Technological inventions and businesses always complement and strengthen each other. One such invention is Video Conferencing Solution, which has recently gained tremendous traction for driving collaboration, better relationships, and productivity. The meteoric rise of Video Conferencing is taking the world by storm.
- As per a study, the Video Conferencing market will likely Grow at a CAGR of 15.5% from 2021 to 2028 to Reach $24.4 Billion by 2028.
- 30% of companies started using Video Conferencing Solutions for the first time since COVID-19 (Twilio, 2020) for work-from-home and hybrid workforce.
And why not? After all, Video Conferencing Solutions were the savior keeping businesses running when face-to-face communication was impossible during the pandemic.
Since then, technology-powered conferences are constantly adding value to businesses due to their feature-rich capabilities and evergrowing demand (which we will discuss later in the article). As a result, more and more companies, big and small, are embracing Video Conferencing Solutions.
Let us dive in and learn more about how it works, the benefits of audio/video conferencing solutions, and how to find the best solution for your business.
What Is Video Conferencing?
Video Conferencing ideally refers to virtual meetings, web conferencing, or Video Conferencing where two or more people can use communication in a virtual setting through video or audio. They can connect via desktop, mobile, or video systems through virtual conference solutions. It gives a whole feeling of sitting and having a face-to-face conversation (in the case of Video Conferencing) under one roof. In this type of real-time communication, you can even share the screen, simultaneously annotate, share files & documents, and chat to gain effectiveness. Video Conferencing is a high-end collaboration tool connecting people irrespective of location.
We can understand the usability of the Video Conferencing Solution through its features:
How Does A Video Conferencing Solution Work?
Video Conferencing Solution uses a VoIP (Voice Over Internet Protocol) network. VoIP uses codec algorithms (coder-decoder) to transfer audio and video signals. The conferencing method employs echo cancellation to prevent sound delay during the coding-decoding of data packets, keeping the session in sync. However, it is not as easy as it sounds! The robust features you get on your platform highly depend on the Video Conferencing Solution provider you choose.
Type Of Video Conferencing
- Point-To-Point Conferencing: Real-time conferencing between two participants sitting at different locations.
- Multipoint Conferencing: More than two people participate in real-time conferencing.
You will find the critical points you should look for while selecting a platform best for your business model later in the article and why Ecosmob Technologies can be your most trusted partner.
What Are The Benefits Of Audio/Video Conferencing Solutions?
According to the Lifesize 2019 report, 58% of companies rely on Video Conferencing for their day-to-day operations due to its several benefits. Read all the significant benefits of Video Conferencing Solutions below.
Data Source: FinancesOnline
Communication is effective when face and hand gestures are involved. Nevertheless, how do you conduct a group meeting when every member sits at remote places and communicates with gestures? The solution lies with Video Conferencing. It lets you connect with team members and clients sitting at remote locations. Since Video Conferencing allows participants to see each other, communication becomes more effective and builds a strong relationship with clients, prospects, and vendors.
Each business aims to improve Return on Investment (ROI). Companies do it by exploring various possibilities. One such opportunity comes with a Video Conferencing Solution. For example, there are instances when your active presence is significant during the meetings. In such cases, instant messaging, emails, and voice conferencing do not serve the purpose.
Similarly, traveling to a venue is also costly at times, specifically when it is a different city or country. That is where the role of Video Conferencing Solutions comes to play. You can communicate effectively sitting conveniently at your home. It saves considerable traveling, accommodation, and other hidden expenses. With Video Conferencing, businesses can cut travel costs by 30% (PGI, 2019). Moreover, the communication cost will decrease if you use the SIP-based conferencing solution. This type of conferencing solution also reduces the cost of operations and maintenance.
Increase In Productivity
We all are aware of hybrid and work-from-home types of work-model. During the time of the pandemic, we have witnessed its applicability as well. Video Conferencing has become essential to having conferences with members at different locations. It enables precise and direct conversation that enhances the quality of deliverables. Video Conferencing is a consolidated tool for communication and collaboration. Teams can easily discuss, brainstorm and collaborate.
Virtual conference solutions improve team productivity as teams can easily discuss, brainstorm and collaborate quickly and effectively. As per a study by Lifesize, Video meetings enhance productivity by 50%! It is indicative of tremendous progress ahead.
Empowered Business Communication
A detailed discussion over a project, product, or implementation of strategies is an inseparable part of any organization. Furthermore, presentations, screen sharing, and exchanging files, documents, and case studies are also essential as they make the discussion more effective. A simple mode of communication might result in a chaotic conversation.
To rescue, a Video Conferencing Solution is an excellent platform with power-packed features. It makes business communication very neat and clean with the features like active speaker control, screen and file sharing, volume control, and much more. Also, while virtual conference solutions empower business communication, they positively impact the brand and attract clients.
What Is The Future Of Video Conferencing Solutions?
There is a massive shift from traditionally structured workplaces to remote workplaces that offers tremendous flexibility. As new teenagers complete their studies and join the corporates, more modernity in business practice is coming in. New-age employees feed on a more technology-savvy diet, such as smartphones, tablets, and laptops. According to a report, over twenty billion industries will be using the Internet of Things (IoT) by 2020, along with over six billion smartphones. It should come as no surprise that younger workers approach work and life in various ways; as a result, they have adopted a progressive technological diet unlike any previous generation.
Therefore, the remote and hybrid work model is the beginning of this futuristic approach to work that embraces employees with open hands. Furthermore, Video Conferencing Solution is one such crucial step toward this purview. There is still a lot to discover to un-tap the strengths of Video Conferencing Solutions to improve collaboration virtually.
Refer to these critical statistics to learn where the global industry is leading.
- The Video Conferencing Market size exceeded USD 15 billion in 2020 and is expected to grow at around 23% CAGR from 2021 to 2027
- By 2024, together with virtual reality (VR), the global AR market is predicted to reach $72.8 billion worldwide (IDC/Statista, 2020).
- Video conferencing statistics for 2020 show a tendency to explore augmented reality and artificial intelligence as new hot trends and directions. (Globe Newswire)
- Huddle room meetings will increase significantly to reach around 70% of all video meetings by 2022. (Frost & Sullivan, 2019)
- 57% would like to increase their level of remote work in the future.
In various ways, this new perspective on business practices raises the bar on productivity.
With more AR, VR, and WebRTC advancements, we can expect future business meetings to be more extensive. Also, due to the inevitably enhanced benefits of Audio/Video Conferencing Solutions, everyone is embracing this new communication norm.
What To Look For In A Video Conferencing Solution Provider?
Today there are many Video Conferencing Solutions available in the market. Every other solution has some catchy features to attract. While choosing a solution, it is vital to prioritize your requirements first and then consider additional features. Here is what you should look for while selecting a platform best for your business model.
Is The Platform Reliable?
Imagine a situation you are having an important business meeting with clients, and you are not even able to share your screen and discuss the yearly data that your team had prepared to discuss. Additionally, there is a loud noise, and you can not do anything about it but have to bear it. All this clumsiness will give a poor impression to the client.
On the other hand, imagine, while having this crucial meeting with the client, your Video Conferencing Solution makes active noise cancellation, a simple layout with features like screen sharing, dynamic participant framing, resolution upscaling, and chatbox. The business meeting goes smoothly and effectively. Everyone gets to focus on the agenda of the discussion rather than tackling it with a clumsy and slow conferencing platform.
The second situation indicates positive meeting results that come only with a reliable Video Conferencing Platform. Ecosmob Technologies offer Video conferencing solutions that ensure high-end performance reliability. You can enjoy the benefits of high-quality Video and audio during the conferencing.
Is It Scalable?
Whether you have a small business or a large one, it must meet the needs of today and be flexible enough to scale in the future. Therefore, while choosing a Video Conferencing Solution, verify the scope of scalability.
Is It Secure?
Security is one of the core features of virtual conference solutions. The platform should provide safety and security while sharing business files and documents. Video Conferencing protects it from any third-party intervention.
Ease Of Use
A conference software solution should be easy for everyone to get the most out of it. Its purpose should be to provide a platform for meetings. Hence, getting acquainted with the conferencing solution should not require technical training. Ease of use is one of the most attractive qualities of any video conferencing solution that Ecosmob Technologies takes care of beautifully. We believe in an easy-to-use interface that makes collaboration simpler.
The future of Video Conferencing Solutions is very bright. Many organizations are already reaping its benefits. Now it is your turn to discover the vast scope of growth with our Video Conferencing Solution. Ecosmob Technologies provides world-class, customized video conferencing systems with round-the-clock assistance.