Global Video Conferencing Market to Expand at 8.50% CAGR From 2015 to 2023 Owing to Globalization of Enterprises

Transparency Market Research has published a new report on the global video conferencing market. As per the report, the global video conferencing market is predicted to progress from US$3.7 bn in 2014 to US$7.8 bn by 2023. The report, titled ‘Video Conferencing Market Industry – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,’ states that the global video conferencing market is expected to expand at an 8.50% CAGR during the period from 2015 to 2023 due to factors such as the increasing demand for scalable communication methods and the rising globalization of business organizations.



Did you know that Video Conferencing Benefits Insurance Professionals?


Video conferencing has opened numerous opportunities for businesses. The New York Times reports that increasing numbers of service professionals like therapists and attorneys are beginning to rely on allowing them to provide greater customer service and better meet their clients’ needs. For insurance professionals, the benefits are similar. If you’re already in the practice or considering opening one, here are some things you’ll want to know.

Greater Range and Flexibility: Unless you live in a highly populated city, you probably need to make connections outside your immediate sphere of influence. PBS reports that an estimated 38 million people are in need of better or more tailored insurance, but these individuals are scattered across the nation. You still have to find them. Even within a single state, particularly some of the western and Midwestern states, there can be hundreds of miles between you and prospective clients

Greater Trust: People are more inclined to distrust individuals when they’re communicating through emails because it’s easier to lie in print than it is in person. People tend to feel confident in their abilities to assess whether someone is lying if they can see that person’s face. Through video conferencing, you have greater opportunities to share how your service can help them while at the same time alleviating their fears.

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Fort Worth City Council to implement video conferencing

Video conferencing — a technology that families, friends and businesses have been using for years — is coming to City Council meetings, allowing both residents and council members to participate remotely.

The council approved spending $235,269 on the technology, such as new video screens and broadcast equipment, at its meeting Tuesday.

Approved by the Legislature in the 2013 session for use at public meetings, the technology will enable residents to view and speak at council meetings from a publicly posted and predetermined location.

It will also allow council members to video conference into a meeting and still count toward a quorum, City Secretary Mary Kayser said during a presentation on the technology at last week’s pre-council meeting.

“My understanding of how it came about was to allow for remote town halls, particularly in large, spread out cities,” Mayor Betsy Price said.

“And also if you have a council member who is sick or has to travel, but really needs to be part of the meeting, this allows them the chance to be part of the meeting.”

Councilwoman Ann Zadeh emphasized that the purpose of the change is not “making it easy for us not to come down here physically.”

“The main thrust is allowing citizens to participate in more far-flung areas who wouldn’t necessarily come down to City Hall,” Zadeh said.

Council members and residents must be visible, and audio must be working for the process to be valid. City staff members will be in place to assist those at the remote location. A video screen will be added to the pre-council chambers; screens are already in place in the council chambers.

Council members could video conference into the meeting using a computer or tablet, said Eric Upchurch of the city’s information technology department. The technology will take about 90 days to implement and will include training for council members.

By Caty Hirst

How video conferencing helps businesses cut costs

Over the years, the rise in technology (primarily smartphones) has led to a phenomenal increase in video conferencing technology, either through calls or instant messaging (IM) chats. While the percentage of individual use of video and phone conference services like Polycom is on the rise, businesses have also caught on, finding that the adoption of video conferencing can not only reduce costs, but improve the versatility of their communications infrastructure as well.

Aside from the obvious cost improvements, video conferencing also allows for everyone, regardless of setting, to communicate with one another. In all reality though, the benefits associated with video conferencing are abundant. Some of these benefits include:

1.)  Rapid Outreach

Arguably one of the greatest benefits of video conferencing is the speed at which vital information can be communicated. Since most businesses have competitors, the simple aspect of being able to communicate important details (goals, sales quotas, deadlines, etc.) can be the stepping stone needed to get out ahead of the pack, so to speak. Another fantastic benefit is the ability to hold virtual meetings. What this means is that leaders, managers, associates, and employees can basically talk amongst one another from any location.

2.)  Optimized Business Operations

For the most part, the bulk of communication within a business occurs through email because it is fast and convenient. However, emails can easily become misconstrued and interpreted wrong, likely resulting in a lack of communication. With video conferencing, however, because the communication is taking place face-to-face, business leaders can make sure their managers completely understand what is being asked of them. This in turn, can be translated effectively to employees. Not only that, but video conferencing also allows for any misunderstandings or questions to be adjusted immediately.

3.)  An Eco-Friendly Improvement

Lately, the trend with most businesses is reducing their carbon footprint in order to alleviate some of the negative effects that might be afflicted on the surrounding environment. While it may not seem like it at first, video conferencing can actually help reduce this carbon footprint simply by reducing the amount of travel needed to facilitate business. Business executives are often on the move, traveling from place to place. This usually means taking a car or plane, which produce harmful emissions into the environment. However, the adoption of video conferencing can eliminate a significant amount of travel by allowing executives to communicate virtually.

As you can see, besides reducing costs, establishing a video conferencing system within a business can result in a multitude of benefits. Ultimately, a business needs to be able to adapt and respond to various stimuli, both internally and externally. Video conferencing helps bridge the communication gap.

Did you know that 60% of companies choose videoconferencing over face-to-face meetings

60 per cent of businesses opt for conference calls over face-to-face meetings as the global nature of most industries push firms to opt out of traditional meetings.
Of those surveyed, 66 per cent stated that the biggest disadvantage of traditional face-to-face meetings is the time it takes to travel to and from them, 50 per cent ranking cost as the worst disadvantage. “Many companies still prefer traditional face-to-face meetings as they are considered more personable and engaging than audio conference calls, but travelling to and from meetings is costly and time-consuming. Businesses are already beginning to see that video conferencing is the answer to bridge this gap.”

46 per cent still think face-to-face meetings make the most sense for their business and doubts about conference calls still very much exist with 35 per cent put off video conferencing by poor audio or visual quality. Meanwhile, 28 per cent blamed the complexity of setting up the technology for not bothering to implement a conference calling strategy.

Businesses must look to new technologies such as High-Definition [HD] video conferencing that flawlessly meet business expectations to help them maintain relationships, achieve their business goals and remain as efficient as possible.

HR Professionals Expect Video Conferencing to be Their Preferred Communications Tool in 2016

Did you know that HR Professionals Expect Video Conferencing to be Their Preferred Communications Tool in 2016?

98 percent of Human Resources executives surveyed say video conferencing helps companies defy distance and break down cultural barriers to improve productivity.

– Move toward video provides advantages for talent management, staffing, training, productivity and flexible work enablement.

Proving that the benefits of video for HR functions are well understood, the survey of business decision makers in 12 countries revealed that almost all (98 percent) of the HR executives participating in the survey believe video conferencing removes distance barriers and improves productivity between teams in different cities and countries.