Video conferencing has changed the way companies collaborate, making it easy and cost-effective to connect to within and outside their organizations anywhere in the world, and the global market for web conferencing showed an increase of 9.8 percent in 2015, leading profits to grow to about $2.41 billion. Here’s a look at essential market insights to see how the technology will continue to turn collaboration and connection into a whole new ball game in the future:
- Market demands are shaped by three things: the need for simplification, lower prices and the switch to video conferencing from stand-alone web and audio.
- Frost and Sullivan says projections put the video conferencing market growth to about 8.4 percent and will result in 3.6 billion by 2020.
- Demand for video has seen rapid growth as more and more vendors report growth of more than 20 percent in the technology’s uses.
- The new roster of tools for team collaboration has completely reshuffled the deck for many organizations, disrupting the way they did business. And forcing them to adapt to new business models as well as to innovate with these technologies. Otherwise, they would be left behind in the dust.
- Service providers has now found video conferencing to be an excellent cost-effective option. With lower priced cloud video services, all of which has emerged at a rapid pace, now allows service providers to address the needs of the same user base at a much lower cost.
- Growth in the use and popularity of collaboration software is generating more and more competition in the market. That’s a plus for consumers. The more options there are in the market, the more likely these options are to be competitive and to provide users with slews of better features.
- Despite all this, a healthy growth forecast won’t be enough to result in an industry-wide transformation. There’s a need to continue to simplify complex collaboration systems and products to ensure faster adaption.
- The emergence of high speed mobile networks will help promote the use of mobile video conferencing services, says Strategy.
- The forecast also espouses the importance of all in one collaboration workspaces and solutions that make for easy integration of third party apps.
- Innovation in products isn’t going to matter much if user behaviors don’t change. Value is added when the technology has successfully changed user behaviors as well.
Choosing a system
With these market insights, it’s easy to see how video conferencing will continue to change the collaboration landscape. If you have yet to give the technology a try, it’s about time you did. Here are a few helpful tips on how to choose the right video conferencing product for your organization.
- Know what you need. What kind of system to you need? Do you want something with all the bells and whistles or will the basics suffice? Determine the needs of your team and organization before you buy one. Knowing this will help go a long way to finding the right system for your business.
- Consider features. Review features of the system before you commit to one. Features like Group call from BlueJeans — one of the well-known names in video conferencing industry—have made it easy for users to communicate. If you want to be sure you don’t end up with the wrong product, best to look over those features, understand what they do and how they can help you achieve a better bottom line.
- Go for simple. Basic systems will let you do more than make a call online or put together a fuzzy online conference. These systems might not provide you with enough flexibility or functionality, though. If your business needs more, you’ll need to invest in a better video tool. However, opting for complex products loaded up features isn’t the way to go either, not if functionality is compromised by the complex use of the systems. Be sure to go with a system that’s loaded by user-friendly features. That way, team adaption will be faster and easier. The simpler a system is, the more likely your people will use it.
- Ask your team. The best way to find the right collaboration tools for your company is to reach out to your team and ask them what they want, what they need. This way, you’ll have a more accurate idea of the kind of systems that will work for your organization. If they’re going to spend a lot of time using it, then make sure you invest in the right technology by getting them to weigh in on the decision as well.
- Check the market. If your competition is already moving to cloud while you’re still stuck in aging and obsolete systems, you’re going to fall off the radar. Stay competitive by knowing what the latest market trends are and adjusting accordingly. By adapting the right tools ahead of your competition, you give your business the advantage it needs to stay on top.