Advancement of Video Conferencing Technology in Today’s Business World

We all know that remote working has been growing swiftly in the past few years. To enable remote working and managing all the remote teams, video conferencing is playing the most important role. It would be correct to say that video conferencing has evolved as a household name and is expected to gain more importance in the coming years. Especially after the onset of the Coronavirus Pandemic, the use of video conferencing technology will continue to grow more and more. In this blog, you will get to know the state of video conferencing in 2022 and the coming years.

Role of video conferencing for today’s businesses

Today millions of businesses are working remotely and heavily rely on video conferencing tools. Video conferencing has greatly fueled the trend of remote working. This technology has emerged as an effective communication tool for geographically distributed teams. The latest innovations and improvements in technologies have made video conferencing even more beneficial and profitable for today’s businesses. It comprises several attractive and useful video collaboration features like:

• Task assignment
• Project status reporting
• Third-party apps and integrations
• Workflow management tools, and
• All the essential video calling functionalities

What type of businesses can use video conferencing?

Video conferencing technology is beneficial for different businesses in different sectors. For instance:

• B2B sector
• B2C sector
• Education sector
• Healthcare sector, and
• Others

All these sectors rely heavily on video conferencing solutions to manage their day-to-day activities. It allows users to collaborate effectively, work together, and make informed decisions.

Popular Video Conferencing Platforms

Some of the most popular video conferencing platforms that have made communication much easier, more effective, and profitable include (Sources: Zoom, Cisco, Microsoft):

• Zoom: More than 300 million meeting participants per day in 2020
• Google Meet: Over 100 million daily meeting participants in 2020
• Microsoft: Around 250 million active daily users in 2021
• Cisco WebEx: Has over 324 million users

These are some of the most popular video conferencing platforms that are used by many businesses nowadays, for effective collaboration. About 62% of companies use three or more video calling platforms.

Usage of video conferencing tools

Not only for effective team collaboration but different types of video conferencing tools can also be leveraged for almost everything that can add to a business’s success. Let’s look at some of the key stats (Sources: Forbes, Gartner, Zoom) related to the usage of video conferencing tools:

• About 43% of remote and in-house teams prefer using a video conferencing solution
• Around 78% of corporate companies make use of video calling software to ensure effective team collaboration.
• About 83% of businesses having more than 250 employees are likely to buy video calling tools.
• About 27% of small businesses are expected to purchase video calling tools.
• A large percentage of companies, about 86% conduct employee interviews over video calls.
• The experts (73%) in the education sector believe that video conferencing will decline student dropouts
• Video conferencing can decrease travel costs by up to 30%
• Video conferencing has reduced the requirement for business travel by 47%

How effective video meetings are?

In today’s time, video conferencing tools are considered the most effective and reliable way to communicate. It not only prevents miscommunication but also enhances team engagement while allowing team members to join online video meetings from anywhere using their choice of devices. Web conferencing has emerged as a new standard in meeting formats, replacing the need for traditional conference rooms or audio conference calls. Here are some of the key stats (Sources: Forbes, Parmetech, Lifesize) related to video conference meetings, have a look:

• About 45% of teams use video calling tools daily or weekly for meetings.
• Around 80% of employees make use of video calling tools for 1:1 meetings
• About 78% of employees use web conferencing tools to participate in team meetings
• According to 75% of CEOS, video conference calls will completely replace audio-only conference calls
• About 67% of employees agree that they are more likely to contribute to a meeting over video conferencing
• About 87% of remote workers feel more connected and engaged with teams and projects when they use video conferencing
• About 55% of businesses believe that the video conferencing feature effectively surges employee engagement
• According to 66% of business executives, video conferencing helps them to better connect with freelance workers
• Around 87% of team members agree that video calling has the potential to speed up the decision-making process
• About 77% of people join video meetings on laptop or desktop computers, 31% on mobile phones, and 13% on tablets.

Video conferencing in 2022 and beyond

After the pandemic hit and the results that we are getting from using video conferencing technology, the use of this technology is expected to increase more and more in the near future. More and more service providers will emerge in the market, offering new features and functionalities at great prices.

So, if you are still using traditional forms of conferencing meetings, make a switch to video conferencing technology. The state of video conferencing in 2022 and beyond seems bright and profitable. The features and functionalities that this technology offers are essential for today’s businesses to make a strong presence in today’s business world.