The COVID-19 pandemic has adversely affected the market and economies of all the countries. This pandemic has now become a problem for all types of businesses. Growth outlooks for many economic sectors have been slashed due to this COVID-19 pandemic. The present situation is such that the petroleum, chemical, and gas industry are one of those who have seen losses and negative response during this pandemic. Many experts are also predicting that, there might be end of the airline industry post pandemic. The pandemic has banned the travel due to global lockdown. This has limited the reach of the enterprises in the foreign market and this has now leading to the adoption of video conferencing software. Companies are now adopting an alternative for the recruitment process by engaging on video conferences. Let us see the complete report on the rise of video conferencing platforms during COVID-19.
Present scenario of video conferencing platform
The business conferencing apps are having their best time as they are now experiencing record growth in terms of downloads and their usage. This has now resulted as a biggest hit in the week of March. The stats says that these apps has topped with around 62 million downloads during the week of March 14-21 which was the initial period of global lockdown.
The statistics also reflects the rise of video conferencing platforms during COVID-19 and this shows the jump in business conferencing app downloads to about 62 million across IOS’s App Store and Google’s Play Store earlier in March was up 45% from just the prior week. It was also the highest growth among any category across the app stores that week, the report said. And it was up 90% from the weekly average of business app downloads in 2019.
The rise of video conferencing platforms during COVID-19 in the category is due to the global lockdown due to which, the companies have now shifted on the video conferencing platforms like Zoom Cloud Meetings, Google’s Hangouts Meet and Microsoft’s Teams. Zoom app has topped the charts, having the maximum engagement worldwide in the month of February and March, and till now getting the highest engagement with maximum numbers of downloads. These countries include U.S., U.K. and some in Europe.
The benefits of video conferencing platforms
1) Providing users with convenience
Due to video conferencing platforms there is no need to travel for any meeting with the colleagues or clients. This can also help in setting virtual office anywhere in the whole world. The video conferencing platforms helps you to connect quickly with the colleagues with the help of a internet connection. This helps the user to connect seamlessly with individuals situated in different time zones outside of standard work hours, while doing so from the comfort of their homes.
2) Saving time and money
Travel use to be the ultimate source of a good business relationships but, the travel can consume large chunks from your time and budget which can have a bad effect on your savings. Now, the video conferencing platform has provided an alternative of making relations by travelling. This can help you to gain the time and budget which use to get used as a travelling expense. So, the video conferencing platform can provide you the benefit of extra time, attention and investment.
3) Recording tools
The video conferencing platforms provides you the facility of recording. Example:- Zoom, allow for meetings to be recorded. Recordings can help to catch all the important points of your, which you missed while attending. This feature can also work as a proof for any type of mistake done in the meeting so that, it can be rectified in the future itself.
According to Fortune Business Insights, the global video conferencing market reached $3.02 billion in 2018. Now, it is projected to double by 2026 with an estimated projection of $6.37 billion. That would exhibit a compound annual growth rate of 9.8% during the forecast period. This statistics shows the upcoming rise in video conferencing platform in the upcoming period of time.