The market for audio conferencing services generated $21.3 billion in sales by the end of 2021. The market for audio conferencing services is anticipated to develop at a CAGR of 4.8% from 2022 to 2032, reaching US$ 35.2 billion.
The term “audio conferencing services market” describes a group of technologies used to set up a point-to-point conferencing system (for communication between two people) or a multipoint conferencing system (for communication between multiple people) to hold an audio call. This type of calling is distinct because the parties involved access a common central point rather than calling one another. 10% of the world’s telecommunications services market is made up of audio conferencing services.
The audio conferencing services market refers to the market for services that enable remote communication through audio channels, such as telephone and internet-based systems. These services are used for a variety of purposes, including business meetings, distance education, and personal communication. The audio conferencing market has grown significantly in recent years, driven by the increasing use of remote work and the need for flexible and cost-effective communication solutions. Key players in the audio conferencing services market include Zoom, Cisco Webex, Microsoft Teams, and GoToMeeting.
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Competitive Landscape
Audio Conferencing vendors are implementing technologies to allow international calls with their services and solutions, but more importantly allow a large number of participants in a call.
- In August 2022, RingCentral was approached by Ryder Systems to develop their communication solutions. RingCentral provided the company with various solutions and services to improve their communication ability, including the call centre service, which allows Ryder Systems to improve its customer interaction.
Regional Analysis
North America was estimated to hold the largest market share in 2021 of 34.5% and South Asia and Pacific is estimated to be the fastest growing region for audio conferencing services market with a CAGR of 4.7% for the forecast period.
North America has a large number of companies from various well developed industries and audio conferencing has been historically used in this region.
South Asia & Pacific on the other hand has a surge in industrialization and enterprises, especially small enterprises. To establish a low cost communication service for these enterprises, audio conferencing services can witness a growth in this region.
Audio Conferencing Services Market by Category
- By Enterprise Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Industry:
- IT & Telecom
- BFSI
- Education
- Healthcare
- Government
- Retail
- Travel & Hospitality
- Others
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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