For some quantitative perspective, a report by Research Nester suggests that the global enterprise video conferencing market is expected to touch US$ 7.94 Billion by 2023 as compared to US$ 3.85 Billion in 2015, clocking a CAGR of 7.44% over the said time frame
The rising need for online collaboration across the globe for businesses and individuals has given an unprecedented boost to the demand for video meeting solutions. Apart from providing a rich customer experience, these solutions also play a very important role in streamlining workforce management and business operations for a variety of industries. Moreover, the Covid-19 pandemic has pushed people and businesses to alter their ways big-time, creating additional demand for digital solutions that can create a life-like meeting experience, from the safety of their homes. These trends unarguably suggest that businesses will look for more ways to make video interactions an integral part of the way they engage with their customers and other internal or external stakeholders. For some quantitative perspective, a report by Research Nester suggests that the global enterprise video conferencing market is expected to touch US$ 7.94 Billion by 2023 as compared to US$ 3.85 Billion in 2015, clocking a CAGR of 7.44% over the said time frame.
As businesses look to develop and deploy feature-rich video meeting solutions which meet the expectations of their stakeholders, they come across some operational issues. The fundamental challenge is the time and resources required to skim through heaps of user interface (UI) libraries and write thousands of lines of code. The journey requires enormous time and skills, both being precious commodities in today’s fast-paced business environment. Even when they are able to create the right user interface and features, writing and deploying server-side coding is another task. Such a long development cycle could be a dampener for businesses that are looking for quick and effective Go-to-Market solutions and gain a competitive advantage.
Low code application development addresses these problems by offering a way to build scalable and feature-rich video meeting solutions fairly quickly and effectively. As per a Gartner report, the worldwide low-code development technologies market is projected to total US$13.8 billion in 2021, an increase of 22.6% from 2020. The report attributes this to a confluence of digital disruptions, hyper-automation, and the rise of composable businesses.
Unlike a traditional long and straining software development lifecycle, Low Code enables businesses to deploy multiparty video meetings directly in their native platform with just a few lines of code. Moreover, the development work could very well be managed by a not-so-pro developer but someone who has a deep understanding of business requirements, along with a basic sense of programming. For the uninitiated, a developer can create video meeting solutions with a limited number of steps using Low code. She can choose the number of participants (1-1 or large) and add relevant features, such as screen share, mute button, recording, and many more. She can create a meeting URL that participants can use to join the meeting room. This URL is simply embedded in the application or webpage. The application can be further configured for any additional features and is ready to use.
Such a quick and low-cost approach means that building a video meeting solution becomes as easy as ordering a pizza online or booking an Uber Cab. As a result, there is an immediate positive impact as businesses are able to focus on their core areas of business while investing minimally towards writing tons of code for embedding a video meeting solution into their platform.
Source: Business World
