Alphabet’s ( GOOGL Quick Quote GOOGL - Free Report) division, Google, is consistently introducing innovative features to bolster its video conferencing software, Google Meet.
9TO5Google, Google is rolling out an account switching feature on Google Meet for users having multiple accounts on their device. This serves as a testament to the abovementioned fact.
Further, Google also updated Meet with a default link handling capability so that meeting links open on the new Google Meet app instead of Meet (Original).
Google’s video calling app, Google Duo, has been upgraded to the new Google Meet app to provide users with a single app for video calling as well as meetings. Reportedly, the Duo app name and icon will be updated to Google Meet in the coming weeks.
With the recent efforts, Google aims to provide an enhanced video calling and meeting experience for its customers.
Competitive Video Conferencing Market
The latest initiatives are expected to boost the adoption rate of Google Meet in the days ahead, which, in turn, will expand Alphabet’s presence in the booming video conferencing market further.
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 this upbeat scenario, not only GOOGL but also many companies like
Microsoft ( MSFT Quick Quote MSFT - Free Report) , Cisco Systems ( CSCO Quick Quote CSCO - Free Report) and Zoom Video Communications ( ZM Quick Quote ZM - Free Report) are taking strong measures to bolster their presence in this space.
Shares of Microsoft have been down 23.9% 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 on the calendar.
Cisco, having lost 29.7% 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.
Zoom made its digital canvas named Zoom Whiteboard generally available in April. Zoom Whiteboard offers a unified solution for collaboration and creation on the ZM platform. Shares of Zoom have been down 56.1% in the year-to-date period.
However, Google’s growing initiatives to strengthen Google Meet are expected to help it gain a competitive edge over the aforesaid 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 . Efforts to Bolster Google Workspace
The recent initiatives in Google Meet bode well for Alphabet’s consistent efforts in strengthening Google Workspace offerings consisting of Gmail, Meet, Drive, Calendar, Contacts and more.
Google Workspace has been driving GOOGL’s momentum for a while across organizations, demanding productivity and collaboration tools.
Apart from the latest step, Google released a redesigned version of the layout of emails sent by Google Calendar to make event details useful and accessible to users.
Additionally, Google Docs is gearing up for adding emoji reactions to documents for expressing opinions informally.
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.
This will aid GOOGL in winning investors’ confidence in the near and the long term.
Shares of Google’s parent Alphabet have been down 25.6% in the year-to-date period, outperforming the
Computer and Technology sector’s decline of 29.6%.