Many businesses are working remotely and providing their employees with the opportunity to work from any location. Organizations are relying on technology to streamline their workflow and achieve growth. Instead of face-to-face meetings, they are using conference calls for real-time collaboration with teams and to communicate with their clients in different locations. Video and phone conference calls are easy to set up, secure, and can accommodate multiple participants. The interactions can be recorded and converted into text for future reference using conference call transcription services.
According to a recent report from Coherent Market Insights, the global conference call services market which was valued at US$ 8.4 billion in 2017 is expected to reach US$ 12.5 million by 2026, exhibiting a CAGR of 4.6% over the forecast period 2018-2026.
Key Drivers of the Conference Call Services Market
The major drivers of this market include increasing demand for time-saving communication methods and for security of data and confidential conversations between the users.
- Increasing demand for time-saving methods for communication
Conference calls can reach multiple people who are at different locations and cannot attend the meeting in the office. Teams can be connected at one place, saving time and money on travel. This increases the demand for conference call services globally in different sectors.
- Increasing trend of adopting advanced technology
Conference call services have evolved to augmented reality (AR) and virtual reality (VR), and this emerging trend is expected to drive growth of the market over the forecast period. As participants can see each other, they can enjoy a hands-free collaborative experience. The major advantage of AR is that it brings remote conferencing from a computer screen into the real world. Conference call technology also helps in the effective management of resources, improves your workflow and enhances productivity.
- Increasing demand for data security of the conversation between conference call participants
Security is a matter of great concern during a conference call, as confidential business data needs to be secure. Reliable conference call platforms are designed to ensure the security of all data and conversations. They also allow conversations to be recorded for reference, which is important to run a business efficiently. These capabilities are driving the growth of the global conference call services market.
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The report segments the market on the basis of call service type (On-premise, Cloud-based, and Managed Conference Call Services), End User (Corporate Enterprises, Healthcare, Government & Defense, Media & Entertainment, and Others) and Region (North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa).
Owing to factors such as low initial investment and predictable costs over time and cost savings of additional hardware investments such as server infrastructure, the cloud-based segment is expected to grow at highest rate during the forecast period.
Due to high demand for connecting multiple important people during business meetings and implementation of business plans, the corporate enterprises segment held the dominant position in the end user’s segment, followed by the media & entertainment segment. Because of the increasing implementation of augmented and virtual reality in the conference call services industry, the media and entertainment segment is expected to grow at a higher rate.
By region, North America is expected to hold the dominant position in the market, followed by Europe and the Asia Pacific region. Owing to the presence of major multinational firms, continuous innovations, and high inclination of consumers towards advanced technologies, North America is the largest consumer of conference call services. The Asia Pacific region is expected to show good growth over the forecast period, due to the increasing demand for and implementation of new technologies such as augmented reality and virtual reality-based video conference calls in China.
Key players operating in the global market include Microsoft Corporation, Zoom Video Communications, Dial pad, Polycom, Infinite Conferencing Inc., Global Meet, Arkadin SAS, AT Conference, Conference Calls, RingCentral Business Phone Services, Zip Conferencing, InterCall Online, and Budget Conferencing Inc. Professional transcription services can ensure error-free transcripts for conference calls, meetings, seminars, Zoom meetings etc.
