Increased rivalry among organizations has resulted in shrinking profit margins, making one of the key goals of any corporate organization to reduce functional and operational costs. Video conferencing is often regarded as one of the most cost-effective ways to save travel expenses. Telepresence equipment provides a seamless user experience for virtual reality-enabled video conferencing and is extremely beneficial for remote control of machinery as well as conducting corporate meetings.
Telepresence is an integrated solution that allows individuals in different locations to work together in real-time. It consists of a codec, microphone, speaker, and monitor components. The market is growing due to increasing applications in industries such as education, healthcare, government, and others. Market growth is being injected by the rapid adoption of 5G technology, strategic activities by industry players, and the development of novel products by market players.
The global telepresence equipment market is growing due to the increased acceptance of virtual meetings in the business world, as well as the need to cut travel costs for employees. Furthermore, technological advancements such as robotic telepresence video conferencing are likely to boost the global market's growth. Furthermore, the increasing use of telepresence equipment by governments of various nations, as well as in other end-use industries such as education, healthcare, and others, is expected to propel the market forward over the forecast period.
Furthermore, government initiatives and plans to establish telepresence rooms as public services, as well as increased preference for video conferencing systems by several organizations in some developed countries as a result of the cost-effectiveness of high-quality interaction, are expected to create a variety of growth prospects for market participants in the telepresence equipment market in the coming years.
The coronavirus pandemic has caused unprecedented supply chain disruptions, resulting in significant financial and operational consequences. In recent months, the decline in sales and productivity of these devices has had an indirect impact on the adoption of telepresence technology. During the pandemic, however, video conferencing has become a crucial tool for staying in touch with faraway personnel. The emergence of telepresence robots designed to keep COVID-19-infected patients connected from hospitals and healthcare centers should help the telepresence equipment industry regain pace in the future years.
The markets in Europe and North America are expected to grow significantly, on account of the existence of multiple large firms in the regions. Telepresence technology allows personnel in various places to communicate effectively. The device provides high-resolution life-size images as well as great audio. Over the projection period, the North American market is expected to grow at a faster rate. The United States is thought to have the highest revenue share in the North American market.
Deep-dive Insights on Telepresence Equipment Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/telepresence-equipment-market/request-for-sample
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