Zoom Video Communication ZM has expanded its development platform with the launch of the Zoom Apps SDK.
The Zoom Apps SDK provides app developers with the resources and supporting infrastructure they need to build Zoom apps in the Zoom client.
Zoom Apps SDK helps developers easily reach Zoom customers through the Zoom Marketplace, where they can discover, choose, and install new apps to add to the Zoom client.
The JavaScript SDK allows users to access client functionality such as setting the background for a virtual meeting as well as the application context for interaction. This is achieved by using credentials for the user and the meeting.
Zoom’s ongoing efforts to scale its business, evolve workflows, and meet customer expectations drive an increased need to develop innovative app capabilities and features. Zoom’s relaunch gives developers new ways to integrate video communications into apps, expanding its development platform and transforming workflows.
Zoom Video Communications, Inc. Pricing and Consensus
Zoom Video Communications, Inc. price-consensus-table | Zoom Video Communications, Inc. Quote
Efforts to scale its business for the benefit of Zoom
The company has gained immense traction amid the pandemic. It went from being a lowly player to suddenly everyone’s platform of choice during lockdown. The easy deployment and hassle-free management of Zoom’s software has made it more appealing to the masses.
But with the world getting back to normal, the need for Zoom has drastically diminished. The stock was also affected by macroeconomic factors such as the Russian-Ukrainian war and the strengthening dollar.
Shares of this company Zacks Rank #3 (Hold) have plunged 38.1% since the start of the year compared to the 53.1% drop in the Internet software industry Zacks. Meanwhile, the computer and technology sector fell 31.9%.
You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.
However, Zoom has grown its platform to ensure it doesn’t fall behind.
The company has invested aggressively to create new products to further improve the platform and meet ever-changing customer needs. In the first quarter of fiscal 2023, research and development (R&D) spending increased 121% year-over-year to approximately $144.3 million.
Zoom’s recent acquisition of Solvvy will help it deliver enhanced customer service experiences to a global enterprise base, helping it capitalize on new opportunities in contact centers and customer support.
The launch of Zoom Events and Zoom Whiteboard should help retain users beyond video conferencing.
Zoom still maintains its appeal despite fierce competition
However, the video conferencing market has not disappeared. According to a Grand View research report, the global video conferencing market is expected to grow at a CAGR of 12.5%, reaching $19.73 billion by 2023.
These trends bode well for Zoom but bring fierce competition from other companies like Microsoft The MSFT teams, Cisco Systems CSCO Webex and alphabeticalThis is GOOGL Google Workspace.
To this day, the Microsoft Teams auto-suggest feature remains top-notch. The feature aims to improve searching in chats, files, people, and other content stored or shared within the app.
Earlier this month, Cisco introduced devices for hybrid work like the Webex Room Bar and the Cisco 8875 Video Phone. The Webex Room Bar can turn small workspaces into a hub for interacting with colleagues, while that the Cisco 8875 Video Phone allows Webex users to make phone calls. calls and videoconferences.
Recently, Alphabet’s Google Meet introduced picture-in-picture (PiP) functionality along with the ability to pin multiple video streams to update the user experience in Chrome. The company has started rolling out the newly introduced features to customers using Google Workspace, older G Suite Basic and Business, and those with personal Google accounts.
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