Description

The $953 million APAC video conferencing devices market is undergoing fundamental shifts due to massive work and workplace transformation. In 2023, most customers took a measured approach to video-enabling meeting rooms due to budget rationalization and reassessment of investment priorities in the post-pandemic workplace. Adverse macroeconomic conditions and geopolitical instability put additional pressure on market growth. Despite challenging market conditions, the value of video communications has become deeply entrenched across all industries, creating an upward market trajectory. The market is expected to see gradual improvements and is forecasted to return to growth mode in 2024. AI is the key market driver, removing many friction points that have hindered video adoption in the past. It is the overarching technology driving much of the innovation in meeting software and devices. Vendors are leading with AI-based feature sets to enhance the user experience, offer meeting equality, and provide automation and room insights. The 5-year revenue compound annual growth rate (CAGR) is a robust 17.5 percent driven by greater video-enablement of meeting spaces for better hybrid work. Customer organizations and market participants including technology vendors, service providers, channel partners, resellers, IT/telecom decision-makers, among others will find value in leveraging the findings of this study to develop sustainable workplace growth strategies.

Author: Shailendra Soni