On the other hand, the software component is used in computing devices, such as a laptop or a desktop or even a handheld smartphone device, and are available in free, premium or freemium versions widely across the globe.
Video Conferencing: Advancement Over the Years
Historically, the concept of videotelephony conceived in the late 18th century in the developed nations, such as the United States and in Europe, yet the developments in video conferencing started in the late 19th century. In the year 1970, AT&T Inc. (NYSE: T) launched the first true video conferencing system. The company offered subscription services for its video conferencing solutions, wherein subscribers would benefit from the service in their home or office. Over the years, with advancements in technology, especially in both the hardware and software components, such as the development of advanced video codecs, high-bandwidth internet telecommunication services, more powerful CPUs and others, digital video conferencing was made possible
The Current Scenario of Video Conferencing
The demand for video conferencing solutions have grown significantly over the past few years, but with the recent COVID-19 pandemic, the demand for video conferencing solutions have outgrown over what it was until a few years back. Currently, different types of video conferencing solutions are offered by service providers, such as integrated systems, telepresence systems, desktop and service-based video conferencing solutions. Owing to the availability of such varied services, coupled with the pandemic situation, both individuals and organizations are benefitted majorly. As video conferencing solutions offer both way communication, and owing to the current pandemic situation, it is not possible for organizations to travel for business meetings, which as a result is significantly helping organizations to make unified decisions, therefore eliminating business travel, traveling time and the allied costs.
On the other hand, throughout the years, organizations have started deploying video conferencing solutions on the back of the need to maintain productivity along with the need to decrease management and operational costs. Moreover, there is a significant demand for video conferencing solutions from several other industry domains, including healthcare, educational institutes, and others. In the healthcare industry, video conferencing is used widely by healthcare service providers to cater to a large number of patients at the same time. Moreover, the technology is also used to handle emergency situations and further is used by doctors to render personalized services.
Additionally, video conferencing solutions are also widely accepted in the educational institutions as a part of the digital learning initiatives. The smart education concept requires the use of video conferencing technology, by which the faculties provide their class sessions to students. It has been observed that during the pandemic period, the demand for video conferencing solutions in the educational institutes have grown manifold, backed by the need amongst the parents to continue with their child’s education, along with the favorable initiatives of the government of nations worldwide to support education during the pandemic period.
Currently, with the pandemic situation in focus, the demand for video conferencing solutions that are offered by browser-based and mobile applications have increased remarkably backed by the increasing internet and smartphone penetration. On the other hand, the demand for video conferencing solutions has also increased notably backed by the advancements in technologies, such as the internet of things (IoT), deployment of 5G technology, and others.
The Opportunity Gainers
Fortune Business Insights™, a leading market research company, stated that during the forecast period 2019-2026, several major players, such as Cisco Systems, Inc. (NASDAQ: CSCO), Blue Jeans Network, Inc., Polycom Inc., Adobe Systems (NASDAQ: ADBE), Logitech International S.A. (SWX: LOGN), Microsoft Corporation (NASDAQ: MSFT), Panasonic Corporation (TYO: 6752), ZTE Corporation (SHE: 000063), Huawei Technologies and Avaya Inc. amongst others would acquire a major share amongst all other service providers in the global video conferencing market. The statistics provided by the company in its market research report, also stated that in the year 2018, amongst these ten companies, Cisco Systems, Inc. evolved as one of the key players that held the maximum share of the market in terms of revenue.
On the other hand, in another blog, published by the team of Fortune Business Insights™, stated that amongst the software component, the big gainers during the pandemic period for video conferencing service providers included companies such as Zoom Video Communications Inc. (NASDAQ: ZM), Cisco Systems, Inc., Microsoft Inc., and Google LLC (NASDAQ: GOOGL) amongst others, whereas, for the hardware components, organizations such as Dell Technologies, Inc. (NYSE: DELL), Logitech, Inc., Avaya, Inc., Dolby Laboratories and Huawei Technologies Co., Ltd. amongst others have gained remarkable heights.
The Road Ahead
The global pandemic has undoubtedly impacted businesses negatively, but it has also provided the lesson that such pandemic situations can also provide huge business opportunities across several industrial domains. With the recent surge in demand for video conferencing solutions, several business organizations have identified the massive potential that lies ahead in this sector. In fact, several players have converted this pandemic situation to business opportunities by investing massively in video conferencing solutions as well as other related domains. For instance, Reliance Jio Infocomm Limited, part of Reliance Industries Limited (NSE: RELIANCE), recently invested in India to develop its own video conferencing platform known as Jio Meet.
About Saurav Dutta
Saurav Dutta is a budding content writer with experience in developing quality content related to the market research industry. He tries to portray his thoughts and ideas into words that help readers from different sectors to experience a seamless perusal.
