Conferencing Week in Review: FreeConferenceCall.com, Zoom, Transparency Market Research
The conferencing space saw a good amount of activity this past week, and we have all the details.
Up top, it was revealed that video conferencing is an industry that seems to be garnering more and more ink and notice, and with winter slamming just about every part of the country, it’s looking better and better. With travel being impacted almost daily and increasing numbers of workers telecommuting, the idea of a remote meeting instead of having one in person is growing in appeal. As such, Transparency Market Research is out with a new report that sees video conferencing growing into a $6.4 billion business by 2020. “The increasing need to lower operational costs and effective management of a global supply chain in the business sector are the factors driving the global video conferencing market,” the report notes. “In addition, increasing adoption of video conferencing services in the public sector is further expected to drive the growth of the market during the coming years.” How much? The report says the global market for video conferencing equipment and services, in terms of revenue, was valued at $3.31 billion in 2013 and is forecast to grow at a compound annual growth rate of 9.36 percent during the period 2014 to 2020.
In other news, FreeConferenceCall.com just marked15 years in the conferencing business, and in that time has made a name for itself as an innovative, reliable, high-quality and cost-friendly conference call service. “We’ve had time to create a product that can be used by anyone because it’s so darn simple” VP Channel Development Adam Jacobs of StartMeeting told TMC’s Group Editorial Director Erik Linask at the recent ITEXPO. FreeConferenceCall.com saw over 12 billion minutes of traffic in 2014, which makes up about 12 percent of the global conferencing market and is on pace to raise the bar again in 2015. Jacobs notes, “Our growth has been over 50 percent this last year and we’re on target to do even more than that in 2015.”
Elsewhere, cloud video conferencing company Zoom announced it has raised $30 million in Series C funding. The investment more than doubles the funding that Zoom has received in prior rounds. Zoom will use the funding to scale its sales and marketing teams, and expand its business globally, it said. It also said that it is seeing triple-digit growth for its business-focused cloud video collaboration platform, which is delivered as-a-service. Specifically, it has increased its customer base from 4,500 to 65,000 companies since 2013, grown meeting participants from 3 million to 40 million individuals, surpassed 1 billion meeting minutes and gained 2,500 educational institution customers
There’s sure to more breaking news next week, so stop back often for updates.