Alphabet’s GOOGL division Google is leaving no stone unturned to introduce innovative features to bolster its video-conferencing software Google Meet.
This is evident from the fact that Google recently updated Google Meet with a noise cancellation feature to let users know the extent to which noise cancellation is active and the degree of loudness in the background environment.
Google Meet users can now be aware of how much noise is being reduced as it shows an expanding or contracting ring around the blue voice indicator.
GOOGL also minimizes distractions by removing typing, construction sounds, background chatter and other noises to help users make productive video calls.
Alphabet started rolling out the latest capability to customers using Google Workspace Business Standard, Business Plus, Enterprise Essentials, Enterprise Standard, Enterprise Plus, Education Plus and those with individual Workspace accounts.
With the recent innovative feature, GOOGL aims to help presenters and attendees stay engaged in the meetings.
Thus, the latest move is expected to boost the adoption rate of Google Meet.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Efforts to Bolster Google Workspace
The recent initiative bodes well with Alphabet’s consistent efforts in strengthening the Google Workspace offerings consisting of Gmail, Meet, Drive, Calendar, Contacts and more.
Google Workspace has been driving GOOGL’s momentum for a while across organizations demanding productivity and collaboration tools.
Apart from the latest step, Google released a redesigned version of the layout of emails sent by Google Calendar to make the event details useful and accessible to users.
Additionally, Google Docs is gearing up to add emoji reactions to documents for expressing opinions informally.
Gmail introduced a feature that allows users to pause mobile notifications while the desktop client remains active.
All these endeavors are expected to continuously increase demand for Google Workspace, which will likely drive Alphabet’s top line in the days ahead.
Evidently, this will aid GOOGL in winning investors’ confidence in the near and the long term.
Shares of Google’s parent Alphabet have been down 17.4% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 20.9%.
Competitive Video-Conferencing Market
The introduction of the noise cancellation feature to Google Meet will help GOOGL expand its presence in the booming video-conferencing market, which is expanding on the growing remote-working and online-learning trends, triggered by the coronavirus pandemic.
Per a Fortune Business Insights report, the underlined market is expected to hit $14.6 billion by 2029, witnessing a CAGR of 11.3% between 2022 and 2029.
Given the upbeat scenario, not only GOOGL but other companies like Microsoft MSFT, Cisco Systems CSCO and Zoom Video Communications ZM are also taking strong measures to bolster their presence in this space.
Shares of Microsoft have been down 13.4% in the year-to-date period. In May, Microsoft introduced a feature whereby users can schedule a meeting, a private appointment or vacations and update those on the calendar.
Further, Microsoft Teams’ auto-suggesting feature remains noteworthy, which suggests the most relevant search results across chats, files, people and other content stored or shared in the app.
Cisco, having lost 26.4% in the year-to-date period, released the latest Webex Calling features in the Webex Suite in June 2022 to improve work flexibility, reliability and audio quality.
Cisco introduced devices for hybrid work like the Webex Room Bar and Cisco Video Phone 8875. The Webex Room Bar can turn huddle spaces and small-to-medium-sized meeting rooms into a hub to engage in collaborations, while the Cisco Video Phone 8875 lets Webex users conduct phone calls and video meetings, ensuring maximum productivity.
Zoom made its digital canvas named Zoom Whiteboard generally available in April. Zoom Whiteboard offers a unified solution for collaboration and creation on the ZM platform.
Shares of Zoom have been down 44.4% in the year-to-date period. ZM further introduced capabilities for Zoom Chat and Meetings in April to help teachers engage and manage their students remotely.
Nevertheless, Google’s growing initiatives to strengthen Google Meet are expected to help it gain a competitive edge over its peers.
Currently, Google’s parent Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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