There is a rapid increase in the use of video conferencing platforms, as more people work from home and companies seek to stay connected with their employees and customers. Video conferencing has become an essential tool for businesses to conduct meetings, training sessions, and other important events remotely.
According to a report by market research firm MarketsandMarkets, the global video conferencing market size is expected to grow from $9.2 billion in 2020 to $22.5 billion by 2026, at a compound annual growth rate (CAGR) of 14.9% during the forecast period.
Several video conferencing platforms have seen a surge in popularity during the pandemic, including Zoom, Microsoft Teams, and Google Meet. Zoom, in particular, saw a massive increase in users, with daily meeting participants reaching 300 million in April 2020, up from 10 million in December 2019.
The rise of video conferencing has also had an impact on the way companies conduct business, with many now embracing remote work as a long-term solution. A survey by Gartner found that 82% of company leaders plan to allow employees to work remotely at least some of the time, even after the pandemic ends.
However, the rise of video conferencing has not been without its challenges. Security and privacy concerns have been raised, particularly with the rapid adoption of platforms like Zoom. Several incidents of “Zoom bombing,” where uninvited guests disrupt meetings, have been reported, leading to increased scrutiny of video conferencing platforms’ security measures.
Overall, the rise of video conferencing has had a significant impact on how businesses and individuals communicate and collaborate. With the trend expected to continue even after the pandemic, video conferencing is likely to become an even more integral part of the way we work and connect with others