The pandemic has pushed the adoption of cutting-edge collaborative technologies due to which business continuity has emerged as a crucial motivator of this digital transformation. Business continuity, on the other hand, has been a substantial obstacle for industry leaders in terms of technology adoption. The speed with which you can change your organisation into one that is always on, sensitive to client needs, well adapted by employees and efficient in delivering the results will determine a company’s success. Mr. Vishal Agrawal, M.D, Avaya in a discussion with CXO today shared more insights on the same.
- How’s the video conferencing market growing globally and in India? What’s the trend?
The epidemic has undoubtedly served as a wake-up call for remote employees, sparking digital transformation across a wide range of industries such as healthcare, education, banking, and finance and even government or public sector. According to a recent report, the global video conferencing market is projected to grow from $6.28 billion in 2021 to $12.99 billion in 2028 at a CAGR of 10.9% during forecast period.
According to a recent “Work from Anywhere” survey conducted by Avaya, 57 percent of businesses are now reporting some struggle with remote communication and fatigue. The explosive growth of video conferencing and the proliferation of platforms has created the need for easier to use, all-in-one solutions that improve collaboration and reduce the fatigue of too many apps. Customers and employees need the right tools to elevate their work-from-anywhere experience, as well as a fundamental shift in thinking when it comes to using those tools.
Therefore, customers are now shifting from ‘just’ video meetings to 24/7 collaborative, cloud-based workspaces. Avaya Spaces enables organizations to excel at the usual day-to-day tasks, but also the unplanned and new-priority work that arrives nearly every moment of every day.
Some additional trends related to cloud-based solutions are:
- Subscription based Modelto avoid large capital investments in the technology/infrastructure
- Focus on Audio and Video Qualityto help with meetups, interactions, and seminars in 2022
- Seamless Workflows resulting in deeper integrations between video collaboration tools and chatting, file sharing, email etc.
- Hybrid is the Future of Workplaceindicating more flexibility and remote work options
- Do you think you will be able to maintain the growth momentum once institutions and offices reopen?
With the world functioning in a multi-experience economy, cloud-based technologies, AI, ML, data centers, remote working habits, digital interactions, the contactless society, and cybersecurity are all growing trends that will help businesses integrate technology while cutting costs in other areas. Businesses will look for a well-coordinated communications strategy supported by intelligent integrated communications systems.
Therefore, digital channels will become increasingly prevalent in many aspects of our lives. This includes digital buying and selling, connecting with customers via chatbots and automated voice assistants, and holding remote meetings. As technology changes how people communicate, the rise of a contactless society will intensify this. In the healthcare industry, telemedicine will grow more popular, and it will integrate far more technology than in the past. The BFSI industry will experience a massive digital revolution, with items spanning from digital payments (UPI/Digital/Virtual money) to digital interactions with clients.
As mentioned above, we’ve evolved from a vertical approach to a solution distribution strategy that helps our partners boost their reputation and consumer relevance while also assisting them in growing their business and adapting to market needs. As a result, we can be comfortable that we are keeping up with the changing workplace culture.
- Covid is still lurking around which means work from home may prolong. What are your expansion plans for the Indian market? Any new product offerings on anvil?
Apart from the changing working norms, there is a growing trend toward the consumerization of technology, which might be an opportunity for Avaya to showcase its capabilities and what it has done so far to help organisations remain resilient. With smarter, more collaborative, more agile, and more connected ways to communicate and engage, Avaya is allowing businesses to compete in the experience economy and create optimal business outcomes.
India is experiencing a big wave of digital adoption for customer experience, and we’re working and inventing in that arena to service the market, so it’s one of our main emphasis areas. The next point to consider is collaboration, as people who work from home require a consistent experience that is not limited to a single industry. BFSI is undergoing a significant revolution, and engagement solutions in smart cities are undergoing a massive transformation. The need has gotten even more urgent since COVID, as helplines and engagement have become a major focal area. Small and medium-sized businesses that were not technologically aware have started to pick up, so I believe India is an excellent market for Avaya, and we expect fantastic growth both in the short and long term; I expect double-digit growth for India.