Video Conferencing Platforms Experience Skyrocketing Demand as Work From Home Culture Prevails Amid COVID-19 Pandemic, Says PMR
Date : Apr 29, 2020 Author : PMR Editorial Staff
To contain the spread of COVID-19, organizations such as the Centers for Disease Control and Prevention are encouraging remote working to let the larger section of the population stay indoors.
To contain the spread of COVID-19, organizations such as the Centers for Disease Control and Prevention are encouraging remote working to let the larger section of the population stay indoors. The social distancing-inspired lifestyle has led to minimal face-to-face interactions across the globe, creating space for technologies supporting connectivity and connection. Video conferencing platforms are used by the corporate sector as well as the general population to talk with people. Though the normal usage of video conferencing has witnessed a spike during the COVID-19 pandemic, remote workers are known to substantially inflate the adoption rate of video conferencing services and tools.
Owing to the travel restrictions, educational institutions and businesses are adopting remote learning policies. Different researches indicate that work-from-home culture has developed a vast new base of users for video conferencing tools, leaving a remarkable impact on the technology's landscape. The service providers in the market are using the crisis as their advantage by offering free services for encouraging new users to join the consumer base. Established players such as Amazon Chime, Microsoft Teams, and Cisco Webex have extended their services to attain greater penetration amongst the demographics.
Mobile as video conferencing device
Enterprises are witnessing a steep hike in the demand for video conferencing endpoints and infrastructure solutions owing to its capacity to enhance productivity and reach. Such developments are creating opportunities for mobile video conferencing providers owing to the high dependency of consumers on their smart devices for connectivity. In a bid to improve their video quality, service providers are increasingly adopting high definition and 4K video resolutions.
Web real-time communication is also gaining rapid traction in the market as an interface browser interface that facilitates real-time communication between different internet browsers. The preference for such communication services is rising in the non-technical consumer segment as these platforms do not require any plug-in or framework for installation and use.
Multiplicity of Use-Cases Boost the Market Growth
Different segments are significantly increasing the market revenue by indulging in video conferencing. The online presence of different activities such as yoga classes, support group meetings, and rehearsals have left a huge impact on the video conferencing market. With ample free time at home, the number of users perusing distance learning and online classes has spiked, creating a new end-user segment in the market.
Enterprises have started using video conferencing for board meetings, substantially raising the bar of video conferencing quality. The use of video conferencing by SAARC leaders in recent discussions is an evident example of the growing popularity of communication technologies such as video conferencing. Virtual care in the healthcare sector has emerged as a major end-user which is generating huge revenue in the market. The fear of contagion is compelling the people to video conference for consultations with the healthcare providers. Statics indicate a significant rise in the number of virtual visits to healthcare providers in the COVID-19 pandemic. Video conferencing platforms such as WhatsApp are revamping their services to support this rapid surge in adoption rate.
High Demand Encourages Better Service
The number of video conferencing app downloads is said to have increased by million users across the globe. Pexip, a cloud video conferencing service provider, has reported a 200% growth in the usage rate in just one month. Microsoft also reported a 500% increase in the rise of use of its team collaboration platforms for different purposes such as meetings, conferences, and calls. Developers are focused to provide enhanced platform stability, video quality, screen sharing capabilities, and privacy. With growing adoption, the competition between different platforms becomes intense. To acquire a larger customer base, the service providers are improving the usability experience of their platforms. Market players are launching meeting room devices paired with leading cloud services to strengthen their foothold in the corporate sector. They are further enhancing their market presence by using a private cloud.
The surge in the market for video communication platform as a service (PaaS), raises the concerns regarding data security. The demand for cyber security has substantially increased during the COVID-19 pandemic, generating profitable opportunities for cyber security service providers. To mitigate the risks of sabotage and cyber theft, organizations are recommending the users to use established and trusted video conferencing platforms. Adoption of VPN and frequent changes of passwords are the directives issued by enterprises for their employers to ensure maximum security. This rise in the adoption rate is expected to be short-lived. PMR projects the consumers to resume the face-to-face mode of a conversation after pandemic subsides.
Report Highlights: Global Video Conferencing Market
- Parent market overview
- The market size in volume and revenue
- Recent trends and envelopments
- Potential opportunity analysis
- Strategic outlook assessment of competition landscape
- Overall market performance for any predefined period