees and customers while on the go. With mobile apps, businesses can send notifications, start video calls, and view documents from their mobile devices.
Artificial Intelligence: AI is beginning to change the way we work in a number of different industries, and conference rooms are no exception. AI-powered tools like automatic transcription and translation can make meetings more efficient and help reduce misunderstandings.
Flexible Furniture: With more businesses embracing flexible working arrangements, there's a growing demand for conference room furniture that can be easily reconfigured to suit different needs. Modular furniture is a great option for businesses that want to make the most of their space.
Covid-19 Impact on Market
The outbreak of Covid-19 has had a significant impact on the conference room solutions market. The virus has forced many businesses to reassess their meeting and workplace strategies, with many opting for more flexible, remote working arrangements. This has led to a decrease in demand for traditional conferencing equipment and solutions but increased the demand of digital conferencing solutions.
However, the impact of Covid-19 is not all negative for the conference room solutions market. The pandemic has also highlighted the importance of investing in reliable, high-quality conferencing technology that can accommodate remote working arrangements. This has resulted in an increase in demand for video conferencing equipment and solutions that can facilitate effective remote meetings.
The Covid-19 pandemic has also spurred innovation in the conference room solutions market with companies developing new products that can help reduce the spread of the virus. For example, several companies have developed touchless control systems that can be used to operate conference room equipment without coming into contact with surfaces. Additionally, there are now a number of air purification systems on the market that can help to improve indoor air quality and reduce the risk of transmission.
The pandemic has also forced companies in the global conference room solutions market to re-think the way they use their conference rooms. Some have turned them into makeshift offices or classrooms, while others have found that they no longer need them at all. Conference room solutions will continue to evolve as the pandemic continues to impact the way we work and live.
By component, hardware segment held around 74.76% share of the global conference room solutions market in 2021. Between 2022 and 2030, it is anticipated to increase at a CAGR of 13.14%. On the other hand, the software segment is forecast to grow at a CAGR of 12.89% during the projection period.
Enterprise Size Analysis
By enterprise size, the global conference room solutions market is projected to witnessed strong demand for speakers and microphones across numerous industries. Wherein the large size enterprise held the largest market share of 58.82% in 2021.
Enterprises have long been the primary drivers of technological advancement and innovation. This is especially true when it comes to conference room solutions market. Large enterprises are the leading consumers of conference room solutions, accounting for the lion’s share of spending in this market.
This should come as no surprise, given that enterprises often have the most need for effective conferencing and collaboration solutions. With a large number of employees spread out across different locations, enterprises need to be able to bring everyone together for meetings and brainstorming sessions. Conference room solutions provide them with the tools they need to do just that.
Room Size Analysis
In 2021, most of the global conference room solutions market's revenue came from small to medium rooms, which accounted for 71.18% market share.
Large rooms category accounted for the second-largest market share globally, and is anticipated to grow at the highest CAGR of 12.49% thanks to growing demand concentration of team meetings, client calls and one to one communication.
End Users Analysis
By end users, media transmission and IT section accounted for 24.83% share of the global conference room solutions market in 2021.
The rising popularity of conference room solutions is witnesses in the increased demand from the media transmission and IT industries. These industries are increasingly relying on conference room solutions to facilitate communication and collaboration between employees.
The media and entertainment industry is one of the major consumers of conference room solutions market. In this industry, conferences are organized on a regular basis for content creators, studios, production houses, distributors, and other professionals associated with the media and entertainment industry. These conferences require high-definition audio and video quality for transmission of information or content among participants located in different geographical regions. Conference room solutions offer effective media transmission with minimal time lag and distortion in audio and video quality, which is expected to fuel their demand from the media and entertainment industry over the forecast period.
North America has always been the largest conference room solutions market. In terms of sheer numbers, North America accounts for over 37.58% of the global market revenue in 2021. The United States is the single largest market, accounting for over 78% of the regional market. Canada is the second largest market.
The main reason for North America's dominance is simple: it is home to the world's biggest businesses. American companies have always been early adopters of new technology, and that trend continues with conference room and software. Businesses in North America are constantly looking for ways to improve efficiency and productivity, and conference room and software provides them with a powerful tool to do just that.
However, Asia Pacific is anticipated to grow at the fastest CAGR of 14.02% with China holding a major share of the Asia Pacific conference room solutions market. Developing significance of the conference rooms are likely to move the openings in worldwide room conference arrangements market.
List of Key Companies Profiled
Segmental Overview of Global Conference Room Solutions Market
By Enterprise Size
By Room Size
By End User
|Market Size Value in 2021||US$ 1,081.8 Million|
|Expected Revenue in 2030||US$ 3,258.6 Million|
|Unit||Value (USD Mn)|
|Segments covered||By Components, By Enterprise Size, By Room Size, By End-User, By Region|
|Key Companies||Zoom Video Communications, Cisco Systems, Inc., Microsoft Inc., Blue Jeans Network, Lifesize Inc., Google LLC, LogMeIn, Inc., Dell Technologies, Inc., Logitech, Inc., Avaya, Inc., Plantronics, Inc. (Poly), Dolby Laboratories, Huawei Technologies Co., Ltd., RingCentral, Inc., Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Global Conference Room Solutions Market size worth US$ 1,081.8 Million in 2021.
The driving factor of the market is technological advancements accelerating conference room solutions.
The global conference room solutions market is projected to grow at a CAGR of 13% during the forecast period.
Hardware is the leading component segment with a share of 74% in 2021.
North America, Europe, Asia Pacific, South America, and Middle East & Africa were covered while studying the conference room solutions market.
The Large Enterprise segment holds the highest share of 58% in 2021.
Zoom Video Communications, Inc., Cisco Systems, Inc., Microsoft Corporation, Blue Jeans Network, Lifesize Inc., Google LLC, LogMeIn Inc. are the top players in the conference room solution market.
The number of conference rooms globally and emerging technologies for workplaces are the main trends that are boosting the growth of the market.
The US holds the major share in terms of revenue in North America holds the highest share of the room solution market.
Components, Enterprise Size, Room Size, and End User are the different segments of the conference room solutions market.