The migration to cloud-based communications increases growth opportunities for conferencing services, finds Frost & Sullivan
SANTA CLARA, Calif., Jan. 29, 2019 /CNW/ -- As the enterprise communications and collaboration market continues to consolidate, conferencing service providers (CSPs) are switching focus from standalone conferencing services to all-in-one solutions. Converged solutions make it easier for users to switch between different modes of communications, simplifying their collaboration stack and eliminating the redundancy of overlapping services. To optimally address the demand for conferencing services, CSPs are enriching their portfolios with advanced and popular technologies such as Artificial Intelligence (AI), Machine Learning (ML), and analytics.
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"Enterprise telephony-centric vendors have gradually moved their standalone communications and collaboration portfolios toward Unified Communication-as-a-Service (UCaaS) licenses," said Alaa Saayed, Digital Transformation Industry Director at Frost & Sullivan. "Meanwhile, the evolving trend of cloud communications and collaboration is compelling businesses to replace on-premises solutions with hosted/cloud services. The continued growth of cloud web and video conferencing services is largely due to increasing user comfort with video collaboration, improved offerings and affordable prices."
Frost & Sullivan's recent analysis, Growth Opportunities in the Global Conferencing Services Market, Forecast to 2024, analyzes the key trends and challenges in the conferencing services market. In 2017, standalone audio conferencing accounted for 51.0 percent of the global conferencing services market, cloud web and video conferencing 38.7 percent, and managed video conferencing 10.3 percent, in terms of revenue. These proportions are expected to significantly change by 2024 with cloud web and video conferencing services growing to represent 76.8 percent of total global conferencing services revenue. The analyses are presented across the regions of North America, Europe, Middle East, and Africa (EMEA), Asia-Pacific, and Latin America.
"A shift from a vendor-centric to a service-centric approach is vital for future success in the market," noted Saayed. "All major CSPs have repositioned their value propositions in line with evolving workspaces, the rise of web real-time communications (WebRTC) technologies, and growing adoption of embedded communications and collaboration."
Successful CSPs will focus on delivering solutions with benefits of simplicity, intuitiveness, ease of use, extendibility, reliability, security, control, and interoperability. There are additional growth opportunities and competitive advantages in:
- Delivering customized solutions for vertical industries and market segments.
- Providing a consistent user experience across devices, as well as intuitive graphical user interfaces (GUIs).
- Supporting enterprise-grade security by completing audits, certifications, and process changes to ensure compliance with the latest regional and international privacy policies.
- Reimagining collaboration tools as intelligent workspaces that focus on dynamic content co-creation and sharing.
- Increasing partner integration with a wide array of business workflows such as HR and marketing automation applications.
- Focusing on a digital ecommerce strategy to address the SMB space with various subscription options, including freemium models.
Growth Opportunities in the Global Conferencing Services Market, Forecast to 2024 is part of Frost & Sullivan's global Connected Workplace Growth Partnership Service program.
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Growth Opportunities in the Global Conferencing Services Market,
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SOURCE Frost & Sullivan