USD 3.96 billion
Audio Conferencing Services Market Size, Share, Growth Analysis, By Deployment Type(On-Premises, Cloud), By End-User(BFSI, Government, Transportation, Utilities), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2187 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Audio Conferencing Services Market Insights
Audio Conferencing Services Market size was valued at USD 3.96 billion in 2019 and is poised to grow from USD 4.27 billion in 2023 to USD 8.73 billion by 2031, growing at a CAGR of 7.8% in the forecast period (2024-2031).
Audio conferencing is the use of electronic communication channels to hold meetings between three or more people who exclusively communicate through audio. Audio conferencing is in high demand these days for better corporate and staff management, as well as more productive interactions with partners. Many audio conferencing solutions can be used with a variety of online collaboration capabilities, such as screen sharing, team messaging, and conference recording, to make audio meetings even more valuable.
US Audio Conferencing Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud
Fastest Growth
Cloud
Growth Rate
7.8% CAGR
Global Audio Conferencing Services Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Audio Conferencing Services Market Segmental Analysis
Global Audio Conferencing Services Market is segmented based on the Deployment type, End-User and region. Based on the Deployment Type, the Global Audio Conferencing Services Market is segmented as On-Premises and Cloud. Based on the End-User, the Global Audio Conferencing Services Market is segmented as BFSI , Government, Transportation , Utilities , and Communications. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Audio Conferencing Services Market Analysis by Deployment
In 2021, the cloud-based services emerged as the largest deployment model in the global audio conferencing services market. Today, most of the organization have begun using audio and web collaboration solutions to communicate with consumers and team members across the globe. This has enabled clients or individual all around the globe to speak to people from anywhere. For a meeting, audio web conferencing is a more cost-effective and efficient way to communicate with colleagues and clients. Global market is projected to get benefited from the companies having HQs with regional offices and rapidly expanding application in private sector including banks and insurance providers.
Global Audio Conferencing Services Market By Deployment Type , 2021(%)
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Audio Conferencing Services Market Regional Insights
As of 2021, North America held the largest Global Audio Conferencing Services Market share. All credit goes to early adoption, higher demand for lower-cost bridging solution compared to video conferencing, easy set-up, and a rich automated conference service feature. It has been found in our market analysis that cloud computing and enterprise mobility are some of the key trends supporting the growth of the regional market. Additionally, cloud-based platforms are increasingly being used to host audio conferencing services and with the mobility, users can now install a wireless app on their devices that encourage "bring your own device" (BYOD) participation in the audio conference.
On the other hand, Asia Pacific is continuing witnessing fastest growth thanks to its rapidly expanding internet capabilities and strong presence of a large number of corporate offices.
Global Audio Conferencing Services Market By Geography, 2021 - 2028
- Largest
- Fastest
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Audio Conferencing Services Market Dynamics
Audio Conferencing Services Market Driver
- A number of offices now provide a dedicated line for each employee. In addition to email and instant messaging, this is one method of contacting them if their services are required. A simple conference call within one building between teams occurs when the entire testing team calls in and the entire development team joins in to answer their questions. This saves time because the developers can be at their station looking at the program while the testers are at the lab testing the software. This is expected to fuel audio conferencing services market growth.
Audio Conferencing Services Market Restraint
- The high cost of deploying hardware solutions will limit market growth in SMEs. Furthermore, the high deployment cost is due to the use of data protection software and hardware solutions to secure data transfer. Furthermore, data privacy and identity, and information security are expected to stymie market growth. Moreover, the industry will be hampered by these solutions' limited functionality, as well as a lack of experience among software engineers and developers.
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Audio Conferencing Services Market Competitive Landscape
The Global Audio Conferencing Services market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their company globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
Audio Conferencing Services Market Top Player's Company Profiles
- Alcatel-Lucent
- Avaya
- Microsoft Corporation
- Cisco Systems, Inc.
- Adobe Systems Incorporated
- Arkadin
- InterCall
- PGi
- West Corporation
- Verizon Communications Inc.
- AT&T Inc.
- BT Conferencing
- Citrix Systems, Inc.
- Deutsche Telekom AG
- IBM Corporation
- Zoom Video Communications, Inc.
- LogMeIn, Inc.
- Google LLC
- BlueJeans Network
- Fuze, Inc.
Audio Conferencing Services Market Recent Developments
- In May 2022, Xilica and Sennheiser have expanded their collaboration with the introduction of two new pre-validated, plug-and-play "room kits" for medium and large collaboration spaces. The IT-compliant room kits combine premium PoE-powered Xilica and Sennheiser audio conferencing solutions in a single compact in-ceiling system, with all components connected via CatX network cable.
- In June 2022, Nureva has announced the appointment of AV Supply Group as its Australian distributor. Nureva's audio conferencing products were first introduced to the New Zealand market in 2017, and the group's expansion into Australia recognizes the demand from the shift to hybrid working and learning models.
Audio Conferencing Services Key Market Trends
- Confidential business data shared during a conference call must be kept secure during critical discussions. Audio Conferencing Services provides complete security for data and conversations between users, as well as the benefit of recording conversations for future use, which is essential for running a business more efficiently. This contributes to the expansion of the global audio conferencing services market.
- With the enhanced use of audio conferencing, cloud computing and enterprise mobility have emerged as major industry trends. Cloud-based platforms are increasingly has been used to host audio conferencing services, and users can now install a wireless application on their devices.
Audio Conferencing Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Audio Conferencing Services Market Analysis, In 2021, the cloud deployment led the global audio conferencing services market. Companies have begun to use audio and web collaboration solutions to communicate with consumers and team members who are spread out around the globe. With a market share of more than 35%, North America is expected to dominate the global Audio Conferencing Services market. With the increasing adoption of audio conferencing, cloud computing and enterprise mobility have emerged as major trends in this market.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 3.96 billion |
| Market size value in 2031 | USD 8.73 billion |
| Growth Rate | 7.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Audio Conferencing Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Audio Conferencing Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Audio Conferencing Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Audio Conferencing Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Audio Conferencing Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Audio Conferencing Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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