Dublin, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The "Global Conference Room Solutions Market, By Enterprise Size; By Room Size; By End User-Estimation & Forecast, 2018-2031" report has been added to ResearchAndMarkets.com's offering.
The global conference room solutions market, which was valued at USD 1.22 billion in 2022, is projected to experience substantial growth, reaching USD 3.68 billion by 2031, with a Compound Annual Growth Rate (CAGR) of 13.03% during the forecast period.
Conference room solutions facilitate meetings, presentations, and collaborations, and their demand is rising due to the hybrid work model, technological advancements, and the need for effective communication.
Key Market Drivers:
- Hybrid Work Model: The adoption of a hybrid work model, combining remote and in-person work, has boosted the demand for communication and collaboration tools. Headsets, speakerphones, and personal video solutions have become essential for professionals working in hybrid environments.
- Technological Advancements: Technological innovations have played a significant role in advancing conference room solutions. High-definition video, improved compression algorithms, faster internet connections, and AI-powered enhancements have revolutionized the meeting experience.
Market Segmentation:
By Component:
- Hardware
- Software
- Services
By Enterprise Size:
- Small-Medium Enterprise
- Large Enterprise
By Room Size:
- Small-Medium Room (6 to 16 persons)
- Large Room (+16 persons)
By End User:
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Goods and Retail
- Media and Entertainment
- Transportation
- Telecommunication and IT
- Education
- Healthcare
- Energy
- Medical and Life Science
- Manufacturing
- Others
Regional Overview:
- North America: Holds the largest market share of over 35% in 2022.
- Europe: Split into Western and Eastern Europe.
- Asia Pacific: Registers the fastest growth rate of over 14.02% during the forecast period.
- Middle East & Africa: Includes the UAE, Saudi Arabia, South Africa, and others.
- South America: Includes Brazil, Argentina, and others.
Competitive Landscape:
Major players in the software segment include Zoom Video Communications, Cisco Systems, Inc, Microsoft Inc., and others. In the hardware segment, Dell Technologies, Inc., Logitech, Inc., Avaya, Inc., and others are prominent players. Companies like Dell Technologies and Qualcomm Technologies, Inc. are actively involved in developing innovative communication platforms.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 231 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value (USD) in 2022 | $1.22 Billion |
| Forecasted Market Value (USD) by 2031 | $3.68 Billion |
| Compound Annual Growth Rate | 13.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/450ejf
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