The audio conferencing services market revenue by the end of 2021 was USD 21.3 Billion. The audio conferencing services market is expected to reach USD 35.2 Billion by 2032, as it is estimated to grow at a CAGR of 4.8% for 2022 to 2032.
| Attributes | Details |
|---|---|
| Estimated Year (2022) Market Value | USD 22.1 Billion |
| Projected Year (2032) Market Value | USD 35.2 Billion |
| CAGR% (2022 to 2032) | 4.8% |
| Top 5 Vendor Market Share | Around 40% |
Audio conferencing services market refers to the set of technologies implemented to establish a point-to-point conferencing system (communication between two people) or multipoint conferencing system (communication between multiple people) to hold an audio call, this form of calling is different since a common central point is accessed by the parties involved instead of calling each other.
Audio conferencing services market consists 10% of the global telecommunications services market.
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The growth of audio conferencing services market is estimated to be at the CAGR of 4.8% for the forecast period
Communication innovations have made business easier, faster, and cheaper. Businesses are beginning to use voice and web collaboration technologies to communicate with customers and team members in various locations. It is not always possible to travel to the desired location for the meeting, which is fulfilled by a more cost-effective and efficient system for communicating with your team and clients through audio web conferencing. Headquarters with regional offices as well as increasing acceptance by private banks and insurance companies are expected to drive the market growth.
Today's phone systems allow callers to dial multiple people. This is especially helpful when each person is in different cities, states, or even different parts of the world. This kind of conversation is common in multisite organisations.
For example, a company has offices in Atlanta, Richmond, and Cebu, Philippines. Colleagues are geographically separated but can meet to discuss project details. All they have to do is set a date that is most convenient for them to chat with anyone. A conference call can be set up between the two parties if you would like to learn more about the matter. This gives each member a chance to update on their progress and obstacles.
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North America was estimated to hold the largest market share in 2021 of 34.5% and South Asia and Pacific is estimated to be the fastest growing region for audio conferencing services market with a CAGR of 4.7% for the forecast period.
North America has a large number of companies from various well developed industries and audio conferencing has been historically used in this region.
South Asia & Pacific on the other hand has a surge in industrialization and enterprises, especially small enterprises. To establish a low cost communication service for these enterprises, audio conferencing services can witness a growth in this region.
However, it needs to be noted, that video conferencing solutions are catching up as the new mode of conferencing as well across both the regions.
Factors influencing include lower cost connecting versus video conferencing, simple set-up, and a rich computerised meeting administration highlight. Versatility has arisen as a significant pattern in this market with the rising reception of sound conferencing. Cloud-based stages are progressively being carried out to have sound conferencing administrations and with versatility, clients can now introduce a remote application on their gadgets that advances the contribution of "bring your own gadgets" (BYOD) in the sound meeting.
China is one of the most industrialised and developed countries in East Asia, which is also progressing at a fast rate.
One of the additional points which needs to be considered for China is the language barrier. China has several multinational companies operating within its borders and several Chinese companies operating offshore as well. However, as Mandarin is the most spoken language in this country, in order to improve the performance of audio conferencing services in this country, individual translators need to be employed to interact with foreign individuals, or specific software updates need to be made to the audio conferencing services.
The development of the audio conferencing service market is primarily determined by interest in headsets, brilliant homes, cell phone advances, and so on. In addition, a few confidential associations are effectively putting resources into 5G innovation and assembling plants. This at last builds the interest in sound in hardware.
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Large Enterprises have historically held a larger share for conference solutions because of their presence in more than one office geographically, naturally causing the demand for conferencing solutions.
Owing to this factor, large enterprises were estimated to hold the largest market share for the year 2021 of 56.3%.
Healthcare sector is rapidly implementing technologies to improve the workflows. Communication and exchange of information needs to be done in a regulated manner within this sector as well.
Due to these factors, healthcare sector is estimated to be fastest growing market for the forecast period with a CAGR of 5.6%.
Audio Conferencing vendors are implementing technologies to allow international calls with their services and solutions, but more importantly allow a large number of participants in a call.
| Attribute | Details |
|---|---|
| Market value in 2021 | US$ 21.3 Billion |
| Market CAGR 2022 to 2032 | 4.8% |
| Share of top 5 players | Around 40% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia & Pacific; East Asia and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey and South Africa |
| Key Segments Covered | Enterprise Size, Industry and Region |
| Key Companies Profiled | Zoho; BrandedBridgeLine; Microsoft; Mitel; Grptalk; Pulse Telesystems; DSNL; Mobtexting; RingCentral; CoreIP |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Some leading of the Audio Conferencing services market are Zoho, Grptalk, BrandedBridgeLine and RingCentral
South Asia & Pacific is estimated to have the highest growth for the Audio Conferencing services market during the forecast period of 4.7%.
Interacting with multiple people in a conference call, especially in the absence of internet.
IT & Telecom had the largest market share for the Audio Conferencing services market of 26.5% in 2021.
Healthcare sector has the highest CAGR of 5.6% for the forecast period.
U.S.A, U.K, Germany, China and Japan.
The market share of South Asia and Pacific for the year 2021 for the Audio Conferencing services market was 9.4%.
North America had a market share of 34.5% in 2021 for Audio Conferencing services market.
India has the highest CAGR for the forecast period, which is 5.0%.
The estimated market value for Audio Conferencing services market for the year 2022 is US$ 22.1 Bn.
For East Asia region, the CAGR for the forecast period is estimated to be 4.2% for the Audio Conferencing services market.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Enterprise Size 6.2. Industry 7. Global Market Analysis and Forecast, By Enterprise Size 7.1. Small and Medium Enterprises (SMEs) 7.2. Large Enterprises 8. Global Market Analysis and Forecast, By Industry 8.1. IT & Telecom 8.2. BFSI 8.3. Education 8.4. Healthcare 8.5. Government 8.6. Retail 8.7. Travel & Hospitality 8.8. Others 9. Global Market Analysis and Forecast, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. East Asia 9.5. South Asia & Pacific 9.6. Middle East & Africa 10. North America Sales Analysis and Forecast, by Key Segments and Countries 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries 12. Europe Sales Analysis and Forecast, by Key Segments and Countries 13. East Asia Sales Analysis and Forecast, by Key Segments and Countries 14. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries 15. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 16. Sales Forecast by Enterprise Size and Industry for 30 Countries 17. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 18. Company Profile 18.1. Zoho 18.2. BrandedBridgeLine 18.3. Microsoft 18.4. Mitel 18.5. Grptalk 18.6. Pulse Telesystems 18.7. DSNL 18.8. Mobtexting 18.9. RingCentral 18.10. CoreIP
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Audio Conferencing Services Market
