Services Of Conferencing And Collaboration
After the pandemic, we have seen an immediate upsurge in the demand for video conferencing platforms in this segment. Companies like TCS, Infosys and Wipro have made significant WFH announcements with Infosys announcing that by the year 2025, they will have 75% of their employees working from home, followed by Infosys announcing permanent work from home for 33-50% of its employees. Companies are foremost concerned about the health and safety of their employees and have hence encouraged and moved to video conferencing in a big way, including hosting cultural programs, yoga sessions, mental health sessions and another employee well-being sessions online to reduce fatigue and anxiety stemming from the new non-touch and highly isolated working norms.
Market Size And Global Players
The cloud web & video conferencing services market is highly fragmented, with a mix of pure-play video conferencing participants and telecom service providers reselling cloud software. Video Conferencing Market size surpassed USD 14 billion in 2019 and is anticipated to grow at over 19% CAGR between 2020 and 2026 globally. On the other hand, India's video conferencing market was valued at nearly $400 Mn at the end of 2019. The India Video Conferencing Market size is projected to grow at a CAGR of 20.4% during 2020-26. This increase takes into account the impact of the COVID pandemic which is fuelling the transition towards digital, opening a plethora of opportunities for technology companies. India has been amongst the fastest growing economies of the world over the last decade. And it is likely to continue on a high growth path for the next decade or two. The business landscape in the country is maturing at a fast pace due to favourable policies and reforms by the Government.
The work from home scenario has forced people to let go of their video inhibitions. People are open to being on video in casual wear and in their natural setting, resulting in a rapid shift towards video-centric events
While Microsoft Teams, Zoom, Google Meet etc. have emerged as key platforms in the DIY video conferencing, Chorus Call is a leader in managed video conferencing, especially for meetings that matter. Transition to remote working has facilitated new use cases for video conferencing. Other than the virtual AGMs, leaders at large organizations such as ABB India, Nestle is also using these platforms to enhance employee engagement. Even those who were sceptical about hosting regular town hall meetings are looking at it as a way to connect with their employees. Such platforms have enabled this change, giving senior management the confidence and comfort to organise town halls virtually. Furthermore, we are seeing heightened interest from organizations for hosting large scale meetings that matter such as dealer and sales meets, R&R programs, virtual exhibitions etc.
Latest Trends And The Challenges
The work from home scenario has forced people to let go of their video inhibitions. People are open to being on video in casual wear and in their natural setting, resulting in a rapid shift towards video-centric events. More than 80% of events now account for video presence. This transformation has helped us also create more value-driven changes in our approach with traditional physical events such as AGMs, Townhalls, R&R events etc. that are now virtual. Today everyone is working via a video screen. And these are all DIY platforms. They work well for business-as-usual everyday meetings for small groups. However, for the meetings that really matter, like CEO Town Halls, AGMs companies are recognizing that they need dedicated support from conference specialists. Similarly, it is not OK to have the PM or the company Chairperson come across like just another box on the screen, the message itself risks getting lost, or the Chairperson's office stature compromised.
In the future video conferencing can be used to create more immersive experiences with the use of technology such as AR and VR. These technologies can be used to showcase interactive floor plans for venues worldwide, conduct virtual fam trips and even let attendees interact during events and conferences in wholly new ways through responsive methods and immersive games.