DUBAI, UAE, July 12, 2021
The FMI market analysis offers a comprehensive study on the conference room solutions market, covering factors increasing demand and sales across key segments including component, enterprises size, and vertical. It also provides insights into leading market players and key strategies adopted by them to improve their share in the conference room solutions market
DUBAI, UAE, July 12, 2021 /PRNewswire/ -- As per a study by FMI, the global conference room solutions market is expected to exhibit impressive growth at a CAGR of 14.7% over the forecast period 2021 to 2031. Owing to rising number of enterprises and high demand for advanced solutions to enhance communication networks, the market share for conference room solutions is projected to reach a valuation of US$ 1.18 billion by the end of 2021.
The primary factors fuelling the demand for conference room solutions are increasing adoption of cloud-based communication solutions, rising number of enterprises & corporate houses, and the need for high-performance conferencing solutions. To address the surging demand for these solutions, various market players are engaging into strategic collaboration and partnership with other companies to improve their services.
For instance, in September 2019, Cisco System Inc., a U.S.-based company announced the acquisition of an enterprise voice assistant company named, Voicea, which provides real-time solutions such as voice search, meeting highlights, meeting transcription, action items, along with data privacy.
With this acquisition, Cisco Systems, Inc. planned to improve its Cisco WebEx portfolio of products by infusing 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 is dominating the global conference room solutions. Owing to the presence of leading service providers in the region, the North America market is estimated to account over 32.4% of the global sales through 2021.
"With the emergence of cloud technology, a number of organizations across the globe are adopting various cloud-based services, including software as a service (SaaS) and cloud storage. Key players are emphasizing on developing new solutions such as cloud communication conferencing to cater to increasing demand for these novel conference room solutions," says the FMI analyst.
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Key Takeaways from Conference Room Solutions Market Survey
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Leading players in the conference room solutions market are focusing on developing new products to increase their business revenue. Besides this, some of the market players are engaging in strategic collaboration and partnerships. For instance,
Key players operating in the market profiled by FMI are:
More Valuable Insights on Conference Room Solutions Market
FMI, in its new report, offers an unbiased analysis of the global conference room solutions market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on conference room solutions market with detailed segmentation:
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