The global conference call services market was valued at US$ 8.4 billion in 2017 and is projected to reach US$ 12.5 million by 2026, exhibiting a CAGR of 4.6% over the forecast period, according to Global Conference Call Services Market Report, by Call Service Type (On-premise, Cloud-based, and Managed Conference Call Services), by End User (Corporate Enterprises, Healthcare, Government & Defense, Media & Entertainment, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa), published by Coherent Market Insights.
Conference call services enable real-time collaboration and communication for the business units of any company or different companies to communicate with its clients or the business units at different locations at the same time. This service is time-saving, cost-efficient, and provides high security of data sharing and conversation recording for future purposes. Some of the major drivers of this market include increasing demand for time-saving communication methods and increasing demand for security of data and confidential conversations between the users. According to Coherent Market Insights, companies such as Cisco and Polycom accounted for over 45% of the total conferencing call services market share in 2017.
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Key Trends and Analysis of the Global Conference Call Services Market:
- Among call service type, cloud-based segment is expected to grow at highest rate during the forecast period due to low initial investment and predictable costs over time along with cost savings of additional hardware investments such as server infrastructure. The cloud-based call services offer greater stability and continuous updates from vendor as a result of less customization. The data security is in the hands of the vendor and it also takes less time to implement the service.
- Among end user, the corporate enterprises segment held dominant position in the global conference call services market, followed by the media & entertainment segment. The corporate enterprises segment held dominant position due to high demand for connecting multiple important people during business meetings and implementation of their business plans. Media & entertainment segment is expected to grow at a higher rate, owing to increasing implementation of augmented and virtual reality in the conference call services industry.
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Browse 60 market data tables* and 40 figures* on “Global Conference Call Services Market” – Global forecast to 2026.
Key Takeaways of the Market:
- According to Coherent Market Insights’ analysis, North America region is the largest consumer of conference call services, followed by Europe and Asia Pacific. North America is the largest consumer of conference call services, owing to the presence of major multinational firms, continuous innovations, and high inclination of consumers towards advanced technologies. Most of the conference call service provider companies such as Cisco Systems, and Polycom are U.S.-based.
- According to Coherent Market Insights’ analysis, China is among the leading countries in terms of market share in Asia Pacific conference call services market. Asia Pacific is expected to show good growth over the forecast period, owing to increasing demand and implementation of new technologies such as augmented reality and virtual reality-based video conference calls in China. India is also a major growth engine for conference call services market in Asia Pacific, owing to the emerging corporate sector of the country, as more and more foreign companies are starting their business branches in India, propelled by the government initiative called Make in India.
- Some of the major players operating in the conference call services market include Microsoft Corporation, Zoom Video Communications, Cisco Systems, Dialpad, Polycom Inc., Infinite Conferencing Inc., GlobalMeet, Arkadin SAS, AT Conference, ConferenceCalls, RingCentral Business Phone Services, Zip Conferencing, InterCall Online, and Budget Conferencing Inc.
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