Sales of conference room products to rise 15% annually over this decade

Sales of conference room products to rise 15% annually over this decade
The global conference room system market is expected to expand at a CAGR of 14.7% over the forecast period (2021-2031), according to a new report from Future Market Insights.

This is due to rising demand for improvement in enterprise communication network, the market valuation is expected to surpass US$ 1.18bn (€997m) in 2021.

Points of interest to the proAV world from the report include;

- IT and telecom applications will account for more than 22% of the market, owing to higher adoption of online services.

- Projectors will reflect higher adoption rates holding 35% of the market, supported by higher audio-visual requirements of industry end users.

- Australia, and New Zealand are leaders in the South Asia & Pacific market, reflecting a CAGR of over 23% through 2031, on the back of growing business requirements.

- The market in the U.S. is projected to expand at a CAGR of 10.6% through 2031, supported by a mature business sector.

- Japan will hold the lead in East Asia by the end of 2031, with a CAGR of over 20% owing to better consumer awareness and acceptance. ?

The demand for communications platforms as a service (CPaaS) software, collaboration tools, conferencing software, remote desktop software and remotely managed IT services has risen during the Covid pandemics. This is fueling an increase in the demand for conference room products.

Conference room products are estimated to grow by 1.8X from 2019-2020 and is expected to surge through 2021 and beyond, as remote working becomes the norm.

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