Conference Room Solution Market Growth – Trends & Forecast 2023-2033

Analytical Study of Conference Room Solution Landscape in Korea from 2023 to 2033

Adoption of conference room solution in Korea is to exhibit a CAGR of 11.5% through 2033. This sets the stage for substantial opportunities in the industry, which is valued at USD 41.7 million in 2023. The integration of AR and VR technologies into conference room solution can enhance user experiences for virtual meetings, presentations, and training. These emerging technologies can open up new opportunities. Korea is projected to attain a conference room solution industry value of USD 125.5 million by 2033.

Attributes	Details
Industry Size in 2023	USD 41.7 million
Expected Industry Size by 2033	USD 125.5 million
Forecasted CAGR from 2023 to 2033	11.5%

Key Insights - Highlights to Understand Emerging and Fast Growing Opportunities

• Data security and privacy are of paramount concern with the increasing use of digital tools for communication. Conference room solution providers that can ensure robust security features are in high demand.
• Korea is showing a growing interest in sustainable and environmentally friendly technologies. Conference room solution that incorporate energy-saving and eco-friendly features are gaining attention.
• Korea has a strong education sector, and there is a growing need for distance learning solutions. Conference room solution catering to educational institutions for virtual classrooms and online lectures have significant growth potential.

Key Trends Influencing Demand for Conference Room Solution in Korea

• Many companies in Korea are adopting hybrid work models, which necessitates more advanced conference room solution to facilitate communication between in-office and remote workers.
• The government in Korea has been supporting initiatives related to digital transformation. These initiatives have created opportunities for companies providing conference room solution to cater to the evolving business landscape.
• Businesses in Korea are increasingly looking to make their office spaces smarter by integrating various technologies. Conference room solution that can seamlessly connect with other smart office technologies are in high demand.

Category-wise insights

Korea's Tech-forward Landscape Drives the Demand for Advanced Hardware Solutions

Based on component, the hardware segment is expected to account for a share of 45.8% in 2023. The growing adoption of video conferencing in Korea, driven by remote work and virtual meetings, has led to an increased demand for high-quality video conferencing hardware components, such as cameras, displays, and microphones.

Conference Room Solution in Korea based on Component	Hardware
Industry Share in % in 2023	45.8%

Korea is known for its advanced technology infrastructure. Businesses and organizations in the country often seek the latest and highly advanced hardware solutions to ensure superior audio and video quality during meetings. The shift toward hybrid work models, where employees split their time between the office and remote work, has created a need for well-equipped conference rooms with state-of-the-art hardware components to facilitate communication between in-office and remote team members.

IT Telecom Segment Splashes Reach High as Compared to Other Verticals

In terms of verticals, the IT telecom sector is projected to hold a 20.7% share in 2023. The IT and telecom industry relies heavily on effective communication. There is a heightened demand for advanced conference room solution due to the growing need for virtual meetings, remote collaboration, and client interactions.

Conference Room Solution in Korea based on Vertical	IT Telecom
Industry Share in % in 2023	20.7%

The IT and telecom sector is at the forefront of digital transformation efforts in Korea. These efforts include the adoption of advanced communication and collaboration tools, creating opportunities for conference room solution providers. Companies in the IT and telecom sector often collaborate with global clients and partners. Conference room solution that support international communication and multilingual capabilities are highly valued. The IT and telecom industry is increasingly embracing hybrid work models, which necessitate well-equipped conference rooms that can seamlessly connect remote and in-office employees.

Province-wise Insights

Technological Advancements to Boost the Industry in the South Gyeongsang

South Gyeongsang is known for its technological advancements, including a robust IT infrastructure and a thriving tech industry. This technological foundation can strongly support the adoption of conference room solution.

The province boasts a growing business community, comprising small and medium-sized enterprises (SMEs) and large corporations. These businesses may seek advanced conference room solution to meet their communication needs.

Government initiatives aimed at promoting digital transformation and technological development can create a conducive environment for the adoption of conference room solution in South Gyeongsang.

Educational Institutions in North Jeolla to Enhance the Conference Room Solution Landscape

North Jeolla has been experiencing economic growth and attracting businesses, leading to an increased demand for communication solutions like conference room systems. The provincial government may support technological advancements, providing incentives and funding for businesses to invest in digital communication solutions.

North Jeolla is home to several educational institutions. The need for virtual classrooms and online lectures has created a demand for advanced conference room solution in the education sector. Healthcare facilities in the region may require telemedicine solutions, driving the adoption of conferencing technology in medical settings.

Tourism Sector in Jeju to Accelerate the Ecosystem

Jeju is a key tourist destination. The hospitality and tourism sector often require advanced conferencing solutions for events, conferences, and guest services. The local government frequently encourage technological development and digital transformation, creating a favorable environment for the adoption of conferencing solutions.

Jeju is known for hosting international conferences and events. Conference room solution that meet the specific needs of event organizers can find a niche in this industry. Customizing conferencing solutions to align with the language and cultural preferences of the region can enhance adoption.

Competitive Landscape

The competitive landscape of the conference room solution industry in Korea is expected to continue evolving as the industry grows and technology advances. Companies need to stay agile, innovate, and provide exceptional customer support to thrive in this competitive environment. Compliance with data privacy regulations and alignment with the specific needs of businesses in Korea are likely to be crucial for success in the industry.

Recent Developments Observed in Conference Room Solution Industry in Korea

• In 2023, LG Electronics announced the launch of its new LG One: Quick Works video conferencing system. The system is designed to be easy to use and manage, offering a variety of features such as 4K video resolution, noise cancellation, and screen sharing.
• In 2023, Samsung Electronics announced the launch of its new Samsung Flip Pro interactive whiteboard. This whiteboard is designed for use in conference rooms and other collaboration spaces, providing a variety of features including multiple writing modes, screen sharing, and cloud storage.

Some of the Key Players with Conference Room Solution in Korea

• LG Electronics
• Samsung Electronics
• Cisco Systems
• Polycom
• Yealink
• Crestron
• Extron
• Shure
• Logitech
• BenQ
• ViewSonic
• Epson

Scope of the Report

Attribute	Details
Estimated Industry Size in 2023	USD 41.7 million
Projected Industry Size by 2033	USD 125.5 million
Anticipated CAGR from 2023 to 2033	11.5% CAGR
Historical Analysis of Demand for Conference Room Solution in Korea	2018 to 2022
Demand Forecast for Conference Room Solution in Korea	2023 to 2033
Report Coverage	Industry Size, Industry Trends, Analysis of key factors influencing Conference Room Solution adoption in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Manufacturers in Korea
Key Provinces Analyzed while Studying Opportunities in Conference Room Solution in Korea	South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled	LG Electronics; Samsung Electronics; Cisco Systems; Polycom; Yealink; Crestron; Extron; Shure; Logitech; BenQ; ViewSonic; Epson

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
• 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Component
  • 5.1. Hardware
    • 5.1.1. Flat Screens
    • 5.1.2. Projectors
    • 5.1.3. Cameras
    • 5.1.4. Interactive/Digital Whiteboards
  • 5.2. Software
    • 5.2.1. Unified Communication and Collaboration
    • 5.2.2. Document Management
    • 5.2.3. Meeting Organizers/Scheduling
    • 5.2.4. Others
  • 5.3. Services
    • 5.3.1. Consulting
    • 5.3.2. Implementation and Integration
    • 5.3.3. Training
    • 5.3.4. Managed Services
• 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Enterprises Size
  • 6.1. Small & Medium Enterprises (SMEs)
  • 6.2. Large Enterprises
• 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Vertical
  • 7.1. IT & Telecom
  • 7.2. BFSI
  • 7.3. Healthcare
  • 7.4. Retail
  • 7.5. Media & Entertainment
  • 7.6. Transportation & Logistics
  • 7.7. Education
  • 7.8. Manufacturing
  • 7.9. Others
• 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 8.1. South Gyeongsang
  • 8.2. North Jeolla
  • 8.3. South Jeolla
  • 8.4. Jeju
  • 8.5. Rest of Korea
• 9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 13. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 14. Market Structure Analysis
• 15. Competition Analysis
  • 15.1. Cisco Systems, Inc.
  • 15.2. Microsoft Corporation
  • 15.3. Huawei Technologies Co. Ltd.
  • 15.4. Alphabet, Inc. (Google)
  • 15.5. Adobe Systems Incorporated
  • 15.6. LogMeIn, Inc.
  • 15.7. Polycom (Plantronics, Inc.)
  • 15.8. Zoom Video Communications, Inc.
  • 15.9. ZTE Corporation
  • 15.10. Biamp
  • 15.11. ClearOne
  • 15.12. WolfVision
• 16. Assumptions & Acronyms Used
• 17. Research Methodology