Video Conferencing Market Trends: Why Video Conferencing is the Future

Video Conferencing Market Trends Why Video Conferencing is the Future

Video conferencing is extra partaking than audio conferencing. It makes scheduling conferences simpler, boosts effectivity and productiveness, saves money and time, and general promotes collaboration.

Video conferencing makes it attainable to rent gifted and skillful candidates from all throughout the globe.

Video conferencing is in nice demand as corporations are specializing in the worldwide market. As technological development is breaking the mildew of conventional enterprise tradition, the worldwide video conferencing market is rising quickly daily.

Video Conferencing
Video Conferencing is the Future

Rising Demand for Video Conferencing: How Know-how is Breaking the Mould of Conventional Work Tradition

The outbreak of the COVID-19 pandemic has led to unprecedented financial upheavals throughout the globe. What began as a small information merchandise about an epidemic in a Chinese language metropolis quickly become a full-blown pandemic in a span of simply a few months. 

As an instance: the World Well being Group (WHO) obtained the primary whiff of a novel type of pneumonia across the finish of December 2019; month-long investigations led the WHO to declare COVID-19 as a Public Well being Emergency of Worldwide Concern (PHEIC) on January 30, 2020; and at last, on March 11, 2020, the WHO declared COVID-19 as a world pandemic. Governments worldwide went right into a frenzy and took some pressing steps to comprise the unfold of the virus, which included lockdowns and social distancing. Economies got here to a grinding halt, industries went into turmoil, and revenues plunged. 

An fascinating end result of those measures was seen within the company world, the place corporations have been attempting to deal with the brand new realities created by the pandemic, within the type of a world “earn a living from home (WFH)” experiment. With corporations fearful of changing into breeding grounds for the coronavirus, the vast majority of them began offering WFH amenities to their staff. This sudden flip of occasions gave an impetus to an already fashionable technological device referred to as ‘video conferencing’. To make certain, the marketplace for video conferencing was rising at a outstanding fee even earlier than the pandemic. 

For instance, the global video conferencing market size stood at USD 3.02 billion in 2018 and is projected to succeed in USD 6.37 billion by 2026 at 9.8% CAGR, in line with Fortune Enterprise Insights™. The upsurge within the demand for teleconferencing options has augured nicely for corporations working on this market. It might be instructive to take a look at how these gamers are capitalizing on this distinctive alternative. 

Zoom Studies Skyrocketing Gross sales and Prospects

Zoom Video Communications, Inc., a communications firm primarily based in California, introduced in Could 2020 that its gross sales within the 12 months’s second quarter are anticipated to succeed in USD 500 million, with the corporate forecasting an general income technology of USD 1.8 billion in 2020. As April ended, Zoom’s whole consumer base had touched 300 million, leaping sharply from simply 10 million in December 2019. With booming gross sales, the corporate is constantly increasing its providers and merchandise. For instance, in July 2020, Zoom launched an progressive, all-in-one equipment known as the DTEN ME beneath its Zoom for House class. Costing $599, the system is designed to boost the video conferencing expertise of pros working from dwelling. It additionally options an interactive contact show, a high-quality microphone, and three wide-angle, high-resolution cameras. 

Cisco Webex Showcases Exponential Progress

The California-based web conferencing innovator, Cisco Webex, introduced in June 2020 that in April, it supported round 500 million individuals on its video conferencing platform, producing 25 billion assembly minutes throughout your complete month. In comparison with its pre-pandemic numbers, Cisco now boasts of volumes 3 instances these. Moreover, to make sure security and safety of the information being shared on Webex, Cisco has built-in eDiscovery, Authorized Maintain, and information loss prevention (DLP) retention capabilities to Webex Conferences. The corporate can be diversifying its choices, increasing into the sector of telemedicine by the addition of Epic, an internet medical document service. 

Microsoft Groups Releases Frequent Updates to Maintain Customers Engaged

Microsoft Groups has been continuously upgrading its teleconferencing platform to make sure its prospects an improved expertise. In July 2020, as an illustration, Groups launched its ‘Collectively Mode’, whereby the software program will use Synthetic Intelligence (AI) to create a dwell, digital avatar of the consumer and place colleagues collectively in a digital house, offering a near-perfect substitute to face-to-face conferences. Equally, the most recent Groups replace on Android and iOS additionally noticed the addition of quite a lot of new options. For instance, on iOS, Groups now permits customers to ask to conferences by a hyperlink to different individuals, whether or not they have an account or not.

Entry of Regional Gamers to Usher in Thrilling Instances

Seeing the hovering success of those corporations, some telecommunications giants in India are additionally leaping on the video conferencing bandwagon. For instance, Reliance JioMeet marked its entry into the teleconferencing house in July 2020, providing its providers to enterprise customers and common prospects alike. In the meantime, Airtel introduced its partnership with Verizon to convey the latter’s cloud-based video conferencing answer, BlueJeans, to India. Nonetheless, the platform will likely be obtainable just for enterprise purchasers. Collectively, the 2 organizations are aiming to seize the escalating demand for digital meets within the burgeoning company sector in India, thereby competing with international teleconferencing giants equivalent to Zoom and Google Meet.

Will the Hype Final As soon as the Pandemic Abates?

Whereas video conferencing has offered an optimum alternative to bodily conferences, it have to be remembered that the uptake of this expertise is being pushed by the disaster scenario spawned by the pandemic. However what occurs as soon as the pandemic begins abating and a vaccine has been developed? What would be the state of affairs as soon as lockdowns are totally lifted and employees are allowed to take a seat in workplaces once more? Will this earn a living from home experiment show to be successful, given its varied advantages, or will employers favor to revert to the normal work tradition? With uncertainty looming giant, these questions needs to be finest left unanswered for the second.

In regards to the Creator:

Identify: Shantanu Ayachit

Shantanu Ayachit is an avid fanatic of the tech world and has expertise in growing high quality content material for readers.

Shantanu Ayachit is presently concerned in writing articles, press releases, and blogs on matters associated to the world of expertise. Extremely motivated, he enjoys placing concepts and ideas into phrases to allow the reader to expertise a seamless perusal.

Video Conferencing Market Traits: Why Video Conferencing is the Future

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