The size of the global audio conferencing services market is expected to grow at a CAGR of 10.4% from 2024 to 2029 and be worth USD 46.82 billion by 2029 from USD 28.55 billion in 2024.
Nowadays, business travel has been an integral part of the businesses over the last decade. Due to the increasing competition and decreasing profits, as well as the need to cut down on operational costs, most enterprises have focused on adopting solutions that eliminate business travel. For these scenarios, audio conferencing acts as one of the prime solutions that can eliminate the need to travel from one place to another by conveying messages and conducting meetings over a simple phone call.
Global Audio Conferencing Services Market Drivers:
Rising demand for a reliable, cost-effective and multi-party communication establishment is a factor that is expected to propel the growth of the audio conferencing services market during the forecast period. Evolving communications infrastructure is expected to play an essential role in the growth of the audio conferencing services market across the globe. The growing investments in R&D activities and technological advancements are further boosting the growth of the audio conferencing services market during the forecast period. Rising demand for reliable, cost-effective and multi-party communication establishments which was associated with increasing travel costs is one of the major driving factors that promote the growth of the revenue rate of the audio conferencing services market during the forecast period.
Global Audio Conferencing Services Market Restraints
Limitations to the number of participants are one of the important barriers to market growth. Also, the inconvenience that occurred to the participants and the lack of visuals are some of the factors that act as an important deterrent to the growth of the audio conferencing services market.
Impact of COVID-19 on the global audio conferencing services market:
As we all know millions of people have been infected due to the COVID-19 disease and most of them lost their lives fighting against this disease. Due to the spread of this disease, most government associations around the world have implemented strict prohibitions and imposed lockdowns to reduce the spread of the virus due to this most industries have been affected very badly and the audio conferencing services market is also in the list which got affected badly. As per the prediction from the experts in the industry, the market will get back to normal stage within a short period.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
10.4% |
Segments Covered |
By Type, Deployment Mode, End-user, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Mitel Networks, Adobe systems, Avaya Inc., Siemens Enterprise Communications, T&T Inc., PGi, Microsoft Corporation, Cisco Systems, IBM, British Telecom Group plc., 8x8, Aastra Technologies, Alcatel-Lucent, BroadSoft and Others. |
This research report on the global audio conferencing services market has been segmented and sub-segmented based on type, deployment type, end user and region.
Global Audio Conferencing Services Market - By Type:
The phone-enabled conferencing segment held the prominent share and this segment is predicted to remain at the forefront throughout the forecast period since most of the users prefer the option that is enabled by phone and this form of conference takes place using both the cell phone as well as traditional telephone and due to the dearth of internet quality, most of the users prefer this phone enabled conferencing.
Global Audio Conferencing Services Market - By Deployment Mode:
The software as a service deployment mode segment holds the major share of the market and this segment is expected to hold the dominance during the forecast period.
Global Audio Conferencing Services Market - By End User:
The private sector segment held a prominent share of the market among the other segments since the communication innovation has facilitated the business and made it faster, easier and more cost-effective whereas the companies have started using these audio and web collaboration techniques to communicate with the customers and also the team members at different locations. Furthermore, it is not possible to travel to different locations for a meeting which is considered to be the most cost-effective and efficient system to reach the clients and the team through audio web conferencing.
Global Audio Conferencing Services Market – By Region:
North America region holds the prominent share of the market due to factors such as the rapid growth of the audio conference market in the region which includes the need for low-cost bridging when compared to video conferencing, easy setup, and a rich automated conference service feature. Furthermore, the increasing adoption of audio conferencing across different countries such as the US, Canada, and Mexico propels the growth of the market. The North America region is expected to hold dominance during the forecast period.
Asia Pacific region is expected to increase the market value due to the presence of major market participants in the region especially in some of the countries such as India, China and Japan, and also the strategy of expanding the existing portfolio of products and services to retain the existing customers helps the growth of the market.
Europe region is also expected to increase the market growth followed by the North American region and Asia Pacific region due to Rising demand for a reliable, cost-effective and multi-party communication establishment.
KEY MARKET PLAYERS:
Companies playing a leading role in the global audio conferencing services market include Mitel Networks, Adobe systems, Avaya Inc., Siemens Enterprise Communications, T&T Inc., PGi, Microsoft Corporation, Cisco Systems, IBM, British Telecom Group plc., 8x8, Aastra Technologies, Alcatel-Lucent and BroadSoft. Microsoft Corporation company from the U.S. is the leading company in the audio conferencing services market.
RECENT HAPPENINGS IN THE MARKET:
FAQ's
The global audio conferencing services market is expected to be valued at USD 28.55 bn in 2024.
Major contributors to the global audio conferencing services market share include North America, Europe, Asia-Pacific, and the Middle East & Africa, each with its own market dynamics.
The COVID-19 pandemic has significantly accelerated the adoption of audio conferencing services globally as organizations adapt to remote work requirements, driving the need for reliable virtual communication tools.
Mitel Networks, Adobe systems, Avaya Inc., Siemens Enterprise Communications, T&T Inc., PGi, Microsoft Corporation, Cisco Systems, IBM, British Telecom Group plc., 8x8, Aastra Technologies, Alcatel-Lucent and BroadSoft are some of the leading companies in the global audio conferencing services market.
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