Zoom Veers Off Course: Depends on the Zoom Phone and the Gen AI assistant

By Consultants Review Team Saturday, 23 March 2024

It was referred to as the "Zoom boom." The Covid-19 epidemic forced individuals to spend more time in front of screens, which led to a global shutdown and a sharp growth in the user base of video communication platforms. There was a 6700% increase in free user sign-ups in India.

However, the law of gravity quickly took effect. Zoom saw its growth slow down to 3% globally in FY24 from 326% in FY21 as the epidemic subsided. But things are shifting quickly. Zoom is currently concentrating on developing into an end-to-end communications platform with an emphasis on artificial intelligence support after realizing it has to be more than just a video conference service.

In an interview with FE, Ricky Kapur, Zoom's head of the Asia Pacific (APAC) region, stated, "We have now evolved from being a video platform to being an end-to-end communication and collaboration platform."Kapur continued, "The growth curve is going to get more exciting."

Analysts concur, noting that developing countries such as India provide enormous potential for the company's new products.

Kapur's optimism is based on the platform's success in gaining 7 million global users for its Zoom Phone service and the momentum it garnered for its AI companion product in just six months after debut. Actually, the company is seeing a big economic potential in India owing to new offerings like AI companion, Zoom Phone, and Zoom Contact Center.

Zoom Phone is a cloud-based platform for corporate communications that facilitates call making and receiving over WiFi and cellular data. It also offers a variety of chat and call management capabilities, as well as the ability to switch between video and audio conversations and desktop and mobile phone calls. Similarly, Zoom's generative AI assistant, AI Companion, assists organizations with a variety of activities including creating email compositions, sending calendar invites, generating post-call tasks for follow-up, meeting transcripts, and language translations.

Over 510,000 Zoom accounts have enabled the AI assistant since its introduction in September 2023, and in only five months, 7.2 million meeting summaries have been created globally.

"We aim to lead the way in AI when it comes to collaboration and communications platforms," stated Kapur. So far, we've had a lot of success in India. We think we'll keep gaining momentum as we introduce some of our more recent products, which are centered on Zoom Phone and Zoom Contact Center," he continued.

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