Managed Network Service Providers and Telecom Service Providers are contributing to the Growth of the Conference Room Solution Market
Valley Cottage, NY -- (SBWIRE) -- 07/11/2019 -- According to a recent market report titled "Conference Room Solution Market: Global Industry Trend Analysis 2012 to 2016 and Opportunity Assessment 2017 – 2027" published by Future Market Insights, the global conference room solution market was valued at US$ 415.5 Mn in 2016 and is expected to register a CAGR of 13.6% from 2017 to 2027. The increasing trend of enterprise mobility and the ever-growing number of internet users and broadband connections in various regions are the major factors driving the growth of the global conference room solution market.
Conference room solutions provide on-demand collaboration, online meeting, web conferencing and videoconferencing services. These solutions can be availed directly from solution providers or third-party managed network service providers. Conference room solutions offer a seamless communication experience between enterprises and their clients.
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Cloud service providers are playing a significant part in the global conference room solution market. With continuous advancements in cloud security, more and more enterprises are opting for cloud services, be it software-as-a-service (SaaS) or cloud storage. Cloud service providers could create a huge opportunity for conference room solution providers in terms of cost-effective solutions. Cloud service providers can also assist conference room solution providers in expanding their business in different geographies without expanding their physical distribution channel.
The global conference room solution market can be categorized on the basis of component, deployment, organization size, vertical and region. On the basis of component, the market can be segmented into software and services. The software segment is anticipated to register a CAGR of 12.9% during the forecast period. The deployment segment can be segmented into on-premises and SaaS. The on-premise sub segment is anticipated to register a CAGR of 11.5% during the forecast period.
On the basis of enterprise size, the market can be segmented into large enterprise and SME (Small and Medium Enterprise). The large enterprise segment accounted for the highest market share of 68.9% in 2016 while the SME segment is expected to register a healthy CAGR of 16.4% during the forecast period.
On the basis of vertical, the market can be segmented into BFSI, transportation & logistics, manufacturing, retail and consumer goods, IT and telecom, media & entertainment, government, energy and utility, education, healthcare and others. The IT and Telecom segment accounted for the highest market share of 15.6% in 2016. The media and entertainment segment is expected to register a healthy CAGR of 15.0% during the forecast period.
This report also covers drivers, restraints and trends driving each segment and offers analysis and insights regarding the potential of the conference room solution market in regions such as North America, Western Europe, Eastern Europe, Latin America, Asia Pacific excluding Japan, Japan and Middle East and Africa. Among these regions, North America accounted for the largest market share in 2016, owing to the continuous rise in the demand for cloud communication solutions and increasing number of enterprises in the region. The APEJ region is expected to register a healthy CAGR of 15.4% during the forecast period.
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Key competitors in the conference room solution market include Cisco Systems, Inc., Microsoft Corporation, Polycom Inc., Zoom Video Communications Inc., Google, West Corporation, LogMeIn Inc., Adobe Systems Incorporated, Blue Jeans Network and Premiere Global Services, Inc.