Europe 3D Telepresence Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe 3D Telepresence Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Europe 3D Telepresence Market is expected to grow at a CAGR of 15.1% during the forecast period (2021-2026). The market for 3D telepresence in Europe is on the rise, with more and more businesses integrating advanced communication techniques into their stride. Increasing demand for remote collaboration, especially after the pandemic and technological development in the market, has led to the companies shifting from traditional video conferencing to immersive telepresence.

• From its inception, the point of video conferencing was to allow face-to-face communication with eye-to-eye contact because people wanted more than to hear others' voices by phone in a conference situation. They wanted to see nonverbal cues for enhanced communication. After all, with enhanced communication comes better deliverability of one's message, which can translate to greater sales and profitability.
• This human-centric technology extends the reach of companies to interact with their customers in a revolutionary way. The 3-D HD kiosks can be compact units placed on a counter, free-standing kiosks, or large three-dimensional systems featuring full height, life-size people. The utility of this technology in a multitude of fields like Conferencing, Advertising, Customer Service, Long distance learning, and so on make it a versatile tool that can revolutionize the field of communication.
• There are considerable benefits to using this technology; it eliminates the need for travel as meetings and presentations can be done from one's own office. This results in the reduction of unnecessary hassles and a boost to the morale of the employees. It also enables swifter and more personal service to the customers in sensitive sectors like Banking and Insurance.
• The global outbreak of the COVID-19 pandemic has disrupted businesses across various sectors, which has led to the increased demand for remote collaboration to ensure seamless communication and workforce flexibility. The demand is anticipated to sustain in the post-COVID-19 world also, as the implementation of technologies has not only ensured the continuity of businesses during the pandemic but has also resulted in positive efforts to maintain work productivity.
• Considering the potential of the 3D Telepresence technology, major companies like Microsoft, Cisco, and Sony are working towards improving this technology and making it feasible for commercial applications.

• Telepresence is a medium in which utilizes technology closely related to that of VR transducers, such as video cameras and microphones, to substitute for the corresponding senses of the participant. The participant is able to remotely see and hear from the first person POV with the aid of sensing devices in a remote location.
• For instance, Sony 3D TelePresence elevates remote conferencing to an extraordinarily realistic new level. By 'projecting' remote colleagues into a meeting room, the solution delivers a three-dimensional in-room presence and enables real eye-to-eye contact.
• 3D Telepresence systems are expected to become attractive for geographically distributed team collaboration, specifically to avoid traveling and to increase flexibility, owing to the factors such as enhanced interactive experience, versatility, scalability, and efficient rendering and streaming of 3D video data between two or more parties.
• According to the Centre for the Promotion of Imports from developing countries (CBI), the European VR and AR market is projected to grow at an average annual rate of 35% in the coming years. Factors such as highly developed graphics, less bulky and/or expensive hardware, new software platforms, and tools for faster and easier AR application development are expected to propel the growth of the market.
• Furthermore, in United Kingdom, United Kingdom retail, and other businesses are transitioning to the cloud to consolidate their communications; the use of 3D Telepresence systems can be a significant step to enhance the customer's experience. The growing adoption of advanced technologies, such as AR and VR, is expected to pave the path for increased adoption of the 3D telepresence market in the European region.

• Field Service is where various cross-industry service, support, and customer success executives come together to build world-class operations. Field service managers keep track of an organization’s field resources and coordinate the work of field service practitioners who deliver skilled, specialized or proprietary services to clients.
• The demand for technologically advanced remote consultations tools has been felt by service providers for a long to transform their service models to achieve higher efficiency and revenue. With great advancements in technology, a number of cutting-edge technologies such as AR/VR are making their presence felt in the mainstream environment.
• There is a significant value proposition in integrating 3D Telepresence technology in the Field Service Management tools as it offers a much better visual experience than the traditional technologies.
• Furthermore, the 5G technology is expected to significantly boost the growth of the field service industry. According to Ericsson, By 2025, 5G is expected to account for an average of 40 percent of all mobile subscriptions across Europe, with a much higher percentage in Western Europe. In addition, mobile data traffic in Europe is set to grow by over 30 percent each year until 2025.
• As the collaboration tools such as AR/VR and 3D presence require high bandwidth. 5G speed assures ten times more connectivity than wireless speeds, creating seamless connectivity and eliminating latency.

The European 3D Telepresence market is moderately competitive due to higher initial investment. Large technology companies such as Microsoft, Sony Corporation, Cisco, and Huawei hold a significant portion of the market share. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. Some of the recent developments in the market include

• May 2021 - Google unveiled its Project Starline during an ongoing I/O conference. Project Starline currently utilizes custom-built hardware and highly specialized equipment. The company wants to make the technology accessible and easy on the pocketbook as well and is currently testing the project in some of its offices.
• March 2021 - Microsoft released a preview of the collaboration platform Mesh. The new mixed-reality platform powered by Azure allows people in different physical locations to join collaborative and shared holographic experiences on many kinds of devices.

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