Frost & Sullivan’s recent analysis, “Post-pandemic Growth Opportunity Analysis of the Meetings Market,” forecasts that the number of remote workers post-COVID-19 will be 500% greater compared to the pre-pandemic number, creating a massive demand for video meetings.
According to the business consulting firm involved in market research and corporate training across multiple industries, the number of video meeting licenses is projected to increase at a compound annual growth rate of 24.6% between 2019 and 2025, compared to a pre-pandemic forecast of 17.2%
The unprecedented increase in the number of people working from home sets up the meetings market for exponential growth, Frost & Sullivan said in a press release.
“The COVID-19 crisis has made remote work and hybrid work the new norm,” said Roopam Jain, a senior industry director of information communication technology in a statement. “Video meetings will be a de facto expectation for business communications in the future, leading to a rapid rise in usage.”
Jain said growth in the future will primarily come from all-in-one, easy-to-use devices and service bundles for personal collaboration. However, revenue growth will be dependent on a confluence of factors, such as the conversion of free accounts to paid ones. Rampant free offerings during the pandemic will generate an immense base of free users, providing vendors the opportunity to convert them to paid accounts in the future.
IoT and AI-enabled technologies are expected to bring in the next wave of disruptive innovations and enable safer and more intelligent meeting experiences.
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