With all of that having been said and now out of the way, it is important to note that this report suggest that the live video industry will be worth around $184 billion by 2028. This industry has grown four times over in just six years, so this definitely seem like quite an achievable target once all has been said and is now out of the way.
In spite of the fact that this is the case, there are some challenges that the industry might be faced with moving forward. Maintaining high video quality with restricted bandwidth is one of these challenges, but all of these obstacles are not doing much to halt the rapid growth of this sector with all things having been considered and taken into account.
Cloud communication platforms are projected to reach over $50 billion in total market value by 2030, and since live video calls are such an important part of that industry it’s not surprising that it is here to stay.
Around 79% of consumers interact with a live video at least once a week according to the data presented in this infographic. Around one third of consumers, or 33% to be precise are heavy consumers of live content, interacting with at least five separate live videos on a weekly basis.
The report also shows that investing in live video content can make them more trustworthy to viewers and consumers than might have been the case otherwise. 58% of the people who were surveyed as part of this report said that they were more likely to trust companies that put out live videos since this would indicate that the company is rather forward thinking.
As for the business uses for live video calls, most C-Suite executives agree that video calls are superior to audio calls and 75% of them want to use video for all conference calls moving forward. Their workers and employees are also fully taking part in this live video streaming revolution, with 70% of them saying that they work remotely one day out of the week which would make live video calls necessary.
Gaming is a particularly lucrative genre of live streaming, generating around $9.3 billion in revenue back in 2020. This reveals that live streaming is not just restricted to business meetings and remote work. 86% of companies are also using liv video calls during the recruitment process to conduct interviews. However, the fact that 80% of corporations suffer from internet issues can be a major problem that might hamper the future growth of this industry unless lower bandwidth requirements are somehow achieved by cloud communication companies.
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