Today’s marketplace is becoming more globalized than ever before. This increase in globalization is prompting businesses to adopt new technologies. Video conference technology is increasing rapidly in popularity. In fact, a recent report from Credence Research shows that the video conferencing market will grow over seven percent by 2023, reaching almost $4.5 billion.

But where is the industry going now, and how are organizations utilizing video conferencing? Here are five trends changing the video conferencing market.

  1. A shift towards cloud-based enterprise video conferencing solutions. Cloud-based conferencing offers many benefits to enterprises. These solutions are more affordable, allowing organizations to consolidate their data and security needs in one cloud technology.

Using cloud solutions also gives organizations more flexibility. Instead of your own organization’s IT department handling the integration of new hardware, cloud solution providers typically handle this integration, allowing your IT department to focus on more pressing matters. 

  1. Video conferencing is a key collaboration tool. Video conferencing has given the vast majority of organizations new, more efficient ways to collaborate. Whether your team is in the same office, or working across the country, video conferencing allows face-to-face interaction, which will reduce miscommunications and errors on projects. Beyond team collaboration, video conferencing also allows organizations to communicate with clients on a more personable level. Any organization knows, the more face time with current and prospective clients, the better. 
  1. Bring your own device (BYOD) polices are here. More and more companies are embracing BYOD policies, and cloud-based video conferencing solutions are thriving on the new device policy. BYOD policies and cloud-based video conferencing solutions work well together, allowing employees the flexibility and mobility they desire—on the devices they desire. 
  1. Video conferencing solutions allow organizations more mobile strategies. Mobile organizations are relevant organizations. Video conferencing solutions provide organizations the mobility and flexibility needed to stay viable in today’s marketplace. These solutions can be downloaded as apps on smartphones, tablets, and other smart devices, allowing employees to have a face-to-face interaction with co-workers and clients virtually anywhere. Also, having a mobile video conferencing solution conveys a ‘mobile-first’ ideology to both existing and prospective clients. A mobile-first strategy is imperative to the sustained success of your organization.
  1. Hosted video is becoming mainstream. With the mobility of video conferencing on the rise, hosted video is becoming commonplace. By hosting video conferences, small organizations can help close the gap with larger corporations. As more organizations begin to host video conferences, those who hesitate will fall behind their competitors.

Video conferencing solutions are growing in popularity among organizations of all sizes. It’s vital for organizations to stay up date on the latest trends shaping video conferencing solutions. Cloud-based solutions are soaring in popularity, and for good reason. Also, utilizing video conferencing solutions as collaboration tools is an industry trend, along with BYOD polices, and hosting video conferences. And of course, mobility is an important trend that coincides with cloud-based video conferencing solutions. By staying up to date on the latest video conferencing trends, you’re ensuring your organization doesn’t fall behind the competitors.

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