Video conferencing effectively resolves many challenges of remote work, and it is no news that they were the knight in shining armor for businesses across the pandemic-struck world. But it is not just the pandemic that has shot up the use of video conferencing. According to statistics, the number of remote users for telecommuting has increased by 115% in the last decade, and this growth was evident even before COVID-19.
Zoom was launched in 2013, and in a year’s time, it achieved 10 million downloads. By February of 2015, it crossed 40 million downloads. But March of 2020 was when it really took off. The development rate of Zoom in 2020 was a staggering 730%.
What once was a conferencing app grossing 100 million annual meetings in 2015, became the most widely accepted means of professional communication by March 2020 - when the number of meetings crossed 200 million in just one single day.
By April, the number of daily zoom meetings rose to 300 millionThe revenue rose from $330.5 million in FY 2019 to $622.7 million in FY 2020.
And this overreaching growth of the industry is here to stay. With the growth of AI, real time transcription, better applications of CRM and project management, analytics about participants, etc. intelligent & seamless video conferencing is changing the future of meeting rooms. According to Market Watch, The global Video Conferencing Endpoint market which was valued at $1691.5 million in 2020, is expected to reach 1802.3 million USD by the end of 2026.
So, for a far-visioned entrepreneur, this should definitely ring a bell of a good business opportunity with a market that is still in its infancy and can be experimented with. Making an efficient and user friendly video conferencing and remote working app sounds interesting and lucrative in current times. But there’s one key question that need to be answered to be able to jump to any conclusion -
Across the US, the hourly fee of app developers ranges from $50 -$150. Globally accepted average fee for robust app development is $50/hr. Consequently, what appears to be the average cost to make a Zoom app ranges from $45,000 to $70,000.
Entrepreneurs should take note that cross-platform app development can get you a better deal, because you won’t have to make different apps for iOS, Android and web. You can use one code that is functional on all of those platforms.
If you want to create an app like zoom orsomething along the same lines, you need to know that it is not like your regular VoIP calls - it requires space and bandwidth.
Some of the key features that will have a major impact on the cost to build a Zoom appare
Constructive criticism is the best kind of a successful entrepreneur and it’s always better to learn from the mistakes of others. Some ideas as to how can you do better than Zoom at making an intelligent video conferencing app -
You can access the platform through the following media -
Zoom app made an average revenue of
$150million in every quarter of 2020. Let’s see how we can monetize the app
Freemium & Premium Models - The basic service can be provided free of charge but costs are to be charged to access the advanced functionality. Let the participants attend a meeting for a couple of meetings for free, but uninterrupted video conferencing beyond that requires switching to the premium service plan. There can be both per meeting charges, monthly or annual service charges.
In the post pandemic world, where Work From Home and remote working is the new trend, investing in a video conferencing app in 2021 is a lucrative market opportunity. You can also find out more about how much it costs to build a Zoom app, by using our intuitive mobile app calculator which is used by 100s of entrepreneurs in the US. We would love to connect on a call to help you identify the relevant tech stack to develop, discovering app functionalities and breaking them further down and finally helping you design, develop and launch an intelligent video conferencing app.