![]() ![]() In 2003, Niklas Zennström, Janus Friis, and four Estonian developers went public with their video conferencing application, Skype. By the early 2000s, video conferencing made its next major leap thanks to some developers from Estonia. ![]() Video conferencing continued to improve as it became synced with computer technology in the 1990s, allowing average consumers to take part through webcams. In 1964, AT&T took the next big step forward in video teleconferencing when it presented the Picture Phone Mod 1 – the world’s first two-way video communication device – at the 1964 World’s Fair. Although the video had no audio, the framework for video conferencing was in place and ready to take off, but then the Great Depression happened, forcing people and companies to focus on more immediate concerns. Due to technological limitations of the era, the proposal remained an idea until 1927, when AT&T Bell Telephone Laboratories broadcast a live-moving image of then-Commerce Secretary Herbert Hoover from the White House to New York. The idea of video conferencing was first bandied around when researchers at Bell labs proposed transmitting images over audio wire in the 1870s, not long after the telephone was invented. The video conferencing revolution that’s currently underway actually began several decades ago with an idea that to most people at the time probably sounded more like science fiction. Let’s take a look at how the video conferencing niche began, some of the current trends, and what to expect as Zoom and other brands lead the technology into the future. Companies that know how to effectively utilize video conferencing by staying ahead of the trends and tailoring their brands to the consumer will be poised for success. The convenience of video conferencing will help free up resources in other places so consumers can have a better experience and companies can make more profits. The most apparent benefit of video conferencing for consumers is the convenience of connecting instantly with others anywhere in the world. “Companies that know how to effectively utilize video conferencing by staying ahead of the trends and tailoring their brands to the consumer will be poised for success.” As simple as this definition may be, it involves many different brands, several different methods that can be used, and a number of different benefits for consumers. The simplest definition of video conferencing is meeting with others remotely via video and other technology. The Definition and Benefits of Video Conferencing In order to understand the role video conferencing will play in the economy and what it means for consumers, it’s important to define what video conferencing is. But the brands that understand their customers and develop the best user experience will be the most successful. A closer look at the video conferencing trend shows that although there is plenty of potential for profit and many opportunities for consumers, there will also be fierce competition in the niche. In the past, technological limitations and costs made this impossible, but two major events disrupted this paradigm, bringing the era of video conferencing into the mainstream: the launch of Skype in 2003, which was then followed by the COVID-19 pandemic.īy 2021, the market size of global video conferencing was valued at $6.28 billion and is expected to expand at a compound annual growth rate of 12.5% from 2022 to 2030, indicating that the video conferencing industry will continue to grow for the foreseeable future. Nearly everyone will agree that business conducted in person is far more effective than via email or even the phone. ![]()
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