With businesses increasingly needing work from remote multinational teams, video conferencing and collaboration has become one of the most critical communication capabilities in 2020. As the modern workplace continues to evolve, businesses of all sizes and industries will need to invest more resources into video-based technologies to be in the best position to retain their market share.
The Meteoric Rise of Video-Based Meetings
In 2019 alone, the global market for video conferencing was worth USD 3.85 billion, and industry analysts are projecting exponential growth over the coming years. By 2027, the global video conferencing market size is expected to reach a total of USD 8.56 billion.
Video-based communications got a further boost due to the global COVID-19 pandemic. According to a TrustRadius study conducted earlier this year, buyer activity for web and video conferencing business technology rose an eye-popping 500 percent since the Covid-19 outbreak began.
One of the biggest factors driving the increased demand for video conferencing, is the rise of the remote workforce. The reliance on off-site teams is largely the resulting convergence of three big trends:
1. The rise of the global economy and the need for businesses enhance operations while reducing costs in order to remain competitive
2. Advancements in cloud-based communications technology, collaboration tools, and data management
3. A shift in priorities, preferences and attitudes about work-life balance among today's workers
Video Conferencing Tools Will Power the Workplace of the Future
Realizing that a flexible and adaptable approach is the only way to survive and thrive in today's business environment, corporations are being more proactive in their response to advances in technology and shifting trends than they were a mere decade ago. A case in point: 20 percent of meeting room budgets are currently being invested in collaborative technologies.
That said, for any companies still sitting on the fence when it comes to investing in a scalable video conferencing infrastructure, here are three measurable benefits to consider:
1. It promotes efficiency. As cloud-based communications and collaboration apps have emerged, companies are discovering that they can access the same level of productivity from remote team members as they do from their in-office teams. Almost 90 percent of respondents report that video conferencing reduces the time required to complete projects and day-to-day tasks. With the right technology in place, employees have access to features like screen and file-sharing in the same place as their video meetings. This helps to make meetings more efficient. Plus, with video-based meetings, staff members don’t have to drop everything to attend an in-person discussion.
2. It allows for social interaction. Video is a powerful tool for communication. Video conferencing brings people together wherever they are, closely imitating the experiences of face-to-face interaction, but in a convenient, digital way. It adds another layer of context into conversations, and helps to strengthen the connection between staff, clients, and business partners. In fact, according to one recent study, nearly ninety percent of remote team members report that they feel more connected to their colleagues with video conferencing.
3. It saves money. Research shows that companies can save about $11,000 per year on average for each employee when they add video conferencing software to their workflow. A recent study revealed that video conferencing could save businesses with global teams over $33000 per year on business travel expenses alone.
On the other side of the equation, failing to adequately invest in video conferencing infrastructure can lead to approximately $34 billion in annual losses, which is attributed to lost productivity and time.
In short, the promise of video conferencing is enormous: better, more streamlined communication and the sharing of information, better business relationships, better employee satisfaction and productivity, and better operational activity overall. All of these factors help companies remain engaged with their suppliers, employees, and clients and puts them in the best position to remain competitive-- both today and tomorrow.
EIG PRO deploys numerous video conferencing solutions in the North Texas regions, serving the entire state. Plano, Frisco, Addison, McKinney, Allen, Richardson, Las Colinas, Southlake, Lewisville, are some of the areas.
