Why video conferencing solutions have become mainstream

In today’s world, it’s hard to imagine companies not using video conferencing systems, which have seen an evolution over the years. Today’s video conferencing systems not only allow participants to see and talk to each other – with advanced technologies such as artificial intelligence and IoT, they have also become smarter and more integrated to add to the user experience.

Needless to say, video conferencing systems have become an indispensable communications tool for companies. Benefits are manifold, including the ability to help save time and cost. A post by Executive Travel cited the 2018 Corporate Travel Index compiled by Business Travel News as saying the average daily cost for meals, car rentals and hotels for business travel in the U.S. rose to US$325 per day. Sending a staff on a three-day business trip, plus the airline ticket which averages $450, would then cost the company $1,425, according to the post. As a result, meeting with remotely-located staff or clients via video conferencing has become a viable alternative. More and more, even hiring can be convenience by video conferencing, whereby the company can evaluate an overseas candidate through a video call.
 
Besides the cost factor, video conferencing carries other benefits as well. A post by Vita Enterprise Solutions showed that video conferencing can contribute to optimized attendance, whereby participants spread across the world know that they won’t be constrained by distance. With specifically set meeting starting and ending time, participants will be more likely to stay alert and focused on what’s been discussed. Finally, productivity can increase as well. “As a result of improved communications, participants are more in sync, decisions are able to be made faster, and productivity increases,” the post said. “Problems can be resolved faster and services for clients can be developed more quickly, providing a serious competitive edge for your company.”
 

Growth prospects huge

 
Given these advantages, video conferencing solutions are becoming more and more mainstream.
 
“Although video conferencing has been around for over two decades, we’re seeing a huge growth in not just video in the large meeting rooms, but in small spaces in the offices, for home and remote workers and via mobile devices, which have all now become viable devices to work from,” said Emily Shimell, Head of Customer Communications at VideoCentric. “Those who have grown up using video as a primary tool of communication at home are now fully integrated into the workplace. It’s not ‘the new generation’ of workers anymore who are coming in and ‘disrupting the workplace,’ but in fact very large numbers of the workforce and many decision makers who are expecting visual communications to be available, and to help them improve their workflow and productivity.”
 
In fact, the growth of the video conferencing market is not to be ignored. According to a recent market report by Transparency Market Research, the global video conferencing market was valued at $5 billion in 2016 and is expected to expand at a compound annual growth rate of 7.9 percent from 2018 to 2026 to reach $10.5 billion.
 
The report further noted that the corporate enterprise sector contributed significantly to the revenue of the global video conferencing market due to a rise in the number of multinational companies around the globe and globalization of supply chain. Also according to the report, the health care segment is likely to expand at a CAGR of 9.2 percent during the forecast period. “A hospital can eliminate the need to transfer a patient that needs specialized ongoing care by using video conferencing. Use of video conferencing also improves the delivery of treatment as doctors in other locations can speak directly with those administering care and make clinical diagnoses and consultations with patients,” it said.