Video Conferencing Market : Acclaimed Players - Adobe Systems Inc., Avaya Inc., BlueJeans Network, Cisco Systems, Inc., Citrix Systems Inc., Fuze Inc., Google Inc., Highfive, Huawei
The video conferencing market is anticipated to witness exponential growth on account of rising technology significance across healthcare and educational institutes. Healthcare organizations are using video conferencing solutions to remotely conduct specialist consultation and post-discharge programs.
With the advent of innovative technological solutions like virtual reality and artificial intelligence in the education sector, educational institutes are working on integrating video conferencing technology to enhance student engagement and learning while improving their academic performance & communication.
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Advancements in AI-enabled video conferencing solutions could drastically enriched user experience, automating complex communication and collaborative task. For example, the integration of natural language processing with AI has enabled conversation rooms and virtual assistants to join and leave meetings through voice commands. With such advancements, Global Market Insights, Inc., estimates that the video conferencing market might exceed USD 50 billion by the year 2026.
How is COVID-19 impacting video conferencing market outlook?
Given to nationwide lockdowns and social distancing norms imposed due to the COVID-19 pandemic, corporate enterprises have begun to implement video conferencing systems for conducting important meetings and discussions. In April 2020, UK's Office for National Statistics (ONS) published a report stating that nearly 50% of the workforce in the United Kingdom are likely to work remotely over the next few years. Platforms like Cisco WebEx, Zoom, and Skype for Business are gaining traction as corporate campuses seek to help their workforce learn, collaborate, and engage.
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Video conferencing solutions will play an integral role in maintaining business continuity amidst the ongoing health crisis. According to ZoomInfo, in 2020, the adoption rates for web conferencing have risen by 84.82% between January and April. As a matter of fact, Zoom alone is responsible for this substantial growth as the platform managed to record a 418% rise in adoption rate within recent months. Emergence of coronavirus has thereby led to rapid adoption of video conferencing platforms across multiple enterprises.
Why is the European video conferencing market gaining substantial growth?
Europe is considered to be a lucrative avenue market for video conferencing platforms owing to the region’s developed internet infrastructure and surging adoption of advanced solutions like 3D, VR, and AI in diverse business corporations. Europe is often known for its high-speed broadband connection, with countries like Denmark, Luxembourg, and Sweden recording average internet speed of more than 40.1Mbps.
What are the various business strategies that could benefit video conferencing companies?
Companies operating in the video conferencing industry are concentrating on implementing multiple business growth strategies such as strengthening partner networks, geographical expansion, and investments in advanced video conferencing solutions.
Companies are focusing on integrating new and advanced technologies to enhance user experience. Taking June 2020 for instance, Google’s video conferencing app, Meet added a new AI noise cancellation feature to aid attendees significantly minimize background noise.
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