Meeting Room Camera Market Breaks $1 Billion Barrier in 2021 and Continues to Perform
The market for meeting room cameras continues to show buoyancy, as hybrid working patterns maintain their presence in the commercial landscape. A new report from Futuresource Consulting shows that volumes increased across every meeting room camera category last year, culminating in 15% volume growth and 19% value growth year-on-year.
Meeting room cameras include fixed, pan-tilt-zoom (PTZ), and 360-degree variants. They are designed to serve multiple participants per endpoint, and are normally permanently installed within meeting rooms. Prior to 2021, many meeting room spaces weren’t video-enabled. The sudden upsurge in demand drove greenfield sales, while at the same time, some solutions bought during the early days of the pandemic were insufficient to meet user needs and had to be replaced. In 2021, all this market movement pushed sales beyond the $1 billion mark for the first time.
360-Degree Cameras Hitting New Highs
“360-degree cameras are the rising star of the meeting rooms market,” says Alistair Johnston, Head of Collaboration, Futuresource Consulting. “Last year, this category grew by 38% year-on-year, albeit from a low base. Moving forward, we expect a continued strong performance across 2022 and 2023, with volumes rising by 45% and 35%, respectively.
“360-degree cameras are an appropriate option for the bring-your-own-device market. Plus, there are big potential revenues to be captured in the SME and higher education markets, both of which gravitate to this option, as they have neither the budget or the desire to invest heavily in camera tech for their meeting spaces.”
The Americas Lead the Way
Already the largest regional market, the Americas drove conference camera demand in 2021, accounting for 34% of global volumes and 43% of total world value. Conversely, in Asia, hybrid work patterns are much less established, leading to lower demand for video collaboration solutions.
Looking to education, the proportion of meeting room cameras going into this vertical fell from 39% to 29%, yet the level is still significantly higher than 2019’s pre-pandemic rate of 19%.
Short-term Indecision, Long-term Growth
“We’re not out of the woods yet,” says Johnston. “Although we’ve seen COVID-related concerns begin to subside, the war in Ukraine, inflation, and economic uncertainty have pulled tight on the purse strings of many organisations. And despite most of them knowing they need to invest in collaboration technology, many are waiting to see how the next few months pan out before committing. However, despite all the short-term indecision, we expect the meeting room camera market to grow at a CAGR of 11% through to 2026.”
You can read this insight as it originally appeared on Futuresource’s website here.