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TokBox Study: Live Video Maturity Strongest in Healthcare, EducationTokBox, the live video, real-time communications (RTC) company, today announced the results of its inaugural "Live Video Maturity Study." The study measures the evolution of live video since 2012 across a range of industries, including healthcare, financial services, retail and insurance. "Live video is growing exponentially, driven in large part by an up-and-coming generation of consumers who rely on video as a means to communicate, often daily," said TokBox (News - Alert) CEO Scott Lomond. "That said, there are several industries that are much further ahead in the maturity study than others. As with any new technology, a variety of factors influence adoption, but the message is clear: live video is fast becoming standard. Those industries leading in our maturity study are best poised to capitalize on this technology by gaining a competitive advantage." The "Live Video Maturity Study" analyzed responses from three surveys conducted by TokBox in 2012, 2015 and 2017, as well as proprietary observations of the TokBox customer base. Via analysis of the combined data, maturity scores based on industry application and consumer adoption were determined. The full rankings, from most mature to least, are as follows:
"We expect to see explosive growth within industries like education that have a use case that is marketplace-based," added Lomond. "When you imagine, for instance, the wide ecosystem of students, teachers and administrations who want to connect in a meaningful way, the possibilities for live video are nearly endless." Additional industry-specific results include: Healthcare "Live video has proven to be an effective channel for healthcare because of its potential to provide not only more cost-effective care, but wider access and better patient outcomes," said Lomond. "In fact, many states so strongly recognize the value in this model they are requiring insurance companies to reimburse for telemedicine treatment. The biggest challenges are compliance and privacy. Organizations will look to create solid encryption to protect patient privacy, and of course, they will also need to remain HIPAA compliant all the while." Highlights of healthcare sector findings:
Education Lomond noted: "The reason the education sector ranks so highly on the maturity index is because the benefits of live video have been clearly established. It has proven to offer greater student engagement, improved learning outcomes, increased accessibility and reach, as well as affordable and cost-effective learning. In addition, recording will continue to be a key feature for ongoing learning, as will real-time collaboration tools." Highlights of education sector findings:
"Live video has proven to bring a more personalized level of customer experience to remote service communications," said Lomond. "Not to mention, it also enhances brand loyalty and creates efficiencies in the customer service process. The biggest challenge within customer service is to deliver seamless in-context support so that live video has the greatest impact on customer satisfaction." Highlights of customer service sector findings:
Recruitment/Work "If we look at live video's impact on recruitment, the clear drivers of adoption are that it provides access to a global talent pool and it also reduces costs. Within a work environment, it's also proven to increase collaboration, boost employee efficiency and reduce travel time. A challenge within both of these sectors is that there are multiple user endpoints. People are increasingly working from a wide variety of locations - at home, at a coffee shop and in the office. At the same time, they're working from a number of devices, from smartphones to laptops. A streamlined, and secure, experience across such a wide ecosystem is critical," said Lomond. Highlights of recruitment/work sector findings:
Repair and Tech Support "Live video within repair and tech support has been a game changer," said Lomond. "It's a tool that has unlocked operational efficiencies across the board, as well as significant cost savings for organizations that communicate with customers out in the field. At the same time, it enhances the experience for a customer who is likely in a stressful situation. It's clearly a win-win." Highlights of repair and tech support sector findings:
Insurance "The insurance industry has gravitated to live video because it helps with liability management by reducing the claim processing time. The challenge is to be sure that the live video is fully embedded in the application so that the end user isn't having to bounce from application to application. Given the benefits of a seamless customer experience and operational efficiencies for the insurer, I predict this sector will rapidly adopt the use of live video," said Lomond. Highlights of insurance sector findings:
Retail "It's no secret that the retail industry is struggling to transform with the digital age, and live video has entered as a tool that allows personalized service at scale," added Lomond. "That level of service, combined with the convenience of online shopping, has the potential to significantly impact brand loyalty. We are faced with a new generation of shoppers who not only have grown up online shopping, but who expect to use video as a means to communicate. A solid approach to live video is the only way many retailers will keep their customers." Highlights of retail sector findings:
Financial Services "The reason that the financial services industry is lower on the maturity index is because it's a highly regulated environment, where security and compliance are critical. At the same time, many large financial institutions are as complex as the U.S. government, and so it can be challenging to provide seamless integration into such a wide range of systems. I predict, though, that because live video can provide high-touch customer service at a low cost, along with convenient and personalized customer experience, the financial services industry will aggressively drive adoption in the next 12-18 months," Lomond added. Highlights of financial services sector findings:
To learn more about the TokBox "Live Video Maturity Study," as well as to view an infographic, please visit: https://tokbox.com/pdf/Industry_Spotlight_2017_Infographic.pdf. About TokBox TokBox, a Telefónica (News - Alert) company, develops and operates the OpenTok Platform, making it fast and easy to add live video communications into online and mobile websites, apps and services. The scalable, customizable platform gives users the creative freedom to develop any video interaction, from one-to-one chats to large-scale broadcasts. The first platform to incorporate support for WebRTC, OpenTok caters to enterprises, entrepreneurs and developers with powerful APIs and a global cloud infrastructure. OpenTok has been used to stream WebRTC live video in over 36,000 applications since 2013. Companies including Major League Baseball, Houseparty, Live.ly, Esurance, Royal Bank of Scotland, Valspar, Chegg, and Double Robotics. www.tokbox.com
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