Key Takeaway: Given numerous entrants into the videoconferencing sector from established and emerging technology companies—including the recent introduction of Amazon Chime—the market leader position in this space is up for grabs. We at Market Strategies have a lot of questions about how the sector is growing and transforming. How prevalent is videoconferencing? Which platforms are being used? What do companies need to focus on to make their platform ubiquitous? In this article, we will share our data and insights on the players in this space, including the number one thing a company must do to come out on top.
Videoconferencing technologies have been around for more than a decade, but we have seen them take off with our clients in the past year. We enjoy being able to visually interact with our clients and colleagues so we set out to conduct our own research study to learn more about the experience. While analyzing the results, we were surprised by the introduction of Amazon Chime, which promises “frustration-free online meetings with exceptional audio and video quality.” Why would Amazon enter this market now, with Skype and Hangouts being around for years? Is it insightful or redundant? Will a majority of users asking their colleagues to ‘Skype’ or ‘Hangout’ now ask them to ‘Chime?’
Our data suggests Amazon’s move is insightful. While Skype and Hangouts are certainly popular, there is plenty of room for additional competitors especially since no one seems to have worked out all of the technology bugs. And with a majority of users not wedded to any single platform, Amazon (or another disruptor) has plenty of opportunity to grab market share.