Video conferencing is not exactly a new technology. It's been around for a few years now, allowing people to enjoy face-to-face conversations through their computers' video cameras and, more recently, mobile devices, regardless of participants' physical location. This technology has enjoyed significant growth over the past few years thanks to the rise of a number of popular, free offerings, such as Skype and FaceTime.
However, these consumer-grade options are generally not acceptable for businesses, as they lack the needed security, reliability, and overall quality. For companies of all sizes to take advantage of video conferencing, they need to invest in dedicated solutions.
Increasingly, this is precisely what's happening. As a recent study indicated, the video conferencing market is on the path for major growth over the coming years as an increasing number of organizations recognize the value that high-grade solutions in this area can deliver for their operations.
Growth on the WayThe study, conducted by Technavio, forecast that the global video conferencing services market will experience a 9.5 percent compound annual growth rate between 2014 and 2019. This finding is extremely similar to the recent predictions from Sandler Research, which anticipated a 9 percent CAGR for the period from 2015 through 2019.
The Technavio study highlighted a number of key reasons why businesses are now turning to video conferencing solutions in such great numbers. In the past, the report explained, many firms, especially small to mid-sized companies, shied away from the technology due to concerns regarding the initial cost of investment, as well as total cost of ownership. Just as importantly, decision-makers recognized that effective, high-quality video conferencing solutions require robust bandwidth, as well as specialized equipment. If a firm did not have or could not justify acquiring these prerequisites, the video conferencing tools would simply be unable to deliver maximum value.
Now, though, many companies of all sizes and sectors have indeed obtained these basic necessities, paving the way for video conferencing success. And as the significant projected CAGR for this market makes clear, more organizations intend to follow suit in the coming months and years.
Video Conferencing BenefitsThe study also went on to explain that video conferencing technology holds tremendous potential for businesses willing to embrace the technology. One obvious advantage is the ability for companies to cut down on their travel costs by providing a more in-depth, personal meeting option for geographically separated workers and clients.
Additionally, workers using video conferencing can share information in a more interactive fashion. This can improve communication among personnel, as well as encourage collaboration throughout a given organization.
Finally, the report noted that many video conferencing solutions include the option of sharing desktops, presentations, spreadsheets, and whiteboards between participants. This further adds to the value that video conferencing can bring to a workforce.
Getting Video Conferencing RightOf course, all of these advantages are predicated upon businesses leveraging video conferencing technology effectively, and that is certainly not a guarantee. Business leaders must make a point of choosing the right video conferencing tools, then deploy those resources strategically.
First and foremost, companies should seek out video conferencing solutions that can serve as part of a broader unified communications platform. By combining video conferencing with a variety of other communication channels, business decision-makers can maximize their workers' collaboration and productivity capabilities.
Second, organizations should ensure their personnel fully understand how best to utilize the video conferencing tools made available to them. Only with such guidance will workers embrace these solutions to the greatest possible degree, and see the best outcomes as a result.