In 1982, at compression Labs, an AT&T company launched CLI T1 as the first system of commercial video conferencing. It is a powerful hardware system that takes up the whole room space, and its total cost is around $250,000.
Surely video conferencing business came up to long way, but it gain its hype during the pandemic years. One of the businesses that reached high in that period is video and web Conferencing, businesses that come under these are Zoom, Google Meet, Microsoft Teams, ReadyTalk Meetings, GoToWebinar, Cisco Webex, TalkPoint Convey, and many more.
Be in schools, colleges, office meetings, general meetings, family get-togethers, or any other, these applications get all the appreciation from that time.
Zoom application became one of the household names, as it presents a better user interface than other applications, with features like 100 participation can be added easily in the free version.
The total revenue of these Video Conferencing businesses in 2022 is USD 7.71 billion, and it is expected to increase by USD 19.73 billion in 2030.
Impact of Covid 19
We know what happen in this phase, and how thing get changed after the pandemic. In the modern world, where we turning digitally, covid 19 helps us to recover everything in digital format at a fast pace.
Many of us do not know that we need these, but video conferencing applications became a comforting point in our day-to-day life. People opt for remote work, and it continues till now. New businesses started and all the meetings happen through this only.
Any business grows when there is a need in the market, pandemic created that need for video conferencing business, and it’s continued till now.
Growth Drivers That Impact This Business :
Why we are saying that the business of this industry grows more in the upcoming years? Because these growth drivers show us the bigger picture;
1. Hybrid/Remotely work gained popularity : From the time of the pandemic, many businesses shifted their routines to remote or hybrid jobs where you can work from anywhere, attend meetings on this video conferencing application and do your remaining job.
And working from home saves the cost of living. Small townspeople don’t need to migrate and leave their families alone, as now they can handle both. It said working remotely or hybrid increases the efficiency and productivity of an employee.
Giving access to working remotely also increases the chance to hire better candidates across the globe because now the talent pool can’t be limited to some cities or areas near any organization, it diversifies to the whole nation or world even.
It also saves the organization cost, like no space costs, electricity costs, and real estate costs. As more and more organisations and businesses come into the market, it guarantees that it will upvote the video conferencing application business too.
2. Online learning became a new thing : Education system changed a lot too, as we know education never stops and it didn’t stop during the pandemic times too. People continue school and college education from these web conferencing applications only.
It shows the whole sudden change in the education system, where big institution turning their courses into a virtual mode so more and more people can enjoy and study easily without paying extra.
Even 80% of students want to continue their study from online mode after the pandemic, they feel this is an easy mode, where they get more time to do extra activities as it saves travelling and other expenses. So if the new world is all ready to learn in a remote way, the growth of the video conferencing business surely increase.
3. Cloud applications increasing : Digital business is a new word, where small, and medium companies also adopt the cloud pattern to improve the productivity of their service. As many sectors boom during the pandemic time, thousands of old companies get in huge losses, small companies are in huge uncertainties, and the whole system of the market is at big risk.
This gives the reality check to many businesses that they need to change their model, prepare for dynamic systems, and move to cloud computation. According to the report, cloud computation services grows by 18.4% in 2021 only.
4. Improve communication in business : Communication is key to any business, to understand the aim of the company or any project, it’s important to know what going on and how we can give our best to it. Video conferencing apps improve the efficiency of group meetings, and people likely to stay more active in these meetings. It will help people engage more with the context, or stop multi-tasking. So as more and more shifted to these applications for their meetings and other important discussions for business, the growth of web applications increased.
5. Save money and time : Lastly, the important feature why these video conferencing applications grow so fast as it saves a lot of time and money. It is easy to talk from anywhere face-to-face, discuss important things, without any travel expense.
Nowadays many pieces of training, workshops, and classes are held online only as it saves time and gives opportunity to more and more people who don’t have money to spend on places, and others. New talents are getting fame because of this only, and it is not creating any harm for anyone.
Companies get chance to hire anyone across the globe, working flexible hours, freelancing gets the hype, because people like working in their own space. People like to spend less money on presenting themselves and are more likely to work on their skill showcase, and it gives the whole skill system a new game. And all these factors improve the growth of web and video conferencing applications.
Types Of Video Conferencing Technology
- Desktop video and web conferencing application.
- Integrated video and web conferencing applications (used in schools and colleges).
- Codec or Monitor Codec.
- Roombase technology.
- Multibase technology.
Conclusion
As video conferencing businesses increase in the market, it is a high chance for us to begin our journey and modify it on online platforms, share your thoughts, do consultant, teach something, present our skills to other businesses, and many more ways to grow just by sitting any corner of the world. Do let us know more options you think why these applications are getting all the hype and growing rapidly in the upcoming years.
