Globalization has seen a major behavioral shift in business vision and strategies. The reach of the businesses beyond shores to almost every corner of the world has made video conferencing the most preferred way of business communication.
Though video conferencing has been there since a decade or so, but the true scope and benefits of it are being realized now, thanks to the major leaps in technology and affordability. Advancement in technology has enabled the move from hardware-based video conferencing to software and service based video conferencing.
Cloud video conferencing has opened a window to a seamless collaboration without the cost and worries of hardware and infrastructure. When businesses across the world are increasingly opting for cost-effective services managed by the third party, cloud video conferencing is becoming a norm. As per the predictions based on reports and studies, cloud video conferencing market will grow at a CAGR of 39.6 percent by 2019 and is slated to reach over $ 2 billion by 2020.
As per the latest estimates of IDG Connect survey, the BYOD trend is becoming popular among the global workforce. As mobile penetration reaches deeper into the business space, the mobile workforce will number 1.3 billion globally which is about one-third of the total global workforce. Cloud video conferencing supports mobile workforce and BYOD trend enabling business collaboration from anywhere, anytime.
Today, businesses are spread out across multiple locations. This demands a communication solution for dispersed teams to meet, collaborate, exchange files and notes and work together. Cloud videoconferencing facilitates teams in different locations to be part of the conversation at the fraction of cost of in-person meetings.
Video conferencing systems are intuitive and highly customisable as per the needs of the businesses and teams. It eliminates the wastage of time that goes into locating emails, files and document that the team members need to refer in an on-going meeting. The software allows an intelligent categorisation and helps building a convenient catalogue. This saves time and improves productivity of the team. A global study has reported that the businesses using cloud video conferencing have registered a growth in team productivity over time.
Cloud video conferencing brings down the cost of business collaboration. With no installation and infrastructure costs, and no maintenance cost of hardware, cloud video conferencing enables higher quality of collaboration at much lesser cost than hardware-based video collaboration.
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