2021 marked the beginning of the revival of meeting rooms and office spaces. As businesses prepare for the return to office, meeting rooms have seen growing technology investments to support hybrid work. Despite the headwinds from the impact of supply chain issues and component shortages which have triggered uneven sales cycles throughout 2021, the market is being driven by the long-term, sustainable impact of distributed and hybrid work. The panic buying of 2020 is being replaced by ongoing standardization and optimization by IT to ensure centralized monitoring and management for reasons related to control, compliance and UX.

The game-changing digitization of business has created a heightened demand environment for video meetings. Standing at $3.1 billion in 2021, the global video conferencing devives market revenue will grow by 2.5x to reach $7.8 billion in 2026 representing a 20.1 percent CAGR. The market is seeing an unprecedented pace of innovation with rampant proliferation in device form factors that address varied use cases – home offices, hot desks, desk stations, and meeting spaces of all sizes including focus rooms, jump spaces, huddle rooms, and mid to large-sized meeting rooms. This report updates market sizing, forecasts, and market shares based on January-September 2021 data.