Innovative companies are tirelessly looking for better ways to communicate and be more productive. Executives look for ways to drive growth, and managers strive for greater team engagement. This is nothing new. But the tools available for us to do so are new—and they're new in a big way. Video communications have become largely mainstream. Advancements in technology and circumstances have made this advancement possible, and immense pressure from a new generation of workers has driven it into the majority of companies.
In a recent study conducted by Wainhouse Research, nearly 60% of enterprises reported an annual video budget of at least $10,000 per year, while another third boast budgets for streaming and video technologies exceeding $100,000 annually. Executives are realizing that investing in video has serious returns. Wainhouse Research also reported that 75% of high-growth businesses use video-enabled collaboration. That’s 1.3 times the use rate reported by low-growth businesses.
The benefits of video are less and less shrouded behind executive intuition. In a capitalist society, when certain companies are exceeding above the rest, people want to know why. They want to learn from them and adopt their strategies. The result? Significant money has been spent on research to understand WHY high-growth companies are using more video communications than low-growth companies.
One impact of video is in the talent acquisition process is a 35% year-over-year improvement in time to hire. Talent drives growth, and if you’re lucky enough to find a soon-to-be MVP in your candidate pool, you better lock them down fast. The high-growth company makes sure talent isn’t lost to a slow and leaky hiring process. Another interesting tidbit is that 40% of companies that have deployed video-enabled unified communications say it improves collaboration and productivity across geographically dispersed teams, according to Frost & Sullivan.
Unlike some communication platforms, video accelerates growth inside and out. Eighty-four percent of organizations use video for external or intercompany communications—a similar percentage (82%) use video for intra-company conferencing. Most people wouldn’t think of audio conferencing in the context of “use cases”—it is simply the lubricant that drives business. As video becomes more broadly used inside and out of an organization, that same effect is taking shape.
Still unconvinced that video is the future? Let’s look at the numbers. The global enterprise video market is estimated to grow from USD 16.98 billion in 2015 to USD 36.84 billion by 2020, CAGR of 16.7 percent from 2015 to 2020. This market is driven by the increased demand for video communications in various organizations across the globe.
So when the time comes to decide how you will budget for communications, keep in mind that your competitors are likely investing in advanced video solutions. And if they already have, they’re now migrating it to a cloud or hosted solution. Forty-three percent of IT leaders state that they migrated video conferencing to the cloud in order to cut costs, while 29% said they did so to more easily include external parties. Are you going to be left behind?