Zoom reworked video conferencing when most people assumed it was a solved problem, with services from Cisco and Skype already ubiquitous in workplaces and homes. However, its videoconferencing infrastructure was simpler to use, faster and more flexible than any previous solution, and it swiftly took the world by storm.
Its success bred competition, however, and companies such as Microsoft and Google, along with numerous smaller communications firms, have begun making inroads on Zoom's formerly commanding lead. Additionally, as workplaces are mostly adopting a hybrid or flexible working strategy, some of its importance as a workplace tool is wearing off and it is recording a gradual decline in daily usage rates.
To counter these trends, Zoom is expanding its business offerings through product development and strategic aquisitions, such as that of Solvvy (an AI and automation service) in 2022. It remains to be seen if this will be enough to turn things around for Zoom: along with many other large tech companies it has recently engaged in large-scale layoffs to realign itself with a difficult economic situation. Still, it is a profitable company and a household name, and its track record of innovation means it is still very much one to watch in the communications space.
Freddie
Company Specialist at Welcome to the Jungle
