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Alphabet (GOOGL) Updates Google Meet With Innovative Features

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Alphabet’s (GOOGL - Free Report) division Google is leaving no stone unturned to introduce innovative features to bolster its video-conferencing software Google Meet.

This is evident from the fact that Google Meet recently updated its desktop experience in Chrome with picture-in-picture (PiP) feature, per a report. Google Meet also included a capability to pin multiple video feeds.

Alphabet started rolling out PiP and multi-pinning capabilities to customers using Google Workspace, legacy G Suite Basic and Business, and those with personal Google Accounts.

With these innovative features, GOOGL aims to help presenters and attendees stay engaged in the meetings.

Thus, the recent move is expected to boost the adoption rate of Google Meet.

Efforts to Bolster Google Workspace

The latest initiative bodes well with Alphabet’s consistent efforts toward strengthening the Google Workspace offerings of Gmail, Meet, Drive, Calendar, Contacts and more.

Moreover, Google Workspace has been driving GOOGL’s momentum for a while across organizations demanding productivity and collaboration tools.

Apart from the recent move, Google released a redesigned version of the layout of emails sent by Google Calendar to make the event details useful and accessible to users.

Additionally, Google Docs is gearing up to add emoji reactions in documents to express opinions informally.

Further, Gmail introduced a feature that allows users to pause mobile notifications while the desktop client remains active.

All these endeavors are expected to continuously increase demand for Google Workspace, which will likely drive Alphabet’s top line in the days ahead.

Evidently, this will aid GOOGL in winning investors’ confidence in the near and the long term.

Shares of Google’s parent Alphabet have been down 26.1% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 32.3%.

Competitive Video-Conferencing Market

The introduction of PiP and a multi-pinning feature to Google Meet helped GOOGL expand its presence in the booming video conferencing market, which is expanding on the growing remote-working and online-learning trends, triggered by the coronavirus pandemic.

Per a Fortune Business Insights report, the underlined market is expected to hit $14.6 billion by 2029, witnessing a CAGR of 11.3% between 2022 and 2029.

Given the upbeat scenario, not only GOOGL but other companies like Microsoft (MSFT - Free Report) , Cisco Systems (CSCO - Free Report) and Zoom Video Communications (ZM - Free Report) are taking strong measures to bolster their presence in this space.

Shares of Microsoft have been down 26.4% in the year-to-date period. In May, Microsoft introduced a feature whereby users can schedule a meeting, a private appointment or vacations, and update those in the calendar.

Further, Microsoft Teams’ auto-suggesting feature remains noteworthy, which suggests the most relevant search results across chats, files, people and other content stored or shared in the app.

Cisco, having lost 31.6% in the year-to-date period, released the latest Webex Calling features in the Webex Suite in June 2022 to improve work flexibility, reliability and audio quality.

Further, Cisco introduced devices for hybrid work like the Webex Room Bar and Cisco Video Phone 8875. The Webex Room Bar can turn huddle spaces and small-to-medium sized meeting rooms into a hub to engage into collaboration, while the Cisco Video Phone 8875 lets Webex users conduct phone calls and video meetings, ensuring maximum productivity.

Zoom made its digital canvas named Zoom Whiteboard generally available in April. Zoom Whiteboard offers a unified solution for collaboration and creation on the Zoom platform.

Shares of Zoom have been down 40.2% in the year-to-date period. Zoom further introduced capabilities for Zoom Chat and Meetings in April to help teachers engage and manage their students remotely.

Nevertheless, Google’s growing initiatives to strengthen Google Meet are expected to help it gain a competitive edge against peers.

Currently, Google’s parent Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.