The enduring trend for hybrid working, remote collaboration and video conferencing continues to present a raft of opportunities for the corporate audio market. Video bars, microphones, speakerphones and conference phones are all experiencing a renaissance. That’s according to a new audio conferencing report from Futuresource Consulting, which forecasts a market value of $3.65 billion by 2026, up from its pre-pandemic level of $1.45 billion in 2019.
“2021 was a whirlwind year for collaboration technology in general, and video bars in particular,” says Dila Cebeci, Market Analyst, Futuresource Consulting. “For organisations looking to quickly video-enable a meeting space, video bars have become the obvious solution, especially in Europe and North America. This trend has been instrumental in driving demand, with video bar revenues surpassing $1 billion for the first time in 2021, with volume outpacing value growth.”
“Meanwhile, in the microphone segment, much of the growth has originated in the corporate market. Yet education continues to play an important role. During the pandemic, sales to education were driven by larger, first-tier institutions. Now, smaller second- and third-tier institutions are following the path set by their larger counterparts.”
While the value of the meeting room microphones segment grew by 16% year-on-year in 2021, volume growth remained in single figures. Futuresource identifies rising ASPs as the key factor influencing this low volume growth.
In the speakerphone market, the heightened activity stabilised as pandemic uncertainties began to settle. However, portable USB speakerphones continue to present a key opportunity. The devices have become a popular addition for people operating in hybrid working arrangements, making them attractive for employees travelling between locations.
Traditional telephony solutions in the meeting room are expected to continue to see challenges in post-COVID environments. However, Futuresource notes that the rise of UC&C phones is one of the most critical growth avenues moving forward.
“While many in the industry had hoped for widespread and accelerated growth in 2022, the Russia-Ukraine war and general economic uncertainty has added some resistance.” says Cebeci. “Despite this, the audio conferencing market will continue to perform well, with our forecasts indicating a CAGR of 13% value growth from 2022 to 2026.”
For more information on Futuresource Consulting’s new Audio Conferencing in the Modern Meeting Room report, or to make a purchase, please contact email@example.com
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