Global Video Conferencing Market Projected to Reach $9 Billion By 2026

A Financialnewsmedia.com News Commentary

A Financialnewsmedia.com News Commentary


Global Video Conferencing Market Projected to Reach $9 Billion By 2026


One of the markets that are actually growing not only during… but because of the global pandemic. Remote working and video conferencing go hand-in-hand in this upswing and both markets are projected to significantly increase revenues in the coming years. Remote work, home office, work from home, telework are some of the terms used to describe settings where workers are not physically present in the office of their employer or the purchaser of their services. The concept mainly works for jobs and tasks that involve a large amount of screen work. (including marketing and sales functions). The advancement of digitalization and the shift to a more knowledge-based economy in many countries have made the option of remote work more realistic for employers and employees. For example, roughly half of all jobs could be done in a remote setting in the United States. A recent report from Statista said that: "The increasing availability of stable, reliable, and fast fixed and mobile broadband connections, along with the rise of cloud computing, provides the backbone infrastructure for work from home. The steady growth of cloud solutions offers companies and workers alike the flexibility to have access to data and tools from anywhere." Active companies in the markets this week include Verb Technology Company, Inc. (NASDAQ: VERB), Zoom Video Communications, Inc.(NASDAQ: ZM), Cisco Systems, Inc. (NASDAQ: CSCO), Microsoft Corporation (NASDAQ: MSFT), 8x8, Inc. (NYSE: EGHT).


The Statista Report continued: "Spending… on cloud-based business applications, collaboration tools, cybersecurity, and remotely managed IT services are projected to grow by almost 100 billion U.S. dollars over the next few years for example. Spending on on-premises solutions is forecast to stay nearly flat on the other hand. Placed on top of the fundamental infrastructure, collaboration and communication tools provide the necessary services to work collaboratively as a team in remote settings. In line with the growth trend of the cloud market, the revenue from the cloud email and collaboration market is set to double in size by 2024 compared to 2020 and is projected to be worth around 81 billion U.S. dollars annually, almost doubling its projected size in 2020." Meanwhile, in a collaborative market, the video conferencing market also shows increased revenues. The two-way transmission of audio and video content by using telecommunication devices is referred to as video conferencing. Video conferencing plays important role in the business processes by saving traveling time and cost to the organization.

  

Verb Technology Company, Inc. (NASDAQ: VERB) BREAKING NEWS:  VERB Technology Ranked #1 by Social Selling News' Rankings for Direct Selling Apps - Verb Technology Company, Inc., a leader in interactive video-based sales enablement applications, including interactive livestream eCommerce, webinar, CRM and marketing applications for entrepreneurs and enterprises, today announced that it was ranked first in Social Selling News' January 2021 The Ranks list for companies that provide apps for direct selling, ranked by the number of clients invoiced over the past 12 months. VERB led the list with 103 direct selling clients, almost double its closest competitors, confirming its dominant position in the direct selling industry.

   

Social Selling News is the direct selling industry's go-to source for news and actionable insights and delivers direct selling channel professionals the latest in trends and developments in the world of direct selling. Each month, it issues a list called The Ranks that highlights companies, people, or trends important to the direct selling channel.


VERB's sales enablement solutions bridge the gap between effective in-person selling and remote work and communications by providing powerful and easy-to-use interactive video-based features in its four direct selling solutions: verbCRM, its customer relationship management (CRM) tool for sales lead generation and content management with clickable in-video eCommerce capabilities for large sales enterprises; verbLIVE, its livestream eCommerce and webinar product, which combines the best features of popular livestream platforms such as Zoom, Facebook Live and WebEx with clickable in-video shopping capabilities, including Shopify; verbTEAMS, a self on-boarding version of verbCRM for small businesses and solo entrepreneurs with verbLIVE and one-click Salesforce synchronization built-in, as well as enhanced content management capabilities; and verbLEARN, a gamified learning management system for education and training with clickable in-video technology. verbLIVE is fully integrated with Salesforce, and soon with Microsoft Outlook.


"We are thrilled to see continued traction for the VERB platform," said Rory J. Cutaia, VERB CEO. "With verbLIVE, our livestream eCommerce solution that we are showcasing at CES 2021 next week, our users are seeing higher productivity as they are able to increase client and prospect engagement and drive sales conversion rates remotely, in a friction-free, video-based setting that also provides useful real-time analytics on viewer engagement. We look forward to continuing our strong 2020 momentum throughout 2021." 


Additional recent developments include:


Zoom Video Communications, Inc.(NASDAQ: ZM) recently announced that it will expand its presence in Singapore by opening a new Research and Development Center, where it will hire hundreds of key engineering headcount. Zoom will also expand its co-located data center in the country. This commitment represents a growing strategic investment in the country, where Zoom has already had a presence for 2 years.


This expansion into Singapore will supplement Zoom's existing R&D centers in the US, India, and China, and support Zoom's engineering leadership, which is based at its San Jose, California headquarters. Zoom selected Singapore for its exceptional engineering talent. The company has already begun recruiting engineers in the area and looks forward to selecting office space as pandemic-related remote work subsides.


Cisco Systems, Inc. (NASDAQ: CSCO) AppDynamics, part of the Company and the world's #1 APM solution and full-stack, business-centric observability platform, recently announced the availability of its Software-as-a-Service (SaaS) offering in Asia, enabling customers to access AppDynamics solutions via a local cloud location. Situated in India and built on the Amazon Web Services (AWS) Mumbai region, the offering is available to AppDynamics customers in India and throughout Asia. Enterprises can now accelerate their digital transformations through faster access to the latest AppDynamics innovations and industry-leading AIOps solutions.


This is the fourth SaaS offering location offered by AppDynamics. Existing regions include Asia Pacific (Australia), the European Union (Germany), and North America (US). This newest addition confirms AppDynamics' focus and continued investments in India and the wider region. "AppDynamics' SaaS offering in Asia opens up a whole new market - particularly in India - and creates a real and differentiated value proposition for our existing and prospective customers. Enterprises can now choose our industry-leading, business-centric observability platform via a local SaaS offering and deploy AppDynamics solutions more rapidly and drive faster outcomes for their businesses. AppDynamics is committed to the region and helping enterprises deliver flawless digital experiences to customers and employees," said Abhilash Purushothaman, Managing Director for India & SAARC, AppDynamics.


Microsoft Corporation (NASDAQ: MSFT) recently, MSFT and leading organizations across the U.S. financial services, technology, and academic industries announced the formation of a new National Council for Artificial Intelligence (NCAI). The council brings together the Brookings Institution, CUNY, the Federal Reserve Bank of New York, Mastercard, Microsoft, Nasdaq, Plug and Play, SUNY, University of Central Florida, and Visa with the goal of maximizing technology to jointly solve specific issues of interest to the industry.


"The goal of the newly created NCAI is to establish a pragmatic coalition with public-private partnerships in the financial services sector to identify and address significant societal and industry barriers," said Gretchen O'Hara, vice president of AI and sustainability strategy, Microsoft U.S. "I am excited about the launch of our distinguished board, and the continued momentum to work with the members of this coalition to better serve the needs of our stakeholders and communities through AI innovation."


8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, recently announced that the Loya Insurance Group, a leading auto insurance company, has deployed the 8x8 Open Communications Platform™ to transform all communications, collaboration, and customer engagement onto a single cloud platform for its more than 3,500 employees across over 700 offices in the US.


Starting from a single storefront in El Paso, Texas in 1974, the Loya Insurance Group has grown to be one of the largest Hispanic owned and operated companies in the United States with offices throughout Texas, Ohio, California, New Mexico, Colorado, Georgia, Nevada, Illinois, Arizona, Indiana, and Alabama. The company was expanding due to increasing demand for its affordable auto insurance but was hampered by having disparate, legacy on-premises communications and contact center systems that were costly to maintain, difficult to centrally administer, and could not ensure business resilience and productivity for a remote and mobile workforce.


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DISCLAIMER: The views expressed in this insight piece are those of the author and do not necessarily reflect the official policy or position of IndraStra Global.
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IndraStra Global: Global Video Conferencing Market Projected to Reach $9 Billion By 2026
Global Video Conferencing Market Projected to Reach $9 Billion By 2026
A Financialnewsmedia.com News Commentary
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