By Vinisha Joshi
The novel COVID-19 pandemic has pushed the boundaries of adaptability in almost every sphere and influenced businesses of all sizes to suspend their operations to reduce physical human involvement. Amid substantial business disruptions, the video conferencing system has emerged as a viable tool for balancing the situation, as many people including adults started using multiple device types to access the Internet.
In countries like Australia, a significant increase in the number of elderly people adopting video calling services has been witnessed, contributing to the expansion of the video conferencing market over the years ahead. As per an ACMA report, nearly 29 percent of Australians aged 55 years and above started using videotelephony in 2020. To leverage maximum benefits from this trend, companies and governments worldwide are expanding their reach into the video conferencing landscape as well as experimenting with the effectiveness of virtual meeting experiences.
Below are four key reasons why the video conferencing industry is flourishing:
Entry of technology companies into video conferencing space – Global organizations are seeking the best of technologies to increase productivity and ultimately streamline their businesses during the ongoing coronavirus pandemic. As video communication continues to act as a preferred collaboration medium, the development of effective tools in the video conferencing market is rising steadily.
To cite an instance, in October 2021, HP unveiled its new HP Presence portfolio, consisting of a revamped line of audio components, cameras, sensors, and control software. These systems are designed for simplified management of Zoom and Microsoft Teams meetings, emphasizing the company’s focus on video conferencing solutions conducive to the prevailing hybrid work scenarios.
Collaborative efforts to launch new video devices – Software companies are increasingly making a shared commitment to providing robust meeting experiences for millions of businesses across the globe. They are also offering novel products for teams looking for immersive and inclusive collaboration, thereby pushing the video conferencing industry outlook. In September 2021, Avocor entered a partnership with Google Workspace and launched the Google Meet Series One Desk 27 and Google Meet Series One Board 65, the all-in-one video conferencing and digital whiteboarding devices. These two new touch-enabled video devices were designed in response to the proliferation of video-driven communication and will enable more equitable meeting experiences via human-focused hardware for group and personal applications.
Rise of telehealth services amid COVID-19 pandemic – In the health care sector, the surge in the adoption of video platforms to deliver continued care for patients through remote examinations has increased commendably, especially in the wake of the pandemic. As the healthcare service providers consistently move towards a value-based care model, telehealth has become a medium for creating touchpoints between medical caregivers and patients. For example, Verizon, following the acquisition of BlueJeans, a video conferencing platform, launched BlueJeans Telehealth in April 2021. This new service was developed from the ground up to simplify the virtual experience and deliver greater access to care, asserting a positive influence on the burgeoning video conferencing industry during the pandemic.
Popularity of video communications across sectors like education in Asia – In Asian countries like India, video teleconference is gaining popularity across a range of industries, including the space and satellite manufacturing sector. For example, in 2021, PM Narendra Modi launched the ISpA (Indian Space Association) through video conferencing. Another common sector that extensively used video conferencing software in the region is education, followed by social gatherings.
According to a Zoom study, nearly 59 percent of users adopt the platform for events, 58 percent for entertainment, and 50 percent for business purposes. It also revealed that the financial sector is expected to shift towards a hybrid model, with 56 percent of the study respondents having benefitted from new financial services that were previously not available in person. With videotelephony gaining traction across the regional industrial spectrum, India continues to operate as the largest overseas market for video conferencing service.
Vinisha Joshi is an engineering graduate who takes pride in playing with words. She writes insightful articles on business, core industry, technology, and the like.