The IMF Market Analysis offers a comprehensive study of the Conference Room Solutions market, covering factors increasing demand and sales in key segments including components, company size, and industry vertical. It also provides information about the major market players and the key strategies adopted by them to improve their share in the conference room solutions market.
DUBAI, United Arab Emirates, July 12, 2021 / PRNewswire / – According to IMF research, the global conference room solutions market is expected to show impressive growth at a CAGR of 14.7% during the forecast period 2021 to 2031. Due to the increasing number of ‘enterprises and the high demand for advanced solutions to improve communication networks, the conference room solutions market share is expected to reach a value of US $ 1.18 billion by the end of 2021.
The major factors driving the demand for conference room solutions are the growing adoption of cloud-based communication solutions, the growing number of businesses and corporate homes, and the need for high performance conferencing solutions. To meet the growing demand for these solutions, various market players are engaging in strategic collaboration and partnership with other companies to improve their services.
For example, in September 2019, Cisco System Inc., a US-based company, announced the acquisition of an enterprise voice assistant company named Voicea, which provides real-time solutions such as voice search, video highlights, meetings, meeting transcripts, action items, and data confidentiality.
With this acquisition, Cisco Systems, Inc. planned to enhance its Cisco WebEx product portfolio by integrating automated speech recognition and AI. Such innovations are expected to boost the technology used in conference rooms, driving the growth of the market.
North America dominates global conference room solutions. Due to the presence of leading service providers in the region, the North America The market is expected to represent more than 32.4% of global sales through 2021.
“With the emergence of cloud technology, a number of organizations around the world are adopting various cloud-based services, including software as a service (SaaS) and cloud storage. The main players are focusing on the development of new solutions such as cloud conferencing to meet the growing demand for these new conference room solutions ”, said the IMF analyst.
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Key points to remember from Conference room solutions Market research
- The United States dominates the market in North America with an estimated market value of around $ 323 million in 2021. According to IMF, market spending in the country is expected to increase by 10.6% during the forecast period.
- Driven by the free mobility of labor and favorable trade policies, the market for Germany should reach a valuation of around US $ 236 million by 2031.
- Conference room solutions China is expected to increase by 16.1% between 2021 and 2031, with a market value of nearly US $ 100.5 million in 2021.
- By 2031, the market turnover of india the conference room solutions market is expected to grow around $ 486.4 million.
- The components segment is expected to grow at a robust CAGR of 15.1% over the evaluation period.
- The growing demand for high performance conferencing solutions is driving the growth of the market.
- The growing number of businesses will fuel the demand for conference room solutions.
- Growing adoption of cloud communication solutions creating growth opportunities for the market.
- Increase in the number of corporate companies increasing sales of conference room solutions
- The high cost of installation is a factor hampering the demand for conference room solutions.
- The COVID-19 outbreak has driven sales of boardroom solutions down due to the shutdown of many organizations.
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The major players in the conference room solutions market are focused on developing new products to increase their business revenue. In addition to this, some of the market players are engaging in strategic collaboration and partnerships. For example,
- LoopUp Ltd. announced the launch of a new video conference room solution in november 2020. The product combines a high-level remote meeting solution to create simple and accessible video conferencing suites for businesses around the world.
- In November 2019, Cisco Systems, Inc., a US-based company, announced the extension of its partnership with TTEC Holdings, Inc., a digital customer experience technology and services company. With this partnership, TTEC became the first authorized reseller of Webex Contact Center Enterprise.
The main players operating in the market profiled by IMF are:
- 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 Company
More valuable information on Conference room solutions Marlet
IMF in its new report offers an unbiased analysis of the global conference room solutions market, analyzing forecast statistics to 2019 and beyond. The study reveals growth projections in the conference room solutions market with detailed segmentation:
- Flat screens
- Interactive / digital whiteboards
- Unified communication and collaboration
- Document management
- Meeting / scheduling organizers
- Professional services
- Implementation and integration
- Managed Services
- Small and medium-sized enterprises (SMEs)
- Large companies
- IT & Telecom
- Health care
- Media and entertainment
- Logistic transport
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (AEM)
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Key questions addressed in the report
- The market study also highlights the expected sales growth for the conference room solutions market between 2021 and 2031.
- The report provides insight into the demand outlook of the conference room solutions market for 2021-2031
- Analysis of conference room solutions market shares, covering key companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
- The Conference Room Solutions market research identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluating the current market size and forecast and technological advancements. within the industry
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