Recently, the internet of things (IoT) and augmented reality have received significant attention as crucial, allowing technologies to make spaces more interactive and innovative. Also, in todays digital age, new technologies such as augmented reality/virtual reality (AR/VR), artificial intelligence (AI), blockchain, automation, and 3D printing have changed the product lifecycle immensely. Therefore, the introduction of smart technology has provided valuable opportunities for retailers to engage consumers and create a competitive advantage, which is likely to boost the market's growth in upcoming years.
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Data Bridge Market Research analyses a growth rate in the Global Wearable Conferencing Technology Market is expected to reach USD 7,219.13 million by 2029 from USD 2,689.54 million in 2021, growing with the healthy CAGR of 12.9% in the forecast period of 2022 tO 2029. Increasing strategic decisions such as acquisition and partnership will likely increase the growth of the global biotechnology market.
Increasing adoption of conferencing technology by educational institutes is expected to drive the market's growth rate
In current times, conferencing technology has gained more significance in the educational sector. This relevance has been improved owing to its ease of usage and the availability of technical devices for the student. Wearable conferencing technology helps in collaboration and interaction between students and teachers. It connects teachers and students one-on-one from advising sessions to answer students' questions remotely. Therefore, the concept of eLearning with wearable conferencing technology has become an important strategy for interactive learning, which is anticipated to drive the growth of the global wearable conferencing technology market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014- 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Offering (Hardware, Software, and Services), Conferencing Type (Audio Conferencing and Video Conferencing), Deployment Mode (On-Premise and Cloud), Organization Size (Small & Medium Organization and Large Organization), Application (Consumer and Enterprise), End Use (Corporate, Education, Healthcare, Government and Defense, Banking, Financial Services and Insurance (BSFI), Media and Entertainment and Other)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Logitech (Switzerland), Vuzix Corporation, (U.S.), Vidyo, Inc. (U.S.), Ricoh (Japan), Zoom Video Communications, Inc. (U.S.), Microsoft (U.S.), LogMeIn, Inc. (U.S.), RealWear, Inc. (U.S.), DIALPAD, INC. (U.S.), Google (U.S.), Chironix (Australia), Seiko Epson Corporation (Japan), Iristick (Belgium), Robert Bosch GmbH (Germany), ezTalks (China), HTC Corporation (Taiwan), Sony Corporation (Japan), Lenovo (China), EON Reality (U,.S.) and TeamViewer (Germany)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The wearable conferencing technology market is segmented on the basis of offering, conferencing type, deployment mode, organization size, application and end use.
- Based on offering, the global wearable conferencing technology market is segmented into hardware, software and services. Hardware is expected to dominate the global wearable conferencing technology market with 49.39% market share market because it delivers the features such as live streaming, video editing, and can be simply connected to different devices.
- Based on conferencing type, the global wearable conferencing technology market is segmented into audio conferencing and video conferencing.
The video conferencing segment of conferencing type segment is anticipated to dominate the wearable conferencing technology market
The video conferencing segment is expected to dominate the global wearable conferencing technology market with 84.73% market share because it facilitates collaboration and virtual meetings on digital documents and also shared presentations by connecting individuals in real time through video and audio communication.
- Based on deployment mode, the global wearable conferencing technology market is segmented into on-premise and cloud. on-premise segment is anticipated to dominate the global wearable conferencing technology market with 63.22% market share because it help to offer privacy and security of the infrastructure in the industry. It also aid to securely record video for future reference therefore increasing its demand in the market.
- Based on organization size, the global wearable conferencing technology market is segmented into small & medium organization and large organization.
The large organization segment of organization size segment is anticipated to dominate the wearable conferencing technology market
Large organization segment is anticipated to dominate the global wearable conferencing technology market with 71.11% market share because this solution help the company to move proficiently towards it aims by optimizing operations and improving productivity.
- Based on application, the global wearable conferencing technology market is segmented into consumer and enterprise. Enterprise segment is anticipated to dominate the global wearable conferencing technology market with 74.94% market share because this help the employees to working remotely with ease.
- Based on end use, the global wearable conferencing technology market is segmented into corporate, education, healthcare, government and defense, banking, financial services and insurance (BSFI), media and entertainment and other. The corporate is expected to dominate the global wearable conferencing technology market with 38.34% market share because conferencing solutions help the employees to work and collaborate on shared documents together in through screen sharing or real time.
Major Players
Data Bridge Market Research recognizes the following companies as the major wearable conferencing technology market players in wearable conferencing technology market Logitech (Switzerland), Vuzix Corporation, (U.S.), Vidyo, Inc. (U.S.), Ricoh (Japan), Zoom Video Communications, Inc. (U.S.), Microsoft (U.S.), LogMeIn, Inc. (U.S.), RealWear, Inc. (U.S.), DIALPAD, INC. (U.S.), Google (U.S.), Chironix (Australia), Seiko Epson Corporation (Japan), Iristick (Belgium), Robert Bosch GmbH (Germany).
Market Development
- In 2021, Microsoft announced an agreement with the U.S. military for augmented reality headgear for soldiers valued at USD 21.88 billion. This HoloLens will provide next-generation night vision for any war and also provide soldiers more efficient visibility. This has also aided the company transcend the traditional boundaries of time and space in AR, thus increasing its products in the market.
- In 2021, Zoom Video Communications, Inc. announced that they would acquire Five9, Inc., a leading intelligent cloud contact center provider. Combining Five9's Contact Center as a Service solution with its communications platform will create a customer engagement platform to engage with its customers. The acquisition will aid the company to develop its customer base in the global market
- In 2021, RealWear, Inc. collaborated with Zoom to increase its supported reality headset devices to frontline workers at ExxonMobil globally. Field workers will use the devices integrated with Zoom for a hands-free experience. It also comprises real-time IoT data visualization and self-guided work instructions to improve quality and reduce errors. Thus, the company will be capable to increase its client experience.
Regional Analysis
Geographically, the countries covered in the wearable conferencing technology market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in wearable conferencing technology market during the forecast period 2022 to 2029
North America dominates the wearable conferencing technology market because of the increasing demand for wearable conferencing technology and the strong presence of regional manufacturers. Furthermore, increasing healthcare expenditure will further boost the market growth in this region.
Asia-Pacific is estimated to be the fastest-growing region in wearable conferencing technology market the forecast period 2022 to 2029
Asia-Pacific is expected to grow from 2022 to 2029 because of top manufacturer's presence and increase in research and development activities in this region. Additionally, increasing rising demand of wearable conferencing technology due to remote working conditions will further boost the market growth in this region.
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