Tencent Launches Video Conferencing Service Tencent Meeting

Tencent launches Tencent Meeting (Source: weibo@辛泓睿)

Tencent Cloud released a cloud video meeting product called “Tencent Meeting” on December 25 to connect hardware and meeting rooms via the software.

Tencent vice president Wu Zurong claimed that Tencent Meeting will never step into the hardware zone.

“Whoever that can connect everyone is someone who does not work on its hardware devices. Tencent Meeting happened to be the one, who also has rich experience in cloud computing and has the ability to connect individuals. This is also Tencent Cloud’s advantages,” Wu said.

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The program can be accessed via the Tencent Meeting app and mini program on WeChat.

There are mainly two kinds of manufacturers in the video conferencing industry. One is hardware makers like Huawei and the other is Software as a Service (SaaS) providers such as Zoom.

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“China’s video conferencing market tends to work on hardware, because enterprises who buy such services would like to see something that truly exists while software is undervalued. This leads to the fact that manufacturers are sure to make hardware for survival and profits,” Wu said.

According to a report by Frost&Sullivan, the global video conferencing market will reach $13.82 billion, increasing by 12.1% from 2018 to 2023.

“The cloud video meeting market in China is about 5 billion yuan ($71 million), and we hope to enlarge it to 50 billion yuan ($7 billion) by shared efforts so as to serve more areas and help our corporate customers lower their costs while increasing efficiency,” said Wu.