According to Transparency Market Research’s latest study, at a projected valuation of $6.4 billion around the world, 2020 will represent a clear milestone in the videoconferencing market. That’s a phenomenal compound annual growth rate of 9.36 percent from 2014 to 2020. Industry-wide adoptions at the enterprise level will drive much of this progress.
While many industries have embraced the potential high quality videoconferencing technology has to offer, less traditional verticals like healthcare, defense, and the education industry are also starting to take notice. There are myriad reasons for this exciting growth when it comes to video collaboration—here are some of the most popular ones:
Flexible, Scalable Videoconferencing Solutions Expand the Marketplace
More businesses than ever before can afford videoconferencing solutions. A few years ago, only large organizations with significant tech budgets could afford to implement on-premise solutions with an in-house technology team. Today, companies can access VaaS (Video as a Service) solutions as well as cloud-based videoconferencing solutions at a fraction of the budget needed for in-house hardware, software, and support.
These flexible, cost-effective video opportunities allow small and medium-sized companies to do business in a global environment with the same resources as much larger firms. As more vendors come into the videoconferencing field, the competitive videoconferencing market has replaced previous concerns regarding security and availability with customized solutions that meet those requirements. Cloud and VaaS solutions can offer the same level of security as on-premise solutions, provided that vendors and clients understand their roles in protecting data and video services.
Videoconferencing Drives External and Internal Communication and Collaboration
As the general economy continues to mobilize globally, businesses can significantly cut overhead costs with the right videoconferencing solution. Remote workers can easily engage with teams around the world. Office branches in different states and countries can meet as necessary without stopping their daily work to fly to one central location.
HR and recruiting professionals can use videoconferencing to easily interview candidates regardless of location. Customer support professionals and account executives can also use videoconferencing tools to pitch products, help customers troubleshoot a problem, or work on a rollout project. Videoconferencing adds value universally.
In the healthcare industry, a main driver of videoconferencing growth, doctors can conduct remote consultations and discuss medical findings with ease through video-collaboration meetings. In the education industry, students and teachers from all over the world can connect in a virtual classroom to discuss ideas and grow in a global environment. The possibilities for interaction with high quality videoconferencing tools impact all sizes of business, industries, and initiatives. Even retailers, manufacturers, and restaurant managers can use videoconferencing to enhance operations and collaboration.
Invest in and Optimize for Videoconferencing Today
As the use of videoconferencing solutions of all kinds becomes more commonplace, organizations and consumers may start to expect a certain level of digital capability. If you still travel to a place and plan to charge a client for an in-person meeting that could easily occur through videoconference, you may lose clients or be asked to absorb the travel costs in the future. Start investing in videoconferencing solutions and optimization today to maintain a competitive edge during this industry growth spurt.