Due to the worldwide spread of the COVID-19 (coronavirus), many companies are now relying on video conferencing to carry out their routine business practices. The popular ‘work from home’ policy in several companies has led to the unprecedented rise in the usage of video conferencing. As such, ZOOM Cloud Meetings— a free HD meeting app, was becoming popular among users until it was reported for various security issues in the video conferencing market. Hence, the Ministry of Electronics and Information Technology (MeitY) in India recently announced the ‘Innovation Challenge for Development of a Video Conferencing (VC) Solution’ under the Digital India Program.
Security issues associated with the ZOOM Cloud Meetings app has led to the introduction of alternative video conferencing apps, especially in India. India is one of the leading economies in Asia Pacific and contributing to the overall revenue growth of the region, which is estimated to take a leap from 19% market share in 2020 to ~24% by 2030 of the video conferencing market.
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Software Innovations Help Users to Maximize Image and Call Quality
Companies in the video conferencing market are tapping opportunities in software innovations to capitalize on value-grab opportunities. For instance, GoToMeeting— a standalone web conferencing service provided by software company LogMeIn, Inc., is a mobile-friendly video conferencing solution that also offers screensharing features. As such, the revenue of software is projected for exponential growth in the video conferencing market, where the market is slated to reach a value of ~US$ 16 Bn by the end of 2030.
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Mobile friendliness has become one of the key aspects for innovation in the market for video conferencing. Companies are increasing efforts to offer settings that help users maximize call and image quality. On the other hand, browser-based video conferencing solutions are acquiring prominence in small enterprises. These solutions are being leveraged with add-ons, such as meeting analysis, premium customer support, and end-to-end encryption to lure end users. Moreover, browser-based conferencing solutions are eliminating the need for downloading additional software for users.
Cloud-based Solutions Acquire Prominence in Small Companies Due to Cost Efficiency
The growing startup culture is increasingly adopting cloud-based video conferencing solutions, owing to its cost efficiency. Several companies are reluctant to invest in conventional workplace setups and infrastructures, which is why video conferencing is gaining increased demand among startups. More number of workers prefer to work remotely and opt for meetings through mobile devices. This trend has significantly reduced costs associated with business travel and increased productivity levels in companies. Owing to these factors, the video conferencing market is predicted to register a CAGR of ~9% throughout the forecast period.
Switching to cloud-based video conferencing is easy and involves minimal investments of time and money. Hence, companies in the video conferencing market are increasing their efficacy in easy-to-use cloud conferencing solutions to meet user demands. For instance, BlueJeans is an interoperable cloud-based video conferencing service with a live and interactive webcast that helps users to host larger events.
Video Conferencing for Post-discharge Programs a Game Changer in Healthcare Industry
Companies in the video conferencing market are gauging strong business potentials in the healthcare sector of Europe. This is evident since the revenue of the healthcare end-use industry is projected for aggressive growth during the forecast period. Clinics offering video conferencing for post-discharge programs is the logical next step in the video conferencing market.
On the other hand, the concept of video conferencing services is anticipated to create incremental opportunities for companies in the market landscape. For instance, whyGo— a provider of video conference rooms is increasing efforts to help individuals book public video conferencing facilities as easy as booking flight tickets. Companies in the market landscape are increasing the availability of private rooms worldwide by offering round the clock services. Thus, 24/7 video conferencing services are being extended to the field of education, research, business, and the likes.
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