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.