The professional audiovisual products market reportedly boomed to $3.8 billion last year, with projected growth in video conference technology, following a 50% increase in product shipments.
Research by Futuresource Consulting revealed that “the market is in a significant phase,” with the total number of video-equipped meeting rooms exceeding four million worldwide, though Chris Mcintyre-Brown, associate director at Futuresource said this represents roughly 10% of the available market.
According to Mcintyre-Brown, close to three in four companies are actively encouraging employees to increase their use of conferencing technology to communicate, indicating growth in the market will continue.
Video conferencing vendors are now shifting their focus from large conferencing rooms to multiple smaller rooms, adjusting business strategies to remain competitive in the market.
“What was once seen as a solution for the boardroom is now being harnessed by employees at all levels, pervading meeting rooms and having a huge impact on the demand for video communications,” said Mcintyre-Brown.