By Avinash Johri, Executive Director, CVTE (India & SAARC Region)
Businesses and people have been experimenting with video as a mode of communication long before Covid-19 disturbed our lives. Affordable internet, smartphone devices, and increased digital literacy are the key reasons for the expansion of video communication in India in recent years. The Covid-19 pandemic was a boon for video-based communication solutions, as it forced businesses and individuals to switch to remote or hybrid working modes overnight. People could clearly appreciate the potential of video-based collaboration solutions at this time, as it resulted in better time management and subsequently, increased overall performance. Even when most businesses eventually reopen in a limited capacity, their recent experience with video communications has led to a long-term preference for these solutions. According to 6Wresearch, the video conferencing market in India may grow at a CAGR of 20.4 per cent during 2020-26.
The following factors are expected to further propel video communication solutions forward in 2022 and beyond:
It is way more than videos
The latest video conferencing solutions are not just about videos that help people see and hear their team members, clients, or anyone else virtually. With collaboration options such as screen sharing, whiteboards, calendars, and real-time document editing, remote management, instant-sharing – these solutions provide a genuinely immersive experience. Thus, people can work in a near-real environment.
Power of customisation
Technology permits customising video communication solutions for various use cases across industries. For example, a company can add or opt-out of certain features/products to make the solution more effective for their business like adding a 360-degree camera to Interactive Panel. Schools can have in-built tools and applications on Interactive Panels that can help them in effective Pre-During-Post Class Delivery.
Cost is a significant advantage
Video communication is not merely fast and immersive but also provides significant productivity gains due to reduced commute time, on-time meetings, and detailed meeting logs. Thus, people have more time to focus on their priority tasks. Due to these advantages, investment in a suitable video conferencing platform can quickly be recovered within a short span. The investment also makes rational sense for startups that aim to operate virtually, with an asset-light model in their early days.
One success story inspires many
Edtech, fintech and the healthtech space were the early adopters of video communication solutions. Companies from these industries use video communication to connect their workforce, clients, patients, other stakeholders, etc. The successful use cases from these industries have paved the way for video communication in many different sectors. For example, we could not have imagined online sports training, virtual factory tours, or a video KYC by a bank until a couple of years ago. Even as the world moves to a hybrid work model, we can expect video communication to continue in the ‘new normal’ across many more industries.
Early indications suggest that video communication technologies have the potential to impact a variety of sectors and our daily lives. Every new user will have a cascading effect, encouraging more individuals to believe in the power of video communication and decision-makers to invest in future innovations. Furthermore, with the addition of artificial intelligence, augmented reality, and virtual reality, these solutions have the potential to have a completely transformative influence on the business in the future.