Virtual Communication Market Share Estimated to Grow to USD 10.55 Billion By 2026
Communication is one of the most important aspects of any company. Although face-to-face contact is one of the most prevalent types of communication, finding a common time for stakeholders to meet may be too difficult, and planning a meeting in a large organization with outlying offices would necessitate each individual spending time and money on travel. Many organizations have implemented no-travel and work-from-home policies for their staff since COVID-19 began spreading over the world in February 2020.
During times of crisis, virtual communication platforms that provide video and audio conferencing solutions, as well as web conferencing systems, have proven to be beneficial for businesses to hold daily meetings and coordinate with clients, customers, and employees. On May 13, 2020, a major tech business, “Twitter,” declared that it would make its work-from-home policy permanent, even after the pandemic is over. Employees profit from this policy since they save money on their commute and have more flexibility in their work-life balance.
[215+ Pages Report] As per the Facts and Factors market research report, the global virtual communication market generated sales revenue of USD 7.50 Billion in 2020. Further, the virtual communication sales are expected to generate revenue of USD 10.55 Billion by the end of 2026, increasing at a CAGR of around 5.85% from 2021 to 2026.
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Video conferencing platforms are primarily used to connect teams in different places in a cost-effective, and real-time mode. Given the rise in popularity of working from home in recent years, having a good video conferencing platform is more important than ever. With most firms now having multiple branch offices, having effective video conferencing technology will make it easier for staff to work from home. Video conferencing is projected to revolutionize how people communicate for business all around the world.
Daily face-to-face interactions were found to be the most effective (93%), followed by audio conference calls (90%), videoconferencing (84%), and group email messages or chat groups (79%), while internal and external social media platforms were listed by 62% and 39%, respectively, in a study. Virtual communication has progressed from an option to a must for conducting business. Workers in numerous sectors employ various virtual communication platforms to conduct their day-to-day conferences, ranging from the virtual estate to automated multi-language data translation to substantial telemedicine booms.
Millennials have become the largest generation in the workforce. Videoconferencing is used by about two-thirds of both the 18–29 and 30–44 age groups at work. Skype is the first choice for interaction and use of the platform for videoconferencing. And although both 30–44 and 45–60-year old began with traditional online conferencing services, millennials are far more widely spread through new industry cloud video communication platforms. Video conferencing technology is more important to millennials and those who have built their professions on Internet-connected laptops and smartphones. To better match the flexible working patterns of the current digital workforce, businesses have begun to look for innovative ways to acquire the finest people and have begun to emphasize video communication environments.
2D video is currently the most advanced kind of communication that individuals use to connect with one another. People will be able to participate in remote work meetings or social events in the future by sharing an augmented 3D selfie. Emerging innovations in the areas of tactile internet, virtual reality, and augmented reality, made possible by the development of the 5G network, show that the ability to simulate an experience is no longer science fiction, but a possible reality, indicating a significant step forward in technology development of virtual communication.
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Top Market Players
The key players in the virtual communication market are AT&T, Inc., Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Huawei Technologies Co., Ltd., Intel Corporation, Mobile Telesystems, Orange S.A., Samsung Electronics Co., Ltd., Verizon Communications, Inc., among others.
Technological Advancements has accelerated the demand
Businesses and workers should expect smarter and more advanced multimedia as the global virtual communication market grows. Micro-LED displays, which are wide and high-quality, have become the favorite option in the worldwide workforce. These technological advancements allow hardware and software vendors to link and give users “room” functionality in their desktop and mobile applications, sometimes known as room apps. Consumers can use a room application to have video conferences, reducing the effort and time required to set up a conference room system. The emergence of new technologies such as machine learning, artificial intelligence, the Internet of Things, and others has had a significant impact on video conferencing adoption. Apple, Google, and Microsoft, for example, have witnessed advanced usage of virtual communication technologies as well as a number of new innovations in brand application. Machine learning systems that can transpose audio, list attendees, and provide transparency into participant engagement are being developed by tech executives, allowing them to focus on the most critical parts of the conference. The expanding use of two-way, internet-based, and telephone-based virtual communication facilities has caused a number of firms in the education, healthcare, and government sectors to adapt to advanced virtual communication trends that are likely to shape the communications industry’s future.
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