In the age of digital transformation, the need for communication has increased rapidly. Businesses are on the lookout for communications solutions to facilitate conferences for participants spread across various parts of the world. Video conferencing is a boon to executives who are invested in business activities across a broad geographical area. Businesses are widely adopting video 
conferencing tools to save on transportation costs and facilitate instant communication. SpendEdge’s strategic procurement report on the global video conferencing market forecasts the market to grow at a CAGR of around 8%, and outlines game changing technological innovations in this market.
Here are some of the key innovations in the field of video conferencing market:
#1 – VR Experience
Video conferencing has been around for quite a time now, and the industry has not witnessed any groundbreaking innovation. The video conferencing market is still driven by the use of 2D videos, which may not give the presence of an actual conference. However, VR technology could soon change that scenario by providing a more realistic interaction platform.
#2 – Advanced Video Compression Formats
One of the major technical challenge facing the video conferencing market is the efficiency of video compression formats. Since video conferencing consumes a lot of bandwidth, it is essential to pick a compatible format to compress the data to provide a smooth stream. VP9 and H.265 are some of the latest video compression format capable of reducing the data transfer quantity while still maintaining the quality. These formats are also capable of supporting 4k and 8k video formats, making them future proof.
#3 – WebRTC
WebRTC enables real-time communication of audio and video on the internet browser, mobile platform, and IoT devices. The major benefit of this project is that it does not require additional plugins to share screens and transfer files. Thus, it can make the video conferencing experience seamless with such features.
Read more about key innovations in the video conferencing market along with supply market landscape, procurement, and pricing insights in SpendEdge’s upcoming procurement report on the video conferencing market.
Related Articles:
