Zoom Video Communications Inc. is set to broaden its horizons with new offerings, including word processing capabilities and innovative meeting features.
Zoom, the renowned video conferencing platform, is preparing to roll out collaborative document editing, akin to Google Docs, by 2024.
This announcement was made on the eve of its annual conference as revealed by Chief Product Officer Smita Hashim.
This addition will not only facilitate real-time collaboration but also incorporate AI-generated summaries derived from Zoom meetings, bolstering its functionality.
While Zoom experienced exponential revenue growth, soaring to $4.1 billion from 2020 to 2022 during the pandemic, it faced challenges with the reopening of offices and heightened competition.
Analysts predict a modest sales growth of less than 2% in the coming quarters. In response, Zoom is diversifying its suite of business tools beyond video conferencing.
Zoom had previously found success with its office phone service and customer-service center offering, each generating substantial revenue. While the usage statistics for tools like email and calendar introduced last year remain undisclosed, Zoom is actively exploring innovative features, evident from recent patent filings.
These innovations include interactive virtual objects for advertising and education in meetings, as well as a feature that interprets nonverbal cues to gauge when someone wishes to speak.
Despite offering a high-quality video conferencing app, Zoom currently commands only 7% of the communication and collaboration software market, with Microsoft Teams leading at 42%, according to IDC.
Zoom has also raised concerns with US and European Union regulators about Microsoft’s preferential treatment through design and pricing bundling.
Nevertheless, Zoom remains committed to innovation, having recently introduced AI features such as call summarization and message drafting, available at no extra cost in paid plans, demonstrating its dedication to enhancing the user experience.