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Video Meetings Become a Business Necessity in the New Normal
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The socio-economic impact of the COVID-19 pandemic is difficult to fully predict with many factors in a flux. One thing is amply clear – it will be a disruptive catalyst across the UCC industry. In particular, it will forever change the way we meet and collaborate. Organizations across the world were quick to respond to the pandemic by implementing travel restrictions and WFH policies. To ensure continuity, businesses, educational institutions, and health care facilities adopted video conferencing, group chat, and content collaboration tools at an unprecedented scale leading to exponential market growth.The shift to remote work represents a transformative moment for the meetings market. The covid-19 crisis is expected to leave an indelible impact on how organizations and users perceive remote work. The previously-held stigma of remote work has dissipated. Remote work and hybrid work will be the new norm. As video becomes the new normal, the lines are blurring between business and consumer use cases. In the post-COVID era, we expect to see greater delineation between free and paid and consumer and business video meetings, based on feature sets, manageability and security options.Hybrid work will require technology enablement in two locations driving greater tech spending on communications and collaboration tools. Similarly, office spaces will be restructured to include more meeting rooms and collaborative spaces to accommodate frequent ad-hoc collaboration between on-site and WFH teams.The impact of COVID-19 on meeting licenses is significant. Major meeting providers have reported 3x-4x growth in the months since the pandemic’s onset. This report uncovers several top of mind trends for the short- to mid-term and analyzes the key workplace transformation and meeting trends emerging in the post-pandemic era. As remote and hybrid work become the new normal, what will be the new growth opportunitiesfor cloud video meetings? What will the meeting rooms of tomorrow look like? Given the fast changing market landscape, there are tremendous growth opportunities for vendors that can differentiate on better quality and more scalable, manageable and secure cloud services and devices that ensure an optimal meeting experience regardless of where users work from. Frost & Sullivan has analyzed the key market trends and has re-forecasted the user base/CAGR for cloud video meetings. This insight reassesses the growth opportunities available to vendors in this space and lays out key strategies for success in the post-COVID meetings market.
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