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Top 6 Predictions for video industry in 2021

Predictions for video industry in 2021

2020 was a game-changing year. With everything brought to a sudden halt due to lockdowns in various countries, businesses had no other option but to pivot to a radically different way of doing things to ensure business continuity. Here, I talk about some predictions for the changes to be seen in 2021 as a part of adopting to the new normal.

1. Remote Work becomes commonplace

Despite apprehensions, companies did not see a significant difference in productivity levels as a result of shifting to the remote setup. Remote Working has gained acceptance across industries and even with a majority population being vaccinated, we can still see a significant portion of company employees working from home. Work From Home will evolve from a necessity in 2020 to a choice in 2021. There seems to be quite some buzz about extended reality which is a combination of Augmented Reality, Virtual Reality, and Mixed Reality. These technologies will play a major role in making the remote working experience as close to the physical experience. Quality Video will be a significant factor in employee interactions and we can expect to see more devices with High-Definition cameras installed.

2. Video Marketing becomes part of the core business strategy

Studies have shown that video content brings in multifold engagement as compared to text or images. To stay in the game, it becomes crucial for a company to create compelling stories to connect with its customers. One interesting development is Video AI where certain parts of the video can be cut, edited, and served to customers based on their interests and preferences. Customization will be a major consideration as more and more customers want to feel valued and be a part of something big. Creative content coupled with social media platforms will be a sure-shot way to reach your audience. 

3. Virtual Trials

Businesses that involve customers trying out products physically before they make a purchase suffered a lot initially as customers could no longer go to physical outlets and try out the offerings before buying. Augmented Reality has been successful in filling that gap, providing a seamless customer experience. One example is the beauty industry where companies are providing a platform where customers can upload their selfies and create their digital twin to try out various products. You no longer have to take out time from your hectic schedule to visit an outlet and can simply try out products at your convenience in real-time. 

4. Ed-Tech revolution

With schools shifting to remote learning mode, Ed-Tech Industry will play a more significant role. Video is the major mode through which students are learning currently as compared to reading long texts. Parents are also embracing the idea of online education. A lot of innovation will be seen in terms of AI-driven assessment methodologies and virtual collaboration platforms that involve gamification, making the learning process more interactive.

5. Digital Healthcare

Covid-19 has accelerated the use of telemedicine. In the post-Covid-era, we will continue to see patients wanting to interact with doctors remotely through video conferencing tools whenever possible. Virtual Reality will further enhance the capabilities of telehealth in terms of patient-doctor interactions as well as medical students’ training through simulations. Choosing the right video technology to power healthcare operations will go a long way in supporting doctors and ensuring patient satisfaction.

6. Hybrid events take the centre stage

Even if the social distancing measures are no-longer mandatory in the future, companies will still prefer hybrid events rather than shifting back to physical events which will allow them to have the best of both worlds: virtual and physical. The events will be scalable, driving higher revenues saving on organizing and other leasing costs. Be it an annual conference, a music concert, or a football tournament, hybrid events are the way to go, and choosing the right virtual event platform will become the key differentiator for companies.

CEO & Founder of MultiTV