The global conference room solutions market is forecast to register revenue of US$3,258.6 million by 2030, which is rising from US$1,081.8 million in 2021 and is expected to grow at an annual rate during the forecast period 2022-2030 Growth rate of 13.0% recorded.
NEW DELHI, Nov. 17, 2022 (GLOBE NEWSWIRE) — With the increasing popularity of companies conducting meetings in more comfortable and productive environments, the global meeting room solutions market has seen a surge in revenue in recent years. This growth is primarily due to increasing demand for audiovisual equipment, as well as software that can increase productivity. Additionally, the report attributes this growth to factors such as increasing adoption of virtual meeting platforms, rising demand for video conferencing services, and growing need for smarter meeting spaces.
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The software segment of the conference room solutions market is expected to grow faster than the hardware segment due to its ability to offer additional features and capabilities beyond those of hardware products. The software segment is also better positioned to address business needs such as scalability and modularity.
What is driving and challenging the growth of the Global Conference Room Solutions Market?
One of the key factors behind the growth of this market is the adoption of video conferencing technology by companies in different sectors. This has led to an increase in corporate meetings and events, which in turn is fueling the growth of this market. Also, because video conferencing provides an effective way to communicate with customers and partners in a remote location, companies are increasingly favoring it over traditional face-to-face meetings.
Challenges that organizations face when deploying conference room solutions include insufficient seating capacity and inadequate infrastructure capacity. Additionally, various regulatory requirements such as Sarbanes Oxley Act (SOA) and HIPAA pose different challenges for organizations when it comes to protecting customer data and maintaining the level of compliance during meetings.
How is the market for conference room solutions reacting?
Only 12% of organizations have a formal conference room meeting strategy in place, and an even smaller percentage have effective strategies in place. This lack of strategic planning causes some companies to invest in solutions that don’t really fit their needs or make it difficult to get the job done. Other companies are stuck between decisions, with conflicting requirements from different departments.
There are three main drivers affecting the growth of the conference room solutions market: growing need for collaboration and trend towards mobile working. These drivers are coming together to create an environment where organizations need to go beyond traditional meeting rooms and look at how to use technology more effectively to improve team productivity and customer service.
When considering how technology can be used in the conference room solutions market, many companies focus solely on improving video conferencing and audio quality. While video conferencing is important, Astute Analytica analysts say the most successful implementations focus on bringing people together who are physically present, rather than just speaking to them through a computer screen or phone lens. This is because face-to-face interactions are important when it comes to building relationships and collaborating on projects. Likewise, the audio quality should be good enough for meetings to be recorded.
Over 74% of the market revenue for conference room solutions comes from hardware
The hardware segment of the conference room solutions market accounts for over 74% of total revenue. This is due to the high demand for audiovisual equipment as well as software that can increase productivity. These products are used by companies to hold meetings, train employees and hold presentations. This growth is due to increasing demand for audio/video equipment, telecommunications and networking solutions, as well as furniture and flooring.
One of the leading conference room furniture suppliers in the global conference room solutions market, Ashley Furniture has seen strong growth in its business in recent years. The company saw 16% revenue growth between 2020 and 2021, reaching $6 billion in revenue. In addition to expanding into new markets such as China and Russia, the company has also been successful in retaining its customers through the development of innovative products and services.
Another company that has seen significant growth in its conference room furniture business is Steelcase. The company saw 24% revenue growth between 2015 and 2021. In 2021, the company reported sales of $1.74 billion, a sharp decline due to the Covid-19 pandemic. However, overall success can be attributed to Steelcase’s innovative designs and superior manufacturing processes, which have helped gain market share in the meeting room solutions industry.
Despite these achievements, there are still many companies that are struggling to keep up with the competition in the meeting room solutions market. One example is Herman Miller, whose sales fell 5% between 2019 and 2021 despite maintaining its market share in the industry. In 2021, the company reported sales of $2.62 billion.
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Top 4 players in software category to hold over 69% revenue of conference room solutions market
The four biggest players: Zoom Video Communication, Cisco Systems, Inc., Microsoft Corporation and Blue Jeans Network. This growth is due to the increasing number of companies partnering with hosted video conferencing and collaboration service providers and the continued adoption of virtualized desktops and collaboration hubs.
In terms of vendor mix, Microsoft was the largest player in the global conference room solutions market. However, that share was overtaken by Google during the third quarter of the Covid pandemic. While Microsoft has focused on its Teams product line, which supports client-server collaboration, Google offers more comprehensive and integrated offerings across multiple domains, including messaging, meeting management tools, desktop integration, recording, and more. Several other leading vendors such as Cisco Systems, Oracle Corporation and Citrix Systems are also emerging as major players in this market.
The areas that will see the highest growth in the global meeting room solutions market include video conferencing (20%), collaboration (17%) and audio conferencing (11%). Additionally, there is growing interest in better support for mobile devices in conference rooms, so users can stay connected even when they are away from their desks.
Major players in the global conference room solutions market
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