The latest report by IMARC Group titled, “Telepresence Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the telepresence equipment market size reached US$ 2.28 Billion by 2021. Telepresence is a digital video teleconferencing technology that is highly integrated with multi-codec, multi-microphone, multi-monitor, and multi-channel speaker systems. It presents interactive audio and video between locations in real-time presentation experience and high-definition streaming. Some of the most commonly used telepresence equipment include speakers, cameras, microphones, and various other devices that assist in sharing data-related information and controlling machinery. In recent years, telepresence equipment has gained traction as it helps users develop a computer-generated environment, mitigate traveling, and optimize productivity.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Telepresence Equipment Market Trends:
One of the primary factors driving the market is the easy accessibility of high-speed internet connectivity. Additionally, the need for organizations to minimize traveling costs for employees and cost-effective solutions for global interactions is creating a positive market outlook. For instance, telepresence equipment is widely adopted to communicate with customers, partners, and co-workers over a converged network globally, especially during the implementation of mandatory lockdowns due to the sudden outbreak of coronavirus (COVID-19) disease. Besides this, it is widely adopted in small and medium-sized enterprises (SMEs), manufacturing, education, hospitality, pharmaceuticals, entertainment, and media, thus catalyzing the market growth. In line with this, the demand for telepresence equipment is escalating on a large scale in the healthcare industry to aid medical practitioners and physicians with virtual assistance, consultation, and remote visitations for health checkups. Furthermore, constant technological advancements, such as the launch of robotic telepresence equipment for monitoring the workforce from remote locations, making experimental learning easier, and mitigating communication barriers economically, are strengthening the market growth. Other growth-inducing factors include rapid digitalization, rising need for economical solutions, large-scale integration of artificial intelligence (AI) and machine learning (ML) technologies and increasing penetration of numerous electronic devices. Looking forward, IMARC Group expects the market value to reach US$ 2.95 Billion by 2027, expanding at a CAGR of 4.10% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into multi-codec telepresence, personal telepresence, immersive telepresence, and room-based telepresence.
- On the basis of the form factor, the market has been bifurcated into endpoints (display, camera and microphone), and infrastructure.
- Based on the enterprise size, the market has been segmented into large, medium and small enterprise.
- Based on the industry vertical, the market has been divided into healthcare, education, pharmaceuticals, government, commercial, scientific, construction and engineering, entertainment, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, Indonesia, South Korea, Australia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Mexico, Brazil, and other), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Avaya Inc., Cisco Systems Inc., Haivision, HP Inc., Huawei Technologies Co. Ltd., Microsoft Corporation, Plantronics Inc., Sony Corporation, Vidyo Inc. (Enghouse Systems Limited), and ZTE Corporation.
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