In this article, ESCO uncovers the rise of the video conferencing industry during the COVID-19 period and how this industry will continue to expand in the future. Follow Jonatan Medina, AVP of Design, as we travel to the world of the video conferencing industry.
The current COVID-19 pandemic that is happening around the world has affected many people and caused a tremendous impact on the economy. Many of us were told to stay home in order to reduce the transmission of virus. The pandemic has changed the way we live and work. For instance, people are now using video conferencing softwares as a way to communicate and collaborate with friends, colleagues and even business clients, thus causing the surge in the demand for video conferencing softwares.
As shown in Figure 1.0, there are many benefits for businesses to use video conferencing as a mode of communication and collaboration during the pandemic. This is because video conferencing softwares has a myriad of features such as the sharing function whereby people are able to share files and applications with their clients and it enables people to record important video and audio meetings. This has resulted in many organization adopting and integrating video conferencing tools in their business processes.
The global video conferencing market is predicted to reach a total value of $6.3 billion  by 2020 and by 2023, it will be expanded further to reach $13.82 billion . Economist and experts in the AV industry also predicted that in 2024, the web conferencing software will go beyond $20 billion .
The growth in the video conferencing market is driven by the increased demand for the best cloud-based communications solutions. Here with the top 7 most popular conferencing software solutions of 2020:
- Microsoft Teams
- Skype for Business
- Cisco Webex
With the current COVID-19 situation, ESCO is convinced that it is affecting many businesses around the world, causing them to adopt to the usage of video conferencing. This will also challenge developers to constantly improve the video conferencing software. Perhaps in 10 years time, video conferencing software will include Hologram as one of their features.
 ^3D Video Conferencing Techniques to Change the Face of Global Video Conferencing Market
 ^Global Video Conferencing Market Analysis, Forecast to 2023
 ^Video Conferencing Market Size worth over $20bn by 2024
Article by Jonatan Medina