Global Conference Room Solutions Market: Overview
A meeting room, conference room, or conference hall refers to a room that is provided for various singular events such as business meetings and conference. Large hotels and convention centers often come with conference rooms and they rent it out to corporate houses for meetings and other events. Apart from hotels, mostly large companies have their own conference rooms to hold meetings and other formal gatherings. Conference rooms are quite often used for lectures, thanks to their size and scope of large seating arrangements. Often presentations, teleconference are made in conference rooms. Growing importance of these rooms is likely to amplify growth opportunities of the global conference room solutions market in the forthcoming years.
Vertical, deployment, component, organization size, and region are the five important parameters based on which the global conference room solutions market has been classified. Such dissection of the market comes with the purpose to offer stakeholders with a detailed and clear analysis of the global conference room solutions market.
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Global Conference Room Solutions Market: Notable Developments
One of the market developments that offer a glimpse of the dynamics prevalent in the global conference room solutions market is mentioned as below:
- In June 2017, US-based Cisco Systems, Inc. entered into a partnership with American tech-giant, Apple Inc. to widen their support for optimized gadgets of Apple on networks of Cisco Systems. With this partnership, the Cisco Systems plans to improve the abilities of Cisco WebEx, so that when one joins a Cisco meeting from an Apple device, he or she will be able to share seamlessly their screen in real time with the participants of the same meeting. Such innovations are likely to boost the technologies often used in conference rooms.
Some of the prominent organizations in the global conference room solutions market include the below-mentioned:
- Zoom Video Communications Inc.
- Cisco Systems, Inc.
- Premiere Global Services, Inc.
- Adobe Systems Incorporated
- Microsoft Corporation
- Blue Jeans Network
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Global Conference Room Solutions Market: Key Trends
The global conference room solutions market is characterized by the presence of the following restraints, drivers, and opportunities.
Rise in the Number of Corporate Houses to Amplify Demand in the Market
The growth of the global conference room solutions market is likely to be shaped by the huge presence of corporate house across the globe. Corporate houses across the globe constantly need to use conference rooms. Most of the players in the global conference room solutions market assist their clients in numerous aspects of setting up of a conference room. These players are often tasked with making the design for conference rooms to providing consultation regarding conference rooms to making provision of conference spaces on rent.
Conference room solutions comprise a combination of specific software and services related to software, which are utilized to make connections between clients and enterprises over internet. Managed network service providers, original equipment manufacturers (OEMs) of communication devices, and software providers comprise the major stakeholders of conference room solutions. Providers of telecom services have also started giving conference room solution. These factors are likely to encourage growth of the global conference room solutions market over the period of assessment.
Global Conference Room Solutions Market: Geographical Analysis
Driven by Canada and the US, North America is anticipated to exert dominance over the global conference room solutions market throughout the assessment period. Technological progress in enterprise mobility has played an important role in the growth of the conference room solutions market in North America. In addition, the region has observed extensive deployment of high-end technologies like internet of things (IoT) and other communication technologies in the last few, which is likely to amplify the demand for conference room solutions in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.