For a while now, prominent video conferencing market contenders have sought to convince the world that the technology was ready and had matured for deployment to the point where it could be used for day-to-day business operations. Video conferencing has slowly found more significance as the popularity of hybrid as well as flexible working models started to grow, especially after employers and employees realized they can still be productive remotely.
According to Global Market Insights, the video conferencing market size may cross USD 75 billion by 2027.
Following the outbreak of COVID-19 and the subsequent lockdowns, companies were compelled to opt for such solutions to ensure business continuity. The expectation here for video conferencing was to prove that it is enough to pull companies through the pandemic.
Now that the technology has proved to be successful, it is expected to gain more traction in the subsequent years, emerging as one of the most critical forms of web real-time communication available across various industries. Moreover, the video conferencing marketplace has now become highly competitive, with various businesses racing to offer the best solutions to clients and customers to ensure an enhanced online experience.
Technological breakthroughs in this industry have allowed for the development of video conferencing solutions that offer session recordings, advanced collaborations, spatial audio, real-time transcriptions, and multi-party LTE/5G broadcasts.
Citing an instance, Google had last year announced a concept that could potentially redefine how video meetings will be displayed in the future. Under its new program - Project Starline, the company is working to create a 3D display of people in a video conferencing call to make the experience more life-like.
It is undeniable that such developments will redefine video conferencing industry trends in the subsequent years. A summary of the major trends shaping the future landscape of this business space has been outlined below:
- The increasing popularity of hybrid working
Despite the pandemic being in the rear-view mirror, most businesses and people have adjusted to the new normal to an extent that day-to-day operations are unlikely to return to the way they were before the outbreak.
According to a survey conducted by Microsoft, more than 70% of workers prefer flexible remote working options while around 65% would want to have more in-person time with their respective teams. To that effect, at least 66% of companies are exploring plans for redesigning physical spaces to better accommodate hybrid working models.
Given the unprecedented number of employees opting for fully remote or hybrid working, extreme flexibility and hybrid work are expected to define the post-COVID workplace, thus augmenting the demand for video conferencing solutions across the globe.
2 . The growing trend of upgrading home offices into workstations
Homeworkers now expect high-quality audio and visual capabilities, especially after video conferencing became a go-to solution during the pandemic. Even some employers understood the need for workers to sound and look good while working remotely, thus providing workers a stipend to upgrade their home offices.
Meanwhile, video vendors also jumped on the “home office upgrade” trend by delivering kits and bundles to home staff, such as a headset or a webcam. In early 2020 for instance, BenchSci, a biomedical AI company, bought all its staff Oculus VR headsets to ensure employees feel connected during the pandemic-induced isolation.
3 . Rising demand for productivity-enhancing features during video calls
Apart from offering video conferencing platforms at affordable costs, some vendors went beyond basic meeting functionality and have started focusing on enhancing meeting productivity. This includes video clipping, real-time machine translation, file sharing, and transcription.
Eventually, video calls were no longer used for just planning out work, but for getting work done instead. There has been a growing demand for productivity-enhancing features and is likely to be a core element of video technology in the upcoming decade, thus complementing global video conferencing market dynamics.
Some companies that specialize in software are also jumping on the trend by offering innovative solutions. Zen, for instance, uses posture mirror software in webcams that can detect if workers are hunching over their desks and alert them to sit up straight to avoid back problems.
4 . Rapid integration of live video editing
Real-time video editing is essentially editing footage that is not pre-recorded. The technology is highly popular in TV broadcasts, sporting events, news & talk shows, and music concerts and has now been making headways in video calls and social media. Any editing during the call is done as the event is happening, with the software switching cameras to add more focus to the action.
Various video conferencing vendors such as Zoom are already offering green screen support and virtual backgrounds. Speaking of Zoom, the leading video conferencing solutions provider introduced the redesigned version of its visual collaboration tool Zoom Whiteboard in April 2022. The tool essentially provides both remote and on-site teams with a space to capture ideas asynchronously and in real-time.
It is expected that companies are less likely to rely on third-party software since basic video conferencing apps will be able to support live video editing features soon. In fact, this is another trend that had managed to gain traction before the pandemic and has now accelerated because of the same, further revolutionizing the video conferencing market in the next decade.
5 . The metaverse boom
Metaverse is expected to transform video conferencing since it enables people to simultaneously hear as well see the presenter without being concerned about how many cameras or computer screens are available. Although metaverse is still in its early stage, the platform allows developers to create apps and gives users the power to customize these apps.
The distinctive form of video conferencing will influence how businesses conduct meetings, engage with customers or train employees through the metaverse. Moreover, the fact that virtual reality can be utilized in live video conferences is expected to make communication more interactive and engaging.
It would be interesting to see how the metaverse will revolutionize video conferencing market in the forthcoming years.