Zoom Video Communications, Inc. - statistics & facts
Zoom Video Communications, Inc., founded in 2011, is a communications technology company in the United States. Also known as Zoom, the company generated revenues of over four billion U.S. dollars in the fiscal year 2023 with its cloud-based software platform that provides both online chat and video telephony. Zoom grew into a household name during the coronavirus (COVID-19) pandemic in 2020. The platform enabled individuals and organizations to stay in touch and collaborate from different locations worldwide.
With its communications platform, Zoom offers a product tailored to enterprises and private users. The technology enables individuals to virtually interact with each other in several different contexts, including chats, video meetings, webinars, and social events. Accordingly, it is a software as a service (SaaS) solution suitable for companies of many sizes. The application is functional across several platforms or end devices, including laptops, computers, mobile devices, and Zoom Rooms. More specifically, Zoom falls under the growing unified communications and collaborations market, responsible for producing technologies for the digital workplace.
Zoom Meeting refers to a video conferencing meeting hosted using the Zoom application, where individuals can join using a PC or a phone, regardless of their physical location. Zoom Room, on the other hand, is tailored to larger businesses as it refers to integrating software and hardware technology in a physical conference room to host meetings.
New work drives online communication services usage
The shift to new work means that businesses reevaluate their telecommunications structure to align it with an increasingly digital work environment. Cloud-based communication systems that integrate voice telephony and video conferencing are emerging as the preferred choice for the future workplace. Among Zoom’s competitors offering these solutions are Microsoft Teams and Cisco Webex. However, GoToMeeting and Google Hangouts Meet are also reliable alternatives to Zoom. Such unified communication and collaboration tools experienced a surge in demand when remote work intensified as a result of the COVID-19 outbreak in 2020.
In the future, Zoom is looking to expand its portfolio repertoire and build on its existing services by adding productivity solutions such as email and productivity apps. Consequently, more services will be integrated into the existing platform to create a holistic environment that centralizes Zoom’s many tools in one place. Indeed, with its recent acquisition of Five9, a cloud contact center platform, Zoom is already adding new capabilities to its offerings by venturing further into the adjacent contact center industry. The company builds on its success to attract future users and add to its already diverse customer base. Currently, Zoom’s clients vary from businesses, like Universal Music Group and Equinix, to government departments such as the Israeli Ministry of Education.
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Lionel Sujay Vailshery
Research expert covering the consumer electronics industry