The way we communicate is changing. Conversations aren’t reserved exclusively for phone calls anymore. Today’s employees need more context and different kinds of media to feel as productive as possible. Often, that means supplementing voice with video.
Driven by the demand for remote and virtual work, video became one of the world’s most important communication tools in 2020. As the workplace continues to evolve, businesses of all sizes are investing more time and money into video-first technology.
According to Grandview Research, the global market for video conferencing was worth $3.85 billion in 2019. By 2027, the value of video conferencing will grow at a rate of 9.9%, with more people unlocking this functionality than ever before.
Building a Business Case for Video Conferencing
Perhaps the biggest factor driving the new demand for video conferencing, is the rise of remote work. As cloud-based communications and collaboration apps have emerged, companies are discovering that they can access the same level of productivity from remote team members as they do from in-office employees.
The global remote workforce increased by 140% between 2005 and 2019, and that number accelerated even further in 2020 when COVID-19 hit.
Video conferencing brings people together wherever they are, mimicking the nuances of face-to-face interactions in a convenient, digital space. With the right video technology, employees can access things like screen and file-sharing in the same place as their video meetings.
Not only does video strengthen connections with people in any environment, it also helps to make meetings more efficient too. With video conferencing, employees don’t have to drop everything to attend an in-person discussion. This is essential when businesses in America host around 11 million meetings each day!
Knowing the essential stats about video conferencing can make it easier for you to present the business case for this technology to your boss and shareholders.
Top 10 Video Conferencing Facts You Need to Know
Video is a powerful tool for communication. It adds another layer of context into conversations, and helps to strengthen the bonds between staff, clients, and external contacts.
According to Lifesize, 89% of people say that video conferencing helps them to feel connected to the people they care about. 98% of respondents also say that video strengthens relationships both outside and inside the company. Here are some other facts about video conferencing that you need to know:
- Video conferencing strengthens human connections: 87% of remote team members say that they feel more connected to their colleagues with video conferencing. As more employees move into the remote landscape, video can help to improve company culture. Source: Gigaom.
- Video enables remote work: Video is a crucial tool in the remote working landscape. This is crucial when 36% of employees say that they would choose remote working opportunities over a pay-rise. On top of that, 37% of tech professionals say that they would take a pay cut if they could work from home too. Source: Global Workplace analytics.
- Telecommunications is growing: According to Lifesize, the number of employees telecommuting for work has increased by 115% in the last decade. Source: Lifesize.
- COVID increased the need for video: TrustRadius notes that the web and video conferencing category for business technology saw a 500% increase in buyer activity since the Covid-19 outbreak began. 67% of companies increased their spending strategy for video conferencing too. Source: TrustRadius.
- Video makes it easier to share ideas: According to Lifesize, around 90% of respondents believe that video makes it easier for them to get their point across. Another 89% of respondents say that video conferencing reduces the time required to complete projects or tasks too. Source: Lifesize.
- Inadequate conferencing is an expensive problem: Loopup found that poor work conferencing practices can lead to around $34 billion in annual losses, caused by things like lost productivity and time. Source: Loopup.
- Video conferencing will be a $13.8 billion market: The already growing video conferencing market is set to reach a value of around $13.82 billion by 2023. Source: Global Video conferencing market analysis.
- Video conferencing improves productivity: BlueJeans studies show that 94% of businesses believe access to video conferencing improves their productivity. Source: BlueJeans.
- 2020 was a massive year for video: The web and video conferencing software category saw incredible growth since the beginning of the year. Small and large companies alike invested extra money into video. For products like Zoom, this lead to an increase in daily active users of 2,900% in the span of 4 months. Source: Bloomberg.
- Smaller companies are growing too: Customers are even starting to show more interest in smaller players for video conferencing, like Intermedia AnyMeeting and Click Meeting. Interest in these tools grew by over 400% as a response to the pandemic. Source: Trust Radius.
Top 10 Video Conferencing Statistics for Your Business Case
The demand for video conferencing technology has increased drastically over the years. However, the new need for video meetings became particularly obvious during 2020, when the COVID-19 pandemic hit.
Companies began offering free versions of their platforms to help more brands get online, and investment in video solutions skyrocketed. All the while, video traffic is gradually increasing. Between 2017 and 2022, the value of worldwide IP video and internet traffic will increase by around 4 times. Here are some top stats to keep in mind when looking into video conferencing:
- Investment in remote work is increasing: 20% of meeting room budgets are now going towards collaborative technologies as companies expand their focus on remote work and global meetings. Source: Future Source
- Video is crucial to collaboration: The collaboration market will hit a value of $8.5 billion by 2024. Source: Reportlinker.
- Video conferencing improves engagement: Lifesize found that 41% of users believe that companies using video conferencing have mor engaged team members. 35% of respondents reported using videos to feel more included in the company culture too. Source: Lifesize.
- Interoperability is crucial for better video: According to Lifesize, users also expect their video solutions to be interoperable and flexible. 41% of users said that difficult download and joining processes make it harder to enjoy video experiences. Source: Lifesize.
- Video is often a crucial part of collaboration: Video is becoming an essential component of the full collaborative experience. Around 73% of employees say that their employers require inter-team and interdepartmental collaboration. Video is an essential aspect of this connected experience. Source: Forbes.
- Video conferencing reduces travel costs: Through video meetings, businesses can reduce travel costs by 30%. 92% of B2B marketers even say that they use video for their core marketing tasks. Source: PGI.
- Video contributes to other cost savings too: Wainhouse research shows that companies save around $11,000 per year for each employee using video conferencing software. Source: Wainhouse.
- Even employees benefit from savings: Research also shows that employees save an average of around $2,000 to $7,000 per year on travel and other expenses by using video conferencing tools to telecommute. Source: Lifesize.
- Interest in video conferencing technology is exploding: Between the months of January and March, interest in video conferencing technology increased by around 120%. Source: TrustRadius.
- Many companies are using a combination of video calling platforms: 90% of Fortune 500 companies use multiple video conferencing platforms to connect with their colleagues. Source: Videocall