(I-BusinessNews.Com, November 27, 2021 ) Audio Conferencing Services Market is forecast to reach $38.5 billion by 2026, growing at a CAGR 12.1% from 2021 to 2026. Over the last decade, business travel has been seen as an integral part of businesses. However, due to increased competitions, decreasing profits and the need to reduce various operational costs, the companies have focused on adopting audio and video conferencing solutions that eliminate business travel needs. Audio conferencing is one of the prime solutions that eliminated the need to travel from one location to another by conveying the messages and holding online meetings over a simple teleconference. Online meetings that are being held today are considered by huge margins to have reduced costs for the company. The audio-conferencing services market is undergoing rapid transitions in the current scenario. Low cost, easy setup and reliability are some of the characteristics that drive market growth.
Audio Conferencing Services Market Segment Analysis - By Type
During the forecast period Phone enabled conferencing segment is expected to grow at a CAGR of 9.9%. Most users prefer the option which is enabled by phone. This form of conference takes place using both the cell phone and traditional telephone. Most of the users practice this trend to hire the audio conferencing service. Teleconferencing service users can take advantage of several programs offered by the service providers. These programs can match any budget and application. Most users prefer the phone-enabled option due to the dearth of internet quality. Discussing topics during conference calls when some of the participants hear blank voices suddenly isn't convenient. This is expected to boost the market growth of audio conferencing services.
Audio Conferencing Services Market Segment Analysis - By Transaction Mode
The Private Sector is projected to grow during the forecast period at the highest CAGR of 12.1%. Communication innovation has facilitated business and made it faster, easier and more cost-effective. Companies have started using Audio and Web collaboration techniques to communicate with customers and team members at different locations. It is not always possible to travel to the desired location for a meeting, a more cost-effective and efficient system to reach team and clients through the Audio web conferencing. HQs with regional offices and higher adoption in private sector banks and insurance companies are expected to stimulate market growth.
Audio Conferencing Services Market Segment Analysis - By Geography
North America is expected to dominate the global Audio Conferencing Services market with a share of more than 36.5%. Factors influencing the growth of the audio conference market in this region include the need for lower cost bridging compared to video conferencing, easy set-up and a rich automated conference service feature. Cloud computing and enterprise mobility have emerged as major trends in this market with the increasing adoption of audio conferencing. Cloud-based platforms are increasingly being implemented to host audio conferencing services and with mobility, users can now install a wireless application on their devices that promotes the involvement of "bring your own devices" (BYOD) in the audio conference. APAC region is expected to grow at the highest rate with mMajor market participants in APAC audio conferencing follow the strategy of expanding existing portfolio of products and services to retain existing customers by offering enhanced services and attracting new customers. This is anticipated to boost the market growth in this region.
Audio Conferencing Services Market Drivers
Telephones are widely accessible
These days a number of offices provide a dedicated line for every employee. In addition to email and instant messaging, this is one of the ways to contact them should their services be needed. One can't always shoot an email if there is need for asking a question through the phone. When the entire testing team calls in and the entire development team joins in to answer their queries, it is an example of a simple conference call within one building between teams. This is time saving because developers could be at their station looking at the program and the testers could be at the lab testing the software. This is expected to boost the market growth.
Multiple parties can participate in a discussion
These days the telephone systems enable callers to call more than one person. This becomes especially useful when each person is in different locations around the city, state or even the world. This sort of conversation in businesses that have multiple locations is quite normal. One company for instance has offices in Richmond, Atlanta and Cebu (Philippines). Although colleagues are geographically separated, they may still get together to discuss a project's particulars. All they need to do is set a date where it's most convenient to have a conversation with all of them. Some firms also have part of their team located in a different country, and when the project manager wants to get details about what has been accomplished, they can set up a conference call between the two. This gives every member an opportunity to inform about their progress or what is stopping them. One of the major factors driving the audio conferencing services market is expected to be rising demands for a reliable, cost-effective, and multi-party communication establishment solution coupled with increasing travel costs.
Limitations to the number of participants and inconvenience to some parties
Audio conferencing disadvantages are limitations on number of participants and lack of visuals. When it comes to offices around the world, with different locations. If the time difference is 12 hours or more, one party would have to call at night, or do it very early in the morning. Although some may label this as part of the job, some may find it a drawback. For some this also means staying in the office until the audio conference begins. This is expected to hinder growth in the market.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Audio Conferencing Services Market. Audio Conferencing Services Market is expected to be dominated by major companies such as T&T Inc., PGi, Microsoft Corporation, Cisco Systems, IBM, Mitel Networks, Adobe systems, Avaya Inc., Siemens Enterprise Communications, British Telecom Group plc., 8x8, Aastra Technologies, Alcatel-Lucent, BroadSoft, Others
In March 2019, Airtel tied up with Zoom to launch a unified business communication solution. Airtel will offer its corporate customers the benefits of Zoom, including built-in audio conferencing for free.
In January 2019, Plantronics had launched new Calisto portable USB speakerphones in order to make calls easily for mobile and remote workers. With 360 degree audio in a compact device, these devices transmit conversations with high quality audio and voice clarity even in remote locations. Adoption of such devices set to drive the Audio conferencing market in near future.
In the current scenario the audio-conferencing services market is undergoing rapid transitions. Low cost, easy setup, and reliability are some of the features driving market growth.
Major market participants in APAC audio conferencing follow the strategy of expanding existing portfolio of products and services by offering enhanced services and attracting new customers to retain existing customers. This is expected to boost that region's market growth.
One of the major factors driving the audio conferencing services market is expected to be rising demands for a reliable, cost-effective, and multi-party communication establishment solution coupled with increasing travel costs.
Audio conferencing disadvantages are limitations on number of participants and lack of visuals.
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