The demand for conferencing services in the Central and Eastern European (CEE) region is increasing, and, if investment can be sustained during the economic slowdown, then the region has the potential to become a major market in the near future, according to a new analysis report by Frost & Sullivan.

The study, “Central and Eastern European Conferencing Services Market,” states that the market generated $21.67 million in 2008 this number, the report estimates, will skyrocket to $217.84 million in 2014.

"Rapid growth since the end of the Soviet era and accession to the European Union has resulted in the CEE region offering exciting new growth opportunities - both for local service providers, and also for global specialist firms,” said Iwona Petruczynik, research analyst at Frost & Sullivan (News - Alert).

The report notes that the countries of the CEE region present their own rich set of opportunities and challenges and suggests that the complexities associated with each market must be weighed carefully against the investment potential and the overall impact of the global recession.

Petruczynik said that the CEE conferencing services market faces many opportunities and challenges. He added that the differences in the infrastructure development, technology adoption and potential client bases are becoming more pronounced from country to country.

However, Petruczynik believes that the globalized economy and an increase in foreign direct investments (FDI) may counter these challenges and accelerate the growth rate.

Also, the report notes that the rapid expansion will be delayed due to low awareness of conferencing services among larger enterprises and small medium enterprises (SMEs) in the region.

Conferencing services based on Voice over Internet Protocol (VoIP) face the most challenges as result of the poor communication infrastructure in the region.

Service providers who treat the CEE as a long term investment are poised to make strong gains, according to the report. The main priority of service providers wanting to target the CEE region should be increasing awareness of the benefits of conferencing services.

This presents an immense opportunity for global conferencing providers like The Conference Group, a full-service audio, video and Web conferencing company, to extend their international footprint.

Located in Newark, Delaware, The Conference Group (News - Alert) focuses solely on developing useful collaboration tools, and has already developed a strong portfolio of satisfied sales partners and clients in North America and abroad.

With collaboration services as a core competency, The Conference Group has created specific programs to meet a variety of specialized client needs. Some of the company’s strengths include a suite of on-line, real-time provisioning tools, as well as a strong International footprint providing toll-free access to participants around the world.