Revolution of Video Conferencing Industry post COVID-19

Video conferencing is a telecommunication technology that enables users in distinctive locations to attend face-to-face conferences. It features audio and video content reception and transmission in real-time. With the integration of video communication solutions with high-level technologies such as Artificial Intelligence (AI), cloud-based virtual reality (VR) technology, and the Internet of Things (IoT), the video-conferencing industry is anticipated to drive the growth of the market in the oncoming years.

Besides, the growing demand for visual communication due to globalization in businesses worldwide, remote workforce management, and scaling internet penetration are factors leading to the growth of the market. Video conferencing solutions help organizations to make more expeditious decisions, eliminate high costs associated with time and travel.

Industry Trends

According to a new study conducted by Grand View Research, the video conferencing market size is expected to reach USD 8.56 billion by 2027, inflating at a CAGR of 9.9% from 2020 to 2027. The arrival of various technologies, such as cloud computing, IoT, AI, VR, and advanced video compression, will drive market growth.

The growing acceptance of these solutions in start-ups, academic institutes, and organizations is expected to drive the market. Moreover, the increase of 4G-enabled mobile devices and the rise in several Video Conferencing Service providers are anticipated to contribute to market growth.

Revolution of Video Conferencing Industry post COVID-19

The COVID-19 pandemic has led to the cancellation of all sorts of events. Such as international seminars, trade shows, product launches, and investor presentations, schools, colleges, and others.

As a result, it left no option for such organizations but to focus on executing video communication solutions such as Zoom, Microsoft Team, Google Meet, and others. According to UC Today, conferencing solutions enable enterprises to cut travel costs by around 30 while 92 of 828 marketers use such solutions in their core operations amidst the coronavirus outbreak.

Furthermore, numerous law enforcement agencies and governments are emphasizing carrying out operations through such solutions due to the lockdown imposed across the globe. For instance, in April 2020, the Supreme Court of India has issued a notice to the regional courts to conduct their judgments via video conferencing.

Emerging Players

1) Zoom

Zoom is a cloud-based video communications app that allows you to set up virtual video and audio conferencing, webinars, live chats, screen-sharing, and other collaborative capabilities. Zoom stands to be one of the leaders in the industry with over 2.72 billion monthly users.

Monthly Visits

Since June 2020, there has been an increase of 60% of the market share. Currently, Zoom observers 2.72 billion of monthly organic traffic.

Geographic Usage

Zoom is widely used in the United States with over 40.99% of their total share. Turkey, Canada, United Kingdom, and India are other top-users of Zoom.

2) Microsoft Teams

Microsoft Teams is a proprietary business communication platform developed by Microsoft, as part of the Microsoft 365 family of products. Teams primarily compete with similar service Slack, offering workspace chat and videoconferencing file storage, and application integration.

Monthly Visits

Since June 2020, there has been an increase of 25% in the market share. Currently, Microsoft Teams observers 1.14 billion of monthly organic traffic.

Geographic Usage

Microsoft Teams is widely used in the United States with over 17.25% of their total share. UK, Saudi Arabia, Poland, and Brazil are other top-users of Microsoft Teams.

3) Cisco Webex

Cisco Webex is an American company that develops and sells web conferencing and videoconferencing applications. It was founded as WebEx in 1995 and taken over by Cisco Systems in 2007. In our list of top video conferencing app, Cisco Webex stands to be in third place in the market. Here are some stats which make Cisco justify its position.

Monthly Visits

Since June 2020, there has been an increase of 20% in market share. Currently, Cisco Webex observer 150.06 million of monthly organic traffic.

Geographic Usage

Cisco is an American brand, widely used in the United States with over 30.12% of their total share. Greece, India, Italy, and Germany are other top-users of Cisco Webex products.

With their back against the wall, most of the organizations had no option but to pivot to video conferencing solutions. However, it is amusing to see how well the organizations have adapted to this change. It would be interesting to see where does this industry stand to be 10 years from now. Will people switch back to traveling for conferences and meetings? Or will the video conferencing technology will replace the old behavior?

Do let us know your thoughts about this in the comments below. Take care!