The global conference room systems market is expected to grow at a CAGR of 14.7% during the forecast period (2021-2031), according to a new report from Future Market Insights.
This is due to the increasing demand for improvement of the corporate communication network, the market valuation is expected to exceed 1.18 billion US dollars (997 million euros) in 2021.
Points of interest to the proAV world of the report include;
– Computer and telecom applications will represent more than 22% of the market, due to greater adoption of online services.
– Projectors will reflect higher adoption rates holding 35% of the market, supported by higher AV requirements from industry end users.
– Australia and New Zealand are leaders in the South Asia and Pacific market, reflecting a CAGR of over 23% through 2031, due to growing business needs.
– The US market is expected to grow at a 10.6% CAGR through 2031, supported by a mature industry.
– Japan will hold the lead in East Asia by the end of 2031, with a CAGR of over 20% thanks to increased consumer awareness and acceptance. ?
The demand for Communication Platforms as a Service (CPaaS) software, collaboration tools, conferencing software, remote desktop software, and remotely managed IT services has increased during the Covid pandemics. This is fueling an increase in demand for conference room products.
Conference room products are expected to grow 1.8X between 2019 and 2020 and are expected to increase through 2021 and beyond, with remote working becoming the norm.