Europe Video Conferencing Market

Market Overview

Video conferencing is a live video-based platform that allows two or more people in different places to hold meetings using video-enabled devices. It allows multiple people to connect and collaborate face to face across a great distance by streaming video, audio, text, and presentations in real time via the internet. In the United States and Canada, the internet infrastructure is well-established, with a large number of communications businesses and service providers. Organizations in technologically sophisticated nations demand a faster internet network, and telecommunication corporations are working hard to build and market the 5G network. With quicker speeds, greater picture and video quality, the development of 5G networks will transform the video conferencing sector.

As the work-from-home trend took hold, the video conferencing business exploded in the previous two years. It enables the user to communicate via video/audio call. Visual conferencing technology facilitates the transmission of video and audio information, allowing users to connect in real time.

During the projected period (2021–2030), the worldwide video conferencing market share is estimated to expand at a CAGR of 15.45%.

Europe: 22,695 million USD (2030 value); CAGR: 10.9%

Market Dynamics

Europe Video Conferencing Market Drivers

The European Union countries have the world's fastest expanding economy. Europe is undergoing rapid industrialization, which is projected to continue in the future years. Several significant regional businesses are spreading their operations across Europe, accelerating the rate of industrialization. Furthermore, developing SMEs with larger financial commitments are projected to increase their use of video conferencing systems. As a result, given the region's major enterprise and small business growth prospects, Europe video conferencing market participants are expected to see substantial demand.

Due to rising digitization and increased acceptance of video conferencing solutions in healthcare, education, and the business sector, the Europe video conferencing market has seen substantial expansion in recent years. Furthermore, Europe's Digital Strategy 2050, which aims to encourage digital infrastructure and digital transformation in private enterprises and public services, will help to boost demand for video conferencing technology such as laptops, PCs, and desktops. The breakout of the Covid-19 pandemic in Europe in 2020 had a favourable influence on the video conferencing market, since most enterprises, government organisations, educational and healthcare institutions had to rely on distant cooperation to maintain their regular operations.

During the period 2022-2028, the Europe video conferencing market increased at a CAGR of 10.3%. The Europe government's initiatives to promote digital learning, as well as the ongoing construction of the five largest office buildings, including the Rimac headquarters complex, Zagreb headquarters, and technology complex, construction city office building, Althan quartier mixed-use complex, and Toblerone mixed-use towers, are expected to boost the growth of vide.

Emerging trends in the utilisation of CPaaS were noticed by an Avaya Europe Leader of Pre-Sales Solution Engineering. With the advancement of technology, every area is being converted into a collaborative space. The collaboration gadgets are conveniently moved across the corporate environment, connected through Wi-Fi, and accessible by everyone.

Europe Video Conferencing Market Restraints

The coronavirus outbreak has struck Italy the hardest. Italy, which had the greatest number of coronavirus infections, is projected to face an economic damage owing to a loss of revenue from numerous businesses. Other members have taken dramatic steps, like temporarily sealing their borders and imposing travel restrictions. This is expected to have a detrimental influence on Italy's market growth.

Regional Analysis

Due to the existence of a big number of corporate firms and educational institutes, other nations such as the UK and Germany are projected to see strong demand for communication platforms. Vendors are concentrating their efforts on seizing market possibilities. Furthermore, the government has capped price increases for a variety of communication services across Europe. As a result, users may now choose video conferencing options.

By 2027, the Germany market will have dominated the Europe Retail & eCommerce Video Conferencing Market by Country, with a market value of $96.4 million. The UK market is growing at a rate of 15.3% (2021 - 2027). Furthermore, the France market is expected to grow at a rate of 17% during the forecast period (2021 - 2027).

Segmental Analysis

The market is divided into Hardware, Solution, and Services based on component. The market is divided into On-Premises and Cloud deployment types. The market is divided into four categories based on application: Corporate Communications, Training & Development, Marketing & Client Engagement, and Others. The market is divided into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defence, Education, Media & Entertainment, and Others based on Industry Vertical. The market is divided into Germany, the United Kingdom, France, Russia, Spain, Italy, and the Rest of Europe.