Europe Video Conferencing Market Forecast to 2027- Covid-19 Impact and Analysis- by Type ; Deployment ; Industry Vertical, and Country
NEW YORK, Aug. 31, 2020 /PRNewswire/ -- The Video Conferencing Market in Europe was valued at US$ 1,653.8 million in 2019 and is projected to reach US$ 3,727.8 million by 2027; it is expected to grow at a CAGR of 10.1% from 2020 to 2027.
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European continent comprises several developing economies such as Germany, France, the UK, and Italy.The western part of Europe is known for its better standards of living, with people displaying a higher income level.
It is one of the wealthiest regions of Europe, with per capita Gross Domestic Product (GDP) more than the other parts.
In the arena of the IT & communications space, both consumers and employees play a significant role in evolving the stated industry. The expertise of communication provider companies had experienced different trends in demand for video conferencing and endpoints.
Professionals of Communications and Collaboration for LogMeIn has stated that, as the consumers are adopting technologies such as FaceTime across the world, which is boosted within homes, the demand for workplace video conferencing technologies among the employees is also rising to give a reflection of the office location.
CTO of Lifesize has stated that as the trend of video conferencing continues, the providers and manufacturers are accountable to provide future-proof solutions with ultra-HD 4K quality and perfect call fidelity.
A European Leader of Pre-Sales Solution Engineering for Avaya observed emerging trends in the use of CPaaS.With continuous technological developments, every room is getting transformed into a collaboration room.
Under this, the collaborative devices are carried easily throughout the business space, connected through Wi-Fi and accessed by any individual.
Italy is the hardest-hit country by the coronavirus outbreak.It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of coronavirus cases.
Other member states have implemented drastic measures and travel restrictions, including partially closing their borders.This is anticipated to have a negative impact on market growth in Italy.
However, other countries such as the UK and Germany is expected to witness high demand for communication platform due to the presence of a large number of corporate companies and educational institutes.Vendors are highly focused on tapping the market opportunities.
Further, the government has restricted the price increase of various communication services in Europe. This has enabled consumers to opt for video conferencing solutions.
The overall Europe Video Conferencing Market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the Europe Video Conferencing Market with respects to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe Video Conferencing Market. Adobe Inc., Google LLC, Microsoft Corporation, and Zoom Video Communications, Inc. are among the players present in the Europe Video Conferencing Market.
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