Video communication is an important key-factor of the growth of many enterprises, as it enhances worker production and team engagement. This is the reason why it has become the new mainstream for executives and managers today, at the point that the budgets for streaming and video equipment of 30% of enterprises has exceeded $100.000 annually.
In a recent study conducted by Wainhouse Research, it is reported that nearly 60 per cent of enterprises have an annual video budget of at least $10,000 per year, while the budgets of the remaining 30 per cent has largely exceeded $100,000 per year. These numbers give an idea of the importance of video communication in the global economy.
But there is an even more interesting datum. Wainhouse Research also reported that seventy-five percent of high-growth businesses use video-enabled collaboration. That’s 1.3 times the use rate reported by low-growth businesses. In one word, there is evidence that investing in video has serious returns.
Why is video so powerful? One impact of video is on the length of the talent acquisition process. It has been estimated that the time to hire a talented resources is 35 per cent faster today. And talents are crucial for organisations, as they drive growth. So, it is very important not to lose them through a slow and leaky hiring process.
Another reason is the improvement of collaboration and productivity across geographically dispersed teams. According to Frost & Sullivan, 50 per cent of companies that have adopted video communication have reported significant results in this field.
The third reason is that video is able to improve communication both inside and outside the organisation. In fact, the percentage of the organisations that use video for external communications is almost the same of the organisations that use video for intra-company conferencing, that is 82 per cent.
But the more trenchant argument for video is the numbers. The global enterprise video market is estimated to grow from USD 16.98 billion in 2015 to USD 36.84 billion by 2020, CAGR of 16.7 percent from 2015 to 2020. This market is driven by the increased demand for video communications in various organizations across the globe.
These numbers should make reflect any executive on the fact that competitors are likely to invest in advanced video solutions that will increase their productivity and make their businesses grow, when the time to allocate the budgets for communications comes along. To cut it short, video conferencing has become a strategical asset for any organisation in today’s global world that must not be neglected.
If you are interested in video conferencing and the challenges that it pose, you are going to find more resources on R-HUB Communications’ web site at http://www.rhubcom.com