Increase in demand of telepresence solutions will encourage both global and local vendors to step into this lucrative market, and this will eventually lead to price wars.

Although it will also lead to technology innovation, end-users may not quickly adopt this solution due to factors such as the product's high upfront capital investment and operational costs, IT manpower requirement, and bandwidth consumption.

Market growth can also be slow due to saturation of Australia, Japan, and Hong Kong markets.

Frost & Sullivan advises the market majors to have a more dynamic and innovative product portfolio to survive in a competitive environment. Leading players should focus on offering products that result in cost savings and an immersive experience.

"Channel partnerships to reinforce system integration capability and customisation specialty in emerging countries will be vital for success," added Yu. "Market participants need to streamline the channel partner programme with local system integrators and service providers, while maintaining the momentum of technology innovation for interoperability."