When it comes to keeping business communication alive as work-at-home continues, video has emerged the star. Supported by video transcription services, web conferencing is an efficient, cost-effective tool that can enhance employee productivity, help brand building, and enhance customer service. The global video conferencing market, which was valued at USD 5.32 billion in 2019, is expected to reach USD 10.92 billion by 2027, with a CAGR of 9.7% during the forecast period, according to Fortune Business Insights. Let’s take a look at the trends that industry experts say will shape video conferencing in the coming months.
- Increased Adoption along with Rapid Growth: The global video conferencing market size is expected to expand rapidly as COVID-19 continues to drive social distancing practices. Even before the pandemic, the growth of distributed workforces fuelled video conferencing and this trend will continue. Both private and public entities consider video conferencing as the best way to collaborate with employees, vendors, and clients while following social distancing requirements.
- Enhancing the User Experience (UX): Usability is one of the main factors driving the popularity of video conferencing platforms such as Zoom, RingCentral, Cisco Webex Meetings, and GoToMeeting. User-friendly meeting software allows you to connect with people at just the click of a button, regardless of their location. In 2021 and beyond, the focus will be on improving elements like ease of signing up, creating a meeting, inviting participants, and setting up audio and video controls. In other words, the goal will be to ensure that users can prepare for and log into meetings quickly.
- Integration with Evolving Technologies to Improve Productivity: With the explosion of machine learning and artificial intelligence (AI), efforts will focus on developing video conferencing solutions that integrate with these technologies. Already, video conferencing platforms feature machine learning capabilities that allow voice-to-text transcription, and also identifies every speaker and segments their part of the meeting. Natural language processing (NLP) helps reduce background noise and adjusts sounds automatically. Other productivity tools that allow users to share information quickly and efficiently in video meetings include video clipping, file sharing, translation, and integrations with productivity apps. According to a recent report, AI will enhance the virtual conference experience by tracking every object and person in the room through automatic camera panning (www.expressvirtualmeetings.com). Microsoft and Google are introducing software elements that can recognize and cancel out unwanted background noises. The goal will be to make video conferencing more collaborative and productive.
- Video and Audio Quality: Currently, technological innovations in infrastructure and software provide users with easier access to high-quality, real-time video communication. However, premium quality audio and video will be increasingly important. With predictions for a shift to a hybrid work model – where teams are divided between remote and in-person work – video quality will be paramount to replicate in-person face-to-face communication. High-definition video, crystal clear sound will become the norm for video conferencing. Ring Central predicts as computer and mobile displays and the internet begin to support ultrahigh-def resolution, the initiation of testing of 4K video meetings may begin.
- 5G will Continue to Revolutionize Mobile Video Conferencing: Mobile data networks have completely reinvented communications, allowing us to stay connected from almost anywhere, make face-to-face video calls, and share data and photos. Today, 5G wireless technology is transforming operations in almost every sector. In addition to an unprecedented boost in speed and bandwidth, 5G has greatly enhanced video quality, supports video conferencing from anywhere, comes with holographic conferencing capabilities, and opened the doors for 360-degree video calling opportunities, driving more powerful demos and presentations. Telecom giant Ericsson predicts there will be about 320 million 5G subscribers in the U.S. by 2025.
- Increased Focus on Security and Privacy: One of the most common issues that video conferencing faces today is disruption by intruders and leakage of confidential information exchanged in online meetings. Typical phishing tactics target weak passwords on shared systems to get unauthorized access to company networks. Top security features of online video conferencing platforms include password regulation, IP protection, internet protection, content restriction, paywall protection, HTTPS, and AES video encryption. With the demand for video conferencing continues unabated, vendors will focus on equipping their products with innovative features to innovative ways to protect users’ data and communications against fraud and abuse.
Video has evolved into become the backbone of office communication and collaboration. Video conferencing is crucial for the new work model that incorporates remote and hybrid work, and to succeed, companies will have to apply the technology the right way. Productivity is the key factor driving the future of video conferencing and vendors will focus on providing cost-effective, flexible platforms that organizations can deploy to meet their needs. Digital transcription service providers will continue to support organizations by providing accurate and timely documentation of video meeting for review, action and sharing.