Zoom Video Communications ( ZM Quick Quote ZM - Free Report) recently added two new features to its core communication platform, Zoom One, and an all-new translated and multi-language captions feature.
The Zoom One feature will offer customers a choice between six-tiered offerings —Zoom One Basic, Pro, Business and Business Plus, Zoom One Enterprise and Enterprise Plus. The feature will combine persistent chat, phone, meetings, whiteboard and more into secure and scalable packages.
The translated captions feature will allow customers to view captions translated in their language of choice and is available for Zoom One Business Plus (in applicable countries) or Zoom One Enterprise Plus packages. At the launch, translations will be available between 10 languages, from English.
Zoom extended its automated captioning, previously available only in English, to include 10 additional languages. This feature is available in Business Plus, Enterprise, and Enterprise Plus packages and will soon be added to other plans.
Company Diversifies To Attract Users
Zoom gained immense traction amid the pandemic. With the world reverting to normalcy, the company is expected to witness a much slower growth rate. In first-quarter fiscal 2023, the company’s revenues rose 12% year over year. Fourth-quarter fiscal 2022 revenues were up 21% year over year, demonstrating how quickly the growth rate is dropping.
This Zacks Rank #3 (Hold) company is presently down 37.4%. year to date compared with the Zacks
Internet Software industry’s plunge of 53.3%. Meanwhile, the Computer & Technology sector has tumbled 30.2%.
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Zoom has been working on expanding its offerings and upgrading its platform to ensure it does not fall behind.
Earlier this year, Zoom launched Zoom Contact Center, Whiteboard and Zoom IQ for Sales and Zoom events and Webinar functionalities. These launches will likely help the company retain its customers. The latest launch will further help in customer onboarding.
Zoom’s recent Solvvy acquisition is in line with its intention to delve deeper into the contact center space. The move will help Zoom offer improved customer service experiences to a global enterprise base.
The company is witnessing robust demand for its Zoom Phone. To build on its growing demand, Zoom expanded its partnership with Genesys, a cloud software company, per which Zoom Phone will be combined with Genesys Cloud CX to develop a solution that will help businesses deliver an effortless customer experience.
These advancements in the customer experience market will help Zoom capitalize on new opportunities in contact centers and customer support.
Moreover, video conferencing is here to stay and will play a more significant role in our everyday lives. Though these trends bode well for Zoom, it also ushers in big threats from rivals, including
Microsoft ( MSFT Quick Quote MSFT - Free Report) , Ring Central ( RNG Quick Quote RNG - Free Report) , Cisco ( CSCO Quick Quote CSCO - Free Report) and others.
Microsoft is a looming threat to Zoom with its Teams collaboration tools. Last year, Microsoft introduced the Team Essentials, a Microsoft Teams offering. The feature was developed for small businesses, providing them with professional and affordable meetings solution, making it easier to collaborate in a hybrid work environment and improving productivity.
RingCentral launched its videoconferencing platform in April 2020, just as the pandemic paralyzed the globe. Last month, RingCentral announced new designs in the hybrid work domain like RingCentral Webinar, AI-based Advanced Meeting Insights and Summaries, Whiteboard and Live Transcription to stay relevant in the post-pandemic world.
Cisco, which had acquired Webex in 2007, completely revamped its Webex Suite in 2021 to regain its position in the video conferencing market. It recently expanded its lineup of collaboration devices and introduced updates to empower hybrid work.