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Conference Technology Worth $3.8 Billion

Professional audiovisual products reportedly boomed to $3.8 billion last year with projected growth in video conference technology predicted following a 50% increase in shipments.

As reported by InsideCI, research by Futuresource Consulting revealed ‘the market is in a significant phase,’ as the total number of video-equipped meeting rooms exceed four million worldwide, though Chris Mcintyre-Brown, Associate Director at Futuresource Consulting states 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.

Price competition and a burgeoning technological field have shifted the video conference market from expensive hard codec solutions to more accessible software-based solutions.

No longer are video conferences restricted to laggy webcam calls, with delayed audio or forced to purchase expensive professional level broadcasting technology.

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

One focus shift has been towards real-time transcription, as can be seen through Cisco’s recent acquisition of Voicea, a provider of transcription, voice search and meeting highlight software.

However, technological mishaps do occur with one in three conference calls suffering from some form of issue, whether it be a connection, audio or otherwise.

“If left unchecked, such challenges may slow down user adoption moving forward.”

 

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