There’s no denying that the way we communicate is changing.
In a world that’s increasingly distributed and digital, companies are constantly searching for better ways to keep teams connected. Video could be the key to more meaningful interactions.
In 2019, the video conferencing market was already worth $3.85 billion. By 2027, experts predict that the value of video will explode, growing at a rate of around 9.9% a year. Statistics like that don’t even take into account the vast impact that events like COVID-19 are having on the world.
While video conferencing was once a complicated and expensive option for modern businesses, it’s becoming increasingly accessible, thanks to new technology and solutions. Here’s what you need to know about the transformative world of video.
What is Video Conferencing?
Video conferencing, like all modes of communication, is something that is rapidly evolving to suit the new landscape. Once, video conferencing was reserved exclusively for bigger companies. Teams needed massive budgets to afford not only the hardware for video, but the maintenance too.
As companies like Zoom and Microsoft began experimenting with the nature of video, we’re starting to discover a new method of conferencing. Today, you can access everything from one-click systems for face-to-face conversations, to plug-and-play room kits.
This is particularly valuable at a time when the global workforce is starting to shift to a more flexible, remote method for work. Between 2005 and 2019, the remote workforce increased by 140%. That number continues to skyrocket in the aftermath of COVID-19.
Video conferencing is quickly emerging as one of the best ways to bring mobile employees together in an intimate environment. This media is the only way that people can mimic face-to-face interactions, without expensive travel and other issues.
The new age of video conferencing centres around a simple, accessible, and feature-rich solution for communication. Employees want unlimited options when it comes to connecting with co-workers and clients. Video is just one part of that puzzle. Adding video to part of a UCaaS system with VCaaS technology or unlocking video in the collaboration stack is a powerful step for any business.
Not only does video keep costs low thanks to minimal overheads and travel requirements, but 89% of people say that video conferencing helps them to feel more connected to their colleagues too. 98% of experts say that video strengthens the relationships inside and outside of a company.
Video Conferencing: Market Overview
Companies everywhere are experimenting with video to solve a variety of communication and collaboration problems. Many team leaders believe that inadequate conferencing and poor meeting practices are a common problem. In fact, these issues lead to around $34 billion in annual losses due to poor time management and productivity.
Video brings more context and depth to a conversation between colleagues. Not only does the right technology connect your team members face-to-face, but it comes with other essential features too. Many of today’s video conferencing systems come with access to things like screen and file sharing.
Video conferencing has emerged as a more popular tool for businesses thanks to the growth of new generations and technology in the workplace. Millennials and younger generations are beginning to have a transformative impact on the way we work. Digital natives are coming into the office in droves, bringing with them comfort with, and trust in, tools like FaceTime, and WhatsApp.
Companies are also beginning to discover just how effective video is for strengthening human connections and improving the way we share ideas. Studies suggest that around 90% of respondents today think video helps them to get their point across. Around 89% of people also say that video helps to reduce the time involved in completing tasks and projects.
By adding an extra layer of context into conversations, video takes communication to the next level, strengthening the bonds between clients, staff, and other contacts. By 2023, the video conferencing market should reach a value of at least $13.82 billion.
Video Conferencing Industry Trends
For many organisations, the shift to video conferencing is a natural step forward. 94% of business say that video conferencing boosts productivity. More companies have also had an opportunity to discover just how effective video conferencing can be in 2020 too.
Perhaps the most significant trend in the video landscape lately, both for the industry and consumers, was the rise of COVID-19. The pandemic and lockdown measures of 2020 meant that countless businesses had to rely on video to keep team members connected. Zoom, one of the leaders in video conferencing for the modern market, experienced an increase of 2,900% in daily active users.
Businesses are beginning to recognise that video is a vital way to keep employees engaged and informed when team members aren’t in the office.
COVID-19 also pushed vendors and video conferencing providers to begin reconsidering the way that they bring tools to market. As companies of all sizes had to change their strategies practically overnight, they didn’t have the time or the patience to implement complex new solutions.
The demand for video conferencing tools that were just as accessible as consumer apps skyrocketed. Businesses everywhere began doubling down on the creation of video systems that launched meetings at the touch of a button, without compromising on things like security and privacy.
In 2020, the focus on simplicity in video is greater than ever. Room kits with plug-and-play functionality means that anyone can set up a video session without professional support. VCaaS delivered through the cloud means that businesses can access the exact features they need without breaking their budget.
At the same time, vendors are ensuring that their video tools are not just easy to access – but flexible too. Since companies won’t always have the option to rip and replace their entire system, video tools need to be open and versatile. Tools that integrate with a wide range of collaboration and calling platforms are more important than ever.
Video Conferencing End Customer Trends
As mentioned above, the demand for video conferencing is increasing for a variety of reasons lately. There are new generations entering the workforce, pushing us to discover more contextual modes of communication. All the while, the workplace is evolving, leading to a new demand for enhanced platforms for conversations.
Even before COVID-19 changed the world, the demand for a more flexible working environment was growing. Around 37% of technology professionals said they would happily take a pay cut to work from home in a Global Workplace Analytics study. What’s more, reports are constantly appearing to suggest that remote working leads to better productivity and efficiency too.
To support the changing workplace, vendors of all sizes are beginning to experiment with new, more disruptive ideas. Video conferencing tools are more straightforward than ever, supporting everything from integration with existing tools, to plug-and-play hardware. However, these solutions are also more immersive and intuitive too.
For instance, the rise of artificial intelligence in the video landscape makes a significant difference in the way we communicate. AI virtual assistants can make it easier to set up a call or conversation with facial recognition and gesture controls. AI tools can also record meetings, gather important notes, and boost the overall outcomes of the conference without excessive investment.
The arrival of 5G in the digital landscape and the launch of updated video codecs also means that business leaders can unlock a higher quality of video messaging. Vendors are delivering 4k streams and high-quality real-time conversations to employees wherever they are. Even collaboration software companies like Microsoft and Zoom are getting involved.
Today’s collaborative workers can automatically change their background with virtual tools to remove unwanted distractions. Plus, more convenient kits for miniature huddle rooms and at-home offices mean that business users don’t have to compromise on video functionality just because they’re working from home.
As this remote working landscape continues to emerge as the “new norm,” a video-first environment will be a must-have for most companies.
Video Conferencing Technology
Video conferencing technology today is a world away from the complex boardroom environments that many companies used to rely on. According to some studies, around 90% of Fortune 500 companies are actually using multiple video conferencing platforms and tools at once.
The complexity of any video conferencing setup will depend on the needs and goals of the company that’s using it. For instance, if you’re a freelancer that wants to log into a meeting with WebRTC, you don’t need any special equipment. All you’ll need is an internet connection so you can click on the meeting link for your discussion. Plus, you’d have to invest in a basic video camera (webcam) and microphone for the conversation.
In other environments, video conferencing can be a much more intuitive and immersive process. For instance, if you’re using video conferencing tech as part of a collaboration solution, you might create a huddle room for your in-office workers. This room would feature a plug-and-play room kit solution, with a camera, speakers, and microphones included. It might also come with access to collaborative software like Cisco or Microsoft Teams.
Here are some of the most common features you can expect in video conferencing technology:
- Video cameras: The most obvious feature of a video conferencing solution is a camera. The camera you need depends on your situation. Huddle rooms often use wide-angle cameras to capture all participants. Some devices can also offer extra features like automatic focusing and zoom for better clarity
- Speakers and microphones: Some people will simply listen to other people talking through a headset; others will need a complete speaker system. It’s also crucial to have a microphone that can block out background noise and enhance the quality of your speech for better audio
- VCaaS software: The right software will ensure that you can connect with colleagues quickly and easily, not requiring any advanced insight. You might even use collaboration tools alongside your video conferencing systems, to allow for instant chat, file, and screen sharing in a contextual conversation
- Screens and content sharing: Most video conferencing tools also come with monitors or screens where you can view your colleagues and collaborators. You may also have devices for content sharing, like laptops or interactive whiteboards
Choosing the Right Video Conferencing Provider
Choosing the right provider is always an essential consideration, no matter what kind of communication tool you’re investing in. As the landscape continues to shift more rapidly towards video, there’s no shortage of companies to choose from.
The biggest decision for many businesses to make today will be whether they want to work with a VCaaS and video-first company, or a UC vendor that offers video. For instance, RingCentral and Avaya are two examples of leading communications brands that also offer access to video technology, collaboration tools and more.
On the other hand, companies like Zoom Video Communications started out with a focus on Video, and gradually implemented things like phone technology and chat. There are even some vendors out there that focus on offering video technology exclusively. No matter which direction you’re going in, there will be a few essential factors to consider, such as:
- Flexibility: In a time when your employees are using countless applications and tools to stay connected, it’s important to ensure that everything works well together. Your video system should work well with your existing technology. At the very least, you’ll need your VCaaS solution to integrate with your collaboration suite
- Video quality and features: What can your video provider offer you in terms of meaningful video experiences? Can you get 4K streaming anywhere, complete with access to 5G technology for mobile clients? Is it possible to host giant webinars with just one presenter, or launch one-on-one conversations?
- Simplicity: As mentioned above, simplicity and accessibility are crucial to today’s communication stacks. The right video conferencing system will be easy to use – often requiring a simple click to start a meeting. The easier your services are to use, the less likely it is that employees will stick with their own tools
It’s also worth thinking about issues like security and future-proofing. Find out what your vendor can do to keep your communications safe – such as offering end-to-end encryption. At the same time, check that there are plenty of opportunities for growth in the provider’s portfolio. Will you be able to access things like artificial intelligence and VR going forward?
The Future of Video Conferencing
Video conferencing is a powerful tool in any environment. Whether you’re looking to enhance the way that your teams collaborate, or you want to provide better customer service, video conferencing is there to help. As the world continues to change, the need for video conferencing is sure to accelerate.
This year, we’ve seen how essential video can be when it comes to keeping people connected in an environment where face-to-face interactions aren’t always possible. Even as the COVID-19 issue passes, and people return to work, the hybrid and remote workforces of tomorrow will continue to rely on video technology. Around 20% of meeting room budgets are going into collaborative technologies and video systems to help remote workers.
As teams continue to see just how valuable this contextual communication channel can be, more businesses will become “video first.” Already, countless leading organisations are suggesting that a video-first company culture helps them to stay more productive and maintain relationships between members of staff.
Of course, there are still challenges to overcome on the road to video domination. Businesses will need to continue searching for ways to improve the adoption of video technology among staff members. While some younger generation employees are comfortable with showing their face in every meeting – not everyone feels the same way.
Additionally, video conferencing systems will need to be as easy to use and accessible as possible if they’re going to change the world. Companies are already making progress in this area, but the constant focus on simplicity will be crucial. Vendors will also need to make sure that they have the right systems in place to ensure interoperability with a company’s existing investments.
What’s more, 96% of people say that video conferencing improves the ‘connectedness’ of team members. Still, as remote working trends increase, these experts also suggest that security will need to be a crucial focus of any video solution.
The good news is that used correctly; video conferencing could have a lot of benefits to bring to the business landscape. Already, innovators are experimenting with things like computer vision and biometrics to change the way that companies identify members of staff and customers. There’s also plenty of potentials to consider in the areas of augmented and virtual reality.
