Video conferencing technology has become a more prominent piece of the average organization's collaborative framework in recent years, while the devices used to access the software have diversified significantly. From reducing expenditures on work-related travel to providing a more engaging user experience for staff members in a variety of locations, video conferencing software can make a major difference in any firm's bottom line almost immediately.
Now, International Data Corporation's latest report on the market itself was not entirely positive, though spending did increase from $507 million in the second quarter to $511 million in the third. However, the total number of units shipped in the third quarter of this year was 4.4 percent lower than the quarter before, and 0.7 percent lower than the figure recorded during the same period of 2014. This shows, at the very least, that the market is changing quickly.
Still, the power of the technology is not in question, nor are the reasons behind increasing investment into the solutions as time goes on, as the global marketplace and younger workforce are combining to drive these purchases among enterprises. So long as companies are carefully and diligently integrating the video conferencing technology into their standing unified communications frameworks, they will be able to maximize return on investment through customized delivery models and specialized selection of the software itself.
Reasons to invest Information Management recently analyzed some of the findings of a new Frost & Sullivan report on the market for video conferencing technology in North America, which forecast spending to expand at a compound annual growth rate of 4.1 percent between last year and 2021. This would represent a rise from $4.5 billion spent in 2014 to $5.9 billion at the end of the survey period. The source argued that telecommuting programs and millennials are the core catalysts for this growth, and will continue to be past the end of this decade.
"What was once a rudimentary component now holds serious weight in the minds of decision-makers across businesses," Frost & Sullivan Unified Communications and Collaboration Industry Manager Alaa Saayed explained, according to the news provider. "As millennials continue to make up a larger share of the workforce, video will become more pervasive and price points will drop with newer technologies, further fueling adoption."
Furthermore, Information Management asserted that the backend aspects of video conferencing technology management will change more significantly in the coming years, with a greater rate of firms opting for hosted, managed services rather than entirely internal maintenance and optimization practices. This ties into the growing popularity of cloud-based video conferencing and other UC frameworks, which tend to be more flexible, accessible and affordable than traditional deployment models.
More power Simon Dudley recently published a blog post for TechTarget regarding the ways in which the transformation of video conferencing technology has helped companies provide end users with more engaging experiences as time goes on. Perhaps most importantly, the author pointed out that this software was once somewhat of a rarity, only truly common in certain industries such as pharmaceuticals and banking.
Today, thanks to demand from a wider range of industries, more specialized solutions that fit the unique requirements of individual businesses are being released and adopted. Dudley stated that the ways in which video conferencing software is developed, sold and managed are changing today, and this has provided organizations with opportunities to take a more significant role in their own implementation and service delivery strategies.
Enterprise leaders should consider working with a reliable provider of cloud-based UC solutions to get the most out of video conferencing and other relevant assets.