For years now, companies in the CX landscape have been touting video as the next solution for intimate and immersive customer interactions. However, it was only after the arrival of the COVID pandemic and the shift to remote working began that organisations saw the true value of this technology. Now, it seems that the value of video can only increase.
Predictions of video market value are constantly expanding, with many experts estimating that the landscape will be worth billions only a few years from now.
So, where does the video market really stand right now, and what are companies doing to make sure they can earn their share of their market?
The Technology of a Generation
Video conferencing and communication represents one of the few markets that isn’t just growing despite the 2020 pandemic – but partially because of it. As offices and contact centres shut down, companies of all sizes turned to video for a variety of reasons. Video became the way that we interact with remote employees in a distributed workforce.
As clients turn to companies for demonstrations of products, pitches, and learning experiences, they rely on video to deliver greater context and depth to conversations. Customers are even using video in the contact centre to help them solve problems with agent assistant, so that technicians don’t need to be called out to any physical location.
Video takes all the benefits of audio conversations for human connection, context, and tone, and adds another level. With video communication tools, we can guide clients visually through problems and learning experiences. We can connect with each other through body language and facial expressions lost to messaging and phone calls.
Staying Ahead of the Competition
As video becomes more of a necessary tool within every business landscape, the vendors in the top spots are discovering how to differentiate themselves and earn their share of the market. Zoom video communications, one of the biggest video conferencing companies in history, achieved incredible growth by offering simplicity and easy accessibility to people from all over the world.
Zoom simplifies the path to video, then enhances it with the presence of extra features like real-time transcription through third-party integrations, virtual backgrounds and active noise cancellation. The company is also actively increasing its security strategy and opening new data centres around the world to adhere to growing demand.
Elsewhere, Microsoft Teams stays ahead of the curve with its video conferencing offers by offering companies a flexible environment that works with what they already use. Your Teams video works seamlessly with your Outlook email environment, your productivity suite (Microsoft 365) and other essential tools your employees use every day.
All the while, Microsoft continues to invest in strategies to make work CX easier in the video landscape by investing in things like Together mode for better collaboration, and strategies to reduce meeting fatigue.
Even long-term communications vendors like Cisco Systems are taking their own unique approach to video communication these days. Cisco’s Webex solution builds on the years of heritage and reliability that Cisco has to offer. At the same time, the Webex environment is experimenting with new AI solutions like gesture control that allows for better interaction in meetings, and profiles that help you to break the ice quickly in a crucial conversation.
Everywhere you look, businesses are combining the pillars required for excellent video communication: Simplicity, flexibility, and innovation.
