Video conferencing solutions have become a fundamental technology for most global companies. In recent years, the growth towards using video conferencing at work has increased. It is projected that the market value for video conferencing solutions will grow from USD 6.28 billion in 2021 to USD 12.99 billion in 2028 at a CAGR of 10.9%. It is important to understand different types of video conferencing available for real-world usage to connect with potential customers and clients to improve productivity. In this article, we break down the types of video communication channels and the future industry trends that are driving the growth and importance of video conferencing.
Types of video conferencing
There are four types of major video conferencing communication conversions 1:1 conversations, internal/team meetings, external/client meetings, and all-hands meetings which we listed below:
1:1 conversations or mono-channel communication is the most common type of video conferencing that people connect to. One-on-one video conferencing allows private conversations which help businesses in many ways. For instance, managers can effectively connect with remote employees. Unlike phone calls, one-on-one video conferencing allows employees to meet in person virtually and pick up informal communication to improve relationships, trust, and productivity. Applications such as facial recognition, posture, and gesture recognition help employees to determine the credibility of the person over a one-on-one video conferencing.
Internal/team video meetings
Internal or team video meetings are specified for keeping all the team members in the loop when members are working from different locations or from more than one office location. Especially for global companies that operate with multiple locations and multiple team members, face-to-face team meetings improve productivity by creating a collaborative decision-making environment in real-time.
External/customer video meetings
It is a fact that client relationships are easier to build over face-to-face conversations. But during global pandemics like COVID 19, or when it is not possible to meet your clients personally for conversations, video conferencing provides the best alternative. The robust video conferencing solution with advanced applications and AI assistance will allow you to connect and engage with your clients and customers at ease regardless of your physical location. External/customer video meetings work well for businesses associated with call center customer services and industry service agents.
Town hall meetings also known as all-hands video conferences are general meetings held to address a large group of audiences calling in. These kinds of meetings are often conducted during important business meetings, entertainment events, and mostly during milestones in any company. All-hands meetings ensure everyone is informed about the event and work towards achieving the objectives of a meeting planned.
Video conferencing trends for different industries
Advanced technologies such as the internet of things (IoT), artificial intelligence (AI), and cloud technology are driving the growth of video conferencing regardless of the businesses you work for. Whether it is a small startup, a federal government, or a global media conglomerate, the increasing need to meet virtually and collaborate is rising the demand for immersing in in-house video conferencing equipment into the business architecture. Here are a few trends across distinct industries that drive the need for video conferencing.
Banking and financial services
Banking and financial services are at the core of the digital transformation and most of the operations related to these businesses revolve around building trust and maintaining customer relationships.Video conferencing eliminates the need to travel and at the same time helps bank representatives in making critical business decisions with help of AI during the virtual meetings.
It is a fact that video conferencing has revolutionized the existing global education system by bringing in the best learning opportunities for students across the globe. Video conferencing in the classroom facilitates incredible, interactive, and knowledge-oriented learning experiences from everywhere-to-anywhere.
Telehealth and telemedicine have completely transformed the healthcare industry during the ongoing pandemic. Video conferencing has made it possible for global healthcare providers to reach remote locations in every nation to connect and get treatment without physical interactions. Likewise, physicians can manage hospital operations from anywhere via connection through a computer or smart device.
Government and public sectors
For government agencies and public sector organizations, video conferencing is a cost-effective way to extend the reach of development programs and monitor infrastructure development while staying connected with partners and teams instantly. The advance in research and development to build rigorous secured, interoperable, and performance-oriented video conferencing solutions is ensuring the security and reliability of communications networks while getting connected remotely.
Video conferencing enables real-time virtual collaboration to manage global manufacturing operations efficiently, provides quick access to their worldwide resource and supplier base, and allows virtual product reviewing with remote plants. From raw materials procurement to product engineering to final product prototype review, video conferencing improves manufacturing efficiency at every step, which reduces the production time and costs.
Oil, gas, and energy
For businesses in the oil, natural gas, and energy industry, communication is the key to improving efficiency and productivity. Video conferencing allows to effectively communicate with workers, management team, and on-field workers cost-effectively and collaboratively seamlessly to make effective decisions.
Media and entertainment
Video conferencing for media and entertainment improves collaboration speed and saves costs effectively. With video conferencing, individuals and agents can complete and promote the latest project without adding travel to an already packed schedule, practice casting calls, and no longer need to happen in person. Actors, musicians, and film producers can meet with media and fans over a video conference call where the interviews can be recorded and live-streamed for future playback to ease the operating tasks and production time.
As industry transformation and globalization drive the future of every industry, video conferencing is a necessary communication tool for the years to come. Regardless of the type of video conferencing requirement you have for your business, Libero can provide end-to-end solutions to optimize and scale your growth with conferencing networks. To know more about Libero or for an API consultation, contact us.