Audio Conferencing Services Market

Audio Conferencing Services Market Size & Growth (2022 - 2027)

Audio Conferencing Services Market was worth US$ 25.86 billion in 2021, and it is estimated to reach a valuation of US$ 32.4 billion by the end of 2026, expanding at an annual growth rate of 10.4% between 2021 and 2026.

Now a days, business travels were considered to be an integral part of the businesses over the last decade. But due to the increasing of competitions and also decreasing of profits, the need to cut down on the operational costs, most of the enterprises have focused on adopting the solutions those eliminate the business travels. For these scenarios, the audio conferencing acts as one of the prime solutions that can eliminate the need to travel from one place to another with conveying the messages and also conducting the meetings over a simple phone call.

Recent Developments

• Free conferences services for Indian NGOs was launched in the month of January 2017, in which this free call donation conference will be routed through a technology assistance program being offered by the Nasscom foundation in partnership with TechSoup and Eagle conferencing.
• Airtel company ties up with Zoom company in the month of March 2019 to launch a unified business communication solution whereas through this tie up the Airtel company will offer its corporate customers the benefits of Zoom which includes built in audio conferencing for free.

Market Growth

Rising demand for a reliable, cost effective and multi-party communication establishment is a factor that is expected to lead Audio Conferencing Services market during the forecast period.

Market Drivers

Evolving communications infrastructure is expected to play an essential role in the growth of Audio Conferencing Services market across the globe. Another factor such as increasing of investments for R & D activities and also for the technological advancements which influence the growth of Audio Conferencing Services market during the forecast period. Rising demand for reliable, cost effective and multi-party communication establishment which was associated with increasing of travel costs are some of the major driving factors which promotes the growth of the revenue rate of Audio Conferencing Services market during the forecast period.

Market Restraints

Limitations to the number of participants is one of the important barriers to market growth. Also, the inconvenience occurred to the participants and lack of visuals are some of the factors which acts as an important deterrent to the growth of the Audio Conferencing Services market.

AUDIO CONFERENCING SERVICES MARKET REPORT COVERAGE:

Market Segmentation

The Audio Conferencing Services market is segmented based on type, based on deployment type and based on end user.

Audio Conferencing Services Market - By Type:

the Audio Conferencing Services Market is divided into phone enabled conferencing, web based voice over internet protocol technology. The phone enabled conferencing segment held the prominent share as and this segment is predicted to remain at the forefront throughout the forecast period since most of the users prefer the option which 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.

Audio Conferencing Services Market - By Deployment Mode:

the Audio Conferencing Services Market is divided into on premises deployment mode, software as a service and other types of 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.

Audio Conferencing Services Market - By End User:

the Audio Conferencing Services Market is divided into government sector, private sector, residential and other types. The private sector segment held prominent shaare 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 most cost effective and efficient system to reach the clients and the team through the audio web conferencing.

Regional Analysis

On the basis of region, the Audio Conferencing Services market is segmented into

1. North America
2. Asia Pacific
3. Europe
4. Latin America
5. Middle East and Africa region

North America region hold the prominent share of the market due to the 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, increasing adoption of audio conferencing across different countries such as US, Canada and Mexico propels the growth of the market. The North America  region is expected to hold the 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 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 North America region and Asia Pacific region due to Rising demand for a reliable, cost effective and multi party communication establishment.

Leading Company

Microsoft Corporation company from US is the leading company in Audio Conferencing Services market.

Key Players

Key market participants of Audio Conferencing Services market are 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, Others

Impact of COVID 19 for Audio Conferencing Services Market

As we all know that millions of people have 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 of the government associations around the world have implemented strict prohibitions and also imposed lockdown to reduce the spread of the virus and due to this most of the industries have affected very badly and audio conferencing services market is also in the list which got affected badly. As per the prediction from the experts of the industry, the market will get back to normal stage within a short period of time