As the world has turned more and more to technology, it’s no surprise that in-person conferences are becoming a thing of the past with video conferencing steadily becoming more popular. In fact, the global video conferencing market is said to be valued at US$6,28 billion in 2021 with a projected growth to US$14,58 billion by 2029. In 2020 it had an average growth of 8.1% when compared to 2019.
What are video conferences, you may be asking? Well, video conferencing are sessions that take place in real-time either one-on-one or with multiple people. With the growth of developed technology like Artificial Intelligence and cloud technology, video conferencing is expected to grow exponentially. Other major factors in video conferencing growth are the rise of virtual workforces and the need for video communication which organizations have started adopting in order to make faster decisions and steer clear of high costs that are associated with traveling. This has also caused a chain reaction of remote learning which is anticipated to drive market growth.
Trends and their impact on video conferencing
1. Increased demand for conferencing software during Covid-19
The pandemic that was Covid-19 shook the world and with it, a lot of corporations had to adapt quickly or face their businesses closing down. It also caused a lot of in-person events to be delayed and canceled entirely which resulted in organizations having to turn to livestream communications such as Teams, Zoom, and others in order to host their events or business meetings.
- Organizations have been able to save traveling costs by approximately 30%
- 92% of B2B marketers adopted these solutions into their core activities during Covid-19
Even law enforcement started using video conferencing during covid-19 as a way to safely work from home and not have their daily work life interrupted.
2. Boost Market Demand by adopting Video Banking
There is a growing trend of banks using video banking methods to keep in touch with clients which has increased the demand for video conferencing. It allows bankers to keep in touch with their clients that are too far away to physically come into the bank and allows users to talk with their banks while on the go. It saves customers time and money in the long run and allows end-users to enhance their operational efficiency. Because of this growing demand, key providers are developing new products for video finance services in the banking and finance sector.
3. Increased preference for Remote and eLearning
Due to the pandemic’s impact, more schools and educational institutes have implemented video communication services as a substitute for traditional classrooms. Institutes are developing software that will improve a learner’s remote learning experience by using their smart devices while allowing teachers to share notes, slides, and files while they are teaching.
4. Investments by large enterprises in communication solutions to drive growth
The market is currently divided into small, medium, and large enterprises. SMEs are expected to be the ones who make the most use of video conferencing solutions and therefore will drive the growth of this solution. By using these solutions they can improve their client relations, communicate better with their sales teams, and launch new products at distant locations. Because of this, it is expected that SMEs are going to increase rapidly as it becomes easier to run your business from behind a screen.
Unlike SMEs, large enterprises will have a significant stake in the market and therefore will want to see an increase in projections. Large organizations can use these solutions to communicate with employees the reside in different places and will be able to boost their operational efficiency to provide a better experience for their clients.