The consumerization of video has led to an exploding demand for hassle-free video conferencing that empowers users to connect from any device with a click of a button. Users are now accustomed to great UX in their personal communications and will accept no less at work. The cloud, mobile, and AI revolution has changed user expectations. Frost & Sullivan estimates that over 94% of all virtual meetings today are audio-only. As a result, audio-only communication has become the de-facto mode for virtual meetings. Most video meetings not only start late but often leave users frustrated and IT teams strained. It has been several years now since the epic battle began with hard-to-use and complex video conferencing. At Zoomtopia, Zoom’s annual user and partner event, held in San Jose last week it became increasingly evident how and why Zoom became one of the fastest growing businesses in video conferencing. The company has seen triple-digit YoY user and revenue growth and 110% growth in employee headcount over the last year. Zoom’s customer base includes 58% of the Fortune 500. In 2018, it is on track to deliver 45 billion annualized meeting minutes (compared to 20B last year).
Zoom continues to deliver impressive growth that far outpaces its competition. The company has seen exponential growth and its brand has become synonymous with cloud video conferencing. From its early days, Zoom adopted the notion of making video communications simple and frictionless as its mission. They refuse to give in to a maze of clunky applications at work. Users today are selecting technologies that offer simple hassle-free experiences.
It’s no wonder then, that many tech giants are battling to win customers in this fast-growing space. According to Frost & Sullivan research, the overall video and web conferencing market is on a high growth trajectory and is forecast to grow from $8.5 billion in 2017 to $11.0 billion by 2023.
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