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Conference Room Solutions Market to expand at a CAGR of 13.6% by 2027
The research report on global conference room solutions market includes an in-depth market analysis that covers major companies participating in the global market. Key players such as Cisco, Microsoft, ZOOM, Adobe, Google, West Corporation, LogMein, Polycom, Vidyo Inc., BlueJeans Network, PGi, Huawei and ZTE have been profiled in this research report.
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Numerous factors are responsible for the growth of the global market. Aspects such as continuous demand for and adoption of cloud communication solutions, increasing number of enterprises, increasing partnerships between conference room solution vendors, growing number of mobile workers, digitization of workspaces, increasing demand for high performance conferencing solutions, continuous increase in fixed broadband connections, increasing smartphone users, rising demand for remote solutions, growth in collaborative communication, favourable government initiatives to develop digital infrastructure, emergence of IoT, and increasing mobile phone conferencing are boosting the growth of the global conference room solutions market. On the other hand, security issues, high deployment and maintenance cost, low internet penetration, extra security for mobiles and tablets and less awareness of advanced technology are restraining the growth of the global conference room solutions market. According to the research report on conference room solutions market, the global market is estimated to reach a valuation of more than US$ 1.6 Bn by the end of the year of assessment from a value of above US$ 450 Mn in 2017. The global market for conference room solutions is projected to grow at a high CAGR of 13.6% during the period of forecast, 2017-2027.
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The global conference room solutions market has been segmented on the basis of component, deployment, organization, vertical and region. By component, software segment is the largest in terms of value and is estimated to reach US$ 1,081.9 Mn by the end of the year of assessment. The services segment is the fastest growing segment during the forecast period. By deployment, SaaS segment is projected to grow at a higher rate to register a CAGR of 16.6% throughout the period of forecast. The on-premise segment is poised to dominate the global market with a high market valuation. By organization, small and medium enterprises are anticipated to show higher inclination towards using conference room solutions. This segment is poised to reflect fastest growth during the forecast period.By vertical, IT and telecom segment is expected to lead the market and cement its dominance in the coming years. This segment is estimated to be valued at above US$ 70 Mn in 2017 and is likely to reflect higher valuation by the end of the assessment year.By region, Asia Pacific excluding Japan (APEJ) is expected to witness faster pace in the global conference room solutions market during the period of forecast
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