Zoom Video (ZM - Free Report) unveiled a number of solutions and advanced security features at its virtual conference, Zoomtopia.
The new end-to-end encryption (E2EE) offered by Zoom ensures encrypted communication between meeting participants. With E2EE, no third party, including Zoom Video, is provided access to the meeting’s private keys.
Zapps, a way to integrate third-party applications with its virtual meeting experience, helps this Zacks Rank #1 (Strong Buy) company to amplify its versatility. You can see the complete list of today’s Zacks #1 Rank stocks here.
Notably, Zoom also introduced OnZoom (still in the beta phase), a platform for free and paid live events. This opens doors to small businesses to reach out to a wider audience and contribute via native donation.
The company is also offering a customizable software development kit for developers and companies to add their own custom video-based applications to Zoom’s platform. It also simplified the pairing of personal devices with better video command options and a waiting room feature to admit a guest.
Along with improved functionalities for its Core Unified communication platform, it came up with Zoom Phone features like 911 safety alert, AI-powered spam detection and blocking.
Expanding User Base to Aid Prospects
At the end of the fiscal second quarter, Zoom Video had roughly 370,200 customers, up 458% year over year. Although some of the recent developments are still in the beta phase, the company aims to capitalize on this wide user base and popularity.
Zoom Video has evolved from being just a video communication service provider. Since the coronavirus outbreak, the company has become a household name due to the work-from-home and online-learning wave. The new solutions and enhanced security features are aimed at helping its users to increase their productivity and provide a more immersive, engaging and collaborative experience.
The new features are expected to boost Zoom Video’s competitive position. The company is facing significant competition from the likes of Alphabet’s (GOOGL - Free Report) Google Duo, Cisco Systems’ (CSCO - Free Report) Webex and Microsoft’s (MSFT - Free Report) Skype, which have become essential components of the business landscape.
Markedly, Zoom supports more than 3 trillion annualized meeting minutes and 300 million daily meeting participants. Moreover, the demand for Zoom’s platform and solutions is expected to remain robust as its efforts to eliminate the security and privacy loopholes gain impetus. Additionally, new hardware and the Zoom From Home solution’s launch are expected to help expand clientele.
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