Considering major changes in human behavior due to the global healthcare crisis, as well as the recent geo-political crisis caused by the pandemic, the need for alternative means to interact in person, remotely, has grown drastically. Companies worldwide are adopting the use of video conferencing solutions to empower their client engagement, brand awareness, and marketing activities. They know that people still need and wish to meet face to face.
Video conferencing enables companies to engage with their customers more efficiently and reach broader audiences. Customers are expecting to connect remotely with vendors quickly and securely, directly from the website or mobile apps and without hassle. Companies have also realized that efficiencies can be gained by remote communication. The ability to communicate remotely via a secured video chat with the right specialist provides better service to customers and provides an opportunity for businesses to grow faster and do so in a cost-effective fashion.
People want to stay healthy which also means minimizing in-person meetings on one hand, and on the other hand, businesses gaining greater business efficiencies through remote engagement, a clear need has been identified. However, organizations and businesses also realize that they need proper tools to meet regulatory requirements, solid monitoring and management tools, and solutions that can integrate with existing platforms in order to take full advantage of this new reality.
By allowing secure remote engagement, participants have easy access to needed materials such as documents and can complete transactions instantly. Organizations can verify identity, record sessions, and archive them to meet regulations and future audits and more people including people with mobility challenges can be served better and faster.
Global market size
The global video conferencing market is expected to grow from $9.2B in 2021 to $22.5B in 2025 at a Compound Annual Growth Rate of 19.7% during the forecast period. This data, which has been made available through Business Wire, a Birkshire Hathaway company, represents the most convincing projection for this market and includes an in-depth competitive analysis of the key players in North America, Europe, APCA, MEA, and Latin America.
The market is segmented among companies focused on the one-to-many video conferencing platforms where video communication is used for larger-scale broadcasts, group interactions, meetings, and online events; and those in the video chat business with a focus on embedded technologies to furnish a specific goal such as connecting contact center agents to customers.
Globalization of workforces, geographically scattered operations, remote working models, Covid-19 lockdowns, and the ever-rising cost of travel all contribute to the need for quicker remote collaboration tools both for the B2B and B2C markets. Video conferencing applications such as Zoom, Microsoft Teams, Google meet, and WebEx has witnessed exponential growth since 2020 in their segment.
Video conferencing solutions are cross-industries without a specific focus. Below are some of the main players.
Zoom is a cloud-based video communications app that allows you to set up virtual video and audio conferencing, webinars, live chats, screen-sharing, and other collaborative capabilities. Presently it has the largest market share in the area of video conferencing.
Microsoft Teams is a major player in the worldwide market for collaboration, including video conferencing. Generally, supports customer interaction work streams by acting as the hub for internal and external customer connection across its modes of communication including chat, video meetings, and calling.
Google Meet is a video conferencing platform rivaling Zoom and MSFT Teams. Includes comprehensive tools for productivity and interoperability. Integrates with a full suite of Google applications such as Calendar, Contacts, and Workspace.
Webex is also a tool that allows users to host or participate in video conferencing, online meetings, and screen sharing, with up to 1,000 participants allowed in a virtual meeting room
The Video Chat space also has a number of players though none dominate the market. Some of the players are:
Highfive, by Dialpad, provides web conferencing and video conferencing for meeting rooms, as well as a series of hardware to support telephony. Target markets are Small and Medium Businesses. Major focus on voice calls, and voice mail.
Whereby a collaboration tool for hosting video meetings with a cross-industry presence. Provides both video meetings and an embedded version that can be directly accessed through websites or apps. All meetings are conducted from a browser – no downloads or logins for guests. Serves the small and medium business market of various industries.
Glance is a cloud-based visual engagement solution designed to improve customer service engagements and make online web presentations easy. Users can view the screen of connected customers (desktop app/website/browser app/mobile app). Sessions are automatically logged in the CRM for reporting & KPI tracking. Glace targets banks and the financial services industry by offering in app or website integration of their video service.
Five9 provides a range of solutions including intelligent omnichannel routing and digital engagement such as inbound/outbound voice, self-service (IVR/IVA), messaging (chat, SMS, social), email, video, and mobile. The company has been in business since 2001 and claims to have over 2,000 customers worldwide is going after a variety of industries. Five9 is a publicly-traded stock and was recently considered as an acquisition target by Zoom before Zoom decided to launch its own contact center service. The company is not focused on any unique vertical.
Vectera creates meeting rooms and allows teams to join with one click and reuse the link for future sessions. Provides interactive options such as whiteboard and browsing capability. It allows clients to directly schedule meeting into their calendar. They are focused on multiple industries.
Nextiva is a voice-over-internet-protocol company, focused on connected communications across industries. Provides a unified platform that combines business phone, video, conferencing, collaboration, and customer management (CRM). The company also provides contact center connectivity through its phone service while incorporating voice, email, SMS, webchat, video, and social media
One-touch video chat provides a white-label video solution for collaboration with customers on any device. Includes advanced workflow to create scalable B2C solutions. Features include web digital lobby, video room management, on-screen guidance, and intelligent routing. They are focused on banking, mortgage, healthcare, and retail.
Talkative cross-industry presence allows companies to embed voice, video, chat, and co-browsing into their websites. Solutions include video chat, webchat, AI virtual agent, co-browsing, and web calls.
Eazyshow offers a video chat solution for regulated and legal industries. The solution is easy to use for both representatives and clients. A highly secure and scalable solution that is simple to manage with rich reporting. It is accessible from any communication environment be it PC or mobile device. It offers a full suite of engagement tools including video chat, screen share, co-browsing, integrated identity verification capabilities and the ability to integrate with 3rd party APIs, CRMs, and other environments.
Read more about: Banking fraud protection with Secure Video Chat
