alphabetGoogle’s GOOGL division is leaving no stone unturned to introduce innovative features to strengthen its Google Meet video conferencing software.
This is evidenced by the fact that Google recently updated Google Meet with a noise-cancelling feature to let users know to what extent noise-cancellation is active and how loud the background environment is.
Google Meet users can now see how much noise is reduced as it shows an expanding or contracting ring around the blue speech indicator.
GOOGL also minimizes distractions by removing typing noise, construction noise, background chatter and other noise to help users have productive video calls.
Alphabet has begun rolling out the latest feature for customers using Google Workspace Business Standard, Business Plus, Enterprise Essentials, Enterprise Standard, Enterprise Plus, Education Plus, and those with individual Workspace accounts.
With the latest innovative feature, GOOGL aims to help presenters and attendees engage in the meetings.
As such, the latest move is expected to boost Google Meet’s adoption rate.
Alphabet Inc. Price and Consensus
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Efforts to strengthen Google Workspace
The latest initiative bodes well for Alphabet’s consistent efforts to bolster Google Workspace offerings, which consist of Gmail, Meet, Drive, Calendar, Contacts, and more.
Google Workspace has been driving the momentum of GOOGL in organizations demanding productivity and collaboration tools for some time.
Besides the last step, Google released a redesigned version of the layout of emails sent from Google Calendar to make the event details useful and accessible to users.
Additionally, Google Docs is preparing to add emoji reactions to documents to informally express opinions.
Gmail introduced a feature that allows users to pause mobile notifications while the desktop client remains active.
All of these efforts are expected to steadily drive demand for Google Workspace, which is likely to drive Alphabet’s sales in the coming days.
Obviously, this will help GOOGL gain investors’ trust in the short and long term.
Shares of Google’s parent company Alphabet are down 17.4% year-to-date, outpacing the computer and technology sector’s 20.9% decline.
Competitive Video Conferencing Market
The introduction of noise-cancelling functionality in Google Meet will help GOOGL expand its presence in the booming video conferencing market, which is expanding on the growing trends of remote working and online learning fueled by the coronavirus pandemic.
According to a report by Fortune Business Insights, the underlined market is expected to reach $14.6 billion by 2029, at a CAGR of 11.3% between 2022 and 2029.
Given the optimistic scenario, not only GOOGL likes it, but other companies as well Microsoft MSFT, Cisco systems CSCO and Zoom video communication ZM is also taking strong actions to increase its presence in this space.
Microsoft shares are down 13.4% year-to-date. In May, Microsoft introduced a feature that allows users to schedule a meeting, private appointment, or vacation and update it in the calendar.
Additionally, Microsoft Teams’ auto-suggest feature remains noteworthy, suggesting the most relevant search results for chats, files, people, and other content stored or shared in the app.
After falling 26.4% year-to-date, Cisco released the latest Webex Calling features in the Webex Suite in June 2022 to improve work flexibility, reliability, and audio quality.
Cisco has introduced devices for hybrid working like the Webex Room Bar and the Cisco Video Phone 8875. The Webex Room Bar can transform huddle spaces and small to medium-sized meeting rooms into a collaboration hub, while the Cisco Video Phone 8875 lets Webex users conduct phone calls and video conferences for maximum productivity.
Zoom made its digital canvas, called the Zoom Whiteboard, generally available in April. Zoom Whiteboard offers a unified solution for collaboration and creation on the ZM platform.
Zoom’s shares are down 44.4% year-to-date. ZM also introduced Zoom chat and meetings features in April to help teachers remotely engage and manage their students.
Still, Google’s growing initiatives to strengthen Google Meet are expected to help it gain a competitive edge over its rivals.
Currently, Google’s parent company Alphabet holds a Zacks Rank #3 (Hold). You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks can be found here.
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