Today is the first day after the end of the Spring Festival
holiday, and also the first day when many companies resume
In order to continue to do a good job of epidemic prevention
and control, many companies have chosen to open a remote
office mode for their employees.
Many vendors that provide remote office tool services have
also heard the news: Tencent Documents release the remote
collaborative office function for free; Huawei Cloud Welink
opens the free product service function; Byte Beat's flying
book, free all remote collaborative office services ...
If SARS sounded the first clarion call for telecommuting,
then today, with the maturity of technology, and the
catalysis of this epidemic, is it possible for telecommuting
to usher in explosive growth and be accepted by more
companies and employees and adopted for a long time? ?
This week, Guotai Junan Securities research launched the
"Online Economy" feature, focusing on those industries that
must be paid attention to under the epidemic.
Today, we are sharing with you the first topic of this
Please answer, 2003
Although Polycom won a large order in China in 2003, because
high-speed networks have not yet been fully popularized,
Polycom equipment at that time needed to operate on a
dedicated line network, and the application scenarios were
limited to conference rooms and could not provide external
services. In addition, the equipment debugging is complex,
requiring special personnel to operate and maintain, etc.,
Polycom has not achieved subsequent success.
In 2016, Polycom was privatized and delisted, and in 2018 it
was merged into the Canadian giant Mitel.
Nonetheless, Polycom's position as a hardware equipment
provider remains-70% of Microsoft Skype for Business /
Microsoft Lync seamlessly integrated telephony devices
currently on the market come from Polycom.
Polycom has gradually transformed from a software service
provider to an audio and video hardware equipment provider.
100 billion market
Influx of forces
The two technological revolutions in history gave birth to
the development and development of the video conference
First time: The transfer of Internet communications from
narrowband to broadband.
The so-called "narrowband" refers to a network with a
transmission speed of 4M or less, and "broadband" refers to
a network with a transmission speed of 4M or more.
The birth of broadband made video calling possible.
The second time: remote video is transformed from
traditional private network communication to cloud video.
Based on the cloud service model, the cost of video calls
has dropped to 1/10 of the original, greatly reducing the
threshold for customers to use.
Enterprises no longer need to purchase expensive management
system equipment. They only need to sign a contract with a
unified communications service provider and pay monthly
usage fees to enjoy unified communications services.
▼ Using cloud video technology will greatly reduce the cost
Data source: China Procurement Bidding Network, Guotai Junan
The decline in costs quickly opened up the market for
customers in multiple industries. Remote office services
have gradually become more open and popular from closed
systems built by large enterprises and closed systems for
internal communication only.
▼ Cloud video technology promotes remote office to 100
billion industry applications
Data source: Guotai Junan Securities Research
According to data from research institutions affiliated to
China Software Network, in 2017, China's smart mobile office
market size was about 19.4 billion yuan, and in 2018 it was
about 23.4 billion yuan, a year-on-year increase of 20.8%.
▼ The growth rate of China's remote office market in the
past few years
Maintain a growth of more than 20%
Data source: China Software, Guotai Junan Securities
The participation of small, medium and micro enterprises and
individual users has made the remote office market a
competitive place where all parties are rushing in. Just by
type, we can roughly divide the players in the market into
1. Equipment hardware giants are moving towards software and
2. Internet giants went from C to B.
3. Telecommuting service providers in emerging verticals.
Software and hardware integration giants
# Cisco WEBEX
Cisco has the same name as Polycom in terms of video
equipment, but facing the rise of Google, Amazon, Facebook
and other vendors in the field of cloud services, Cisco has
also begun the transformation of cloud video services.
Since 2011-2016, Cisco has acquired a number of audio and
video services companies, the most important of which is
WebExz, which many people are familiar with.
In many large companies in the United States, "Let's do a
WebEx" is almost the same as "Let's Google it", a common
On March 14, 2007, Cisco announced that it had acquired
Webex for $ 3.2 billion in cash. With this acquisition,
Cisco has also perfectly implemented a software and hardware
integration solution and has become a remote video office
At present, Cisco has gained 53% of the global web
conferencing market, and about 7.1 billion people
participate in web conferences every month. It is a
well-deserved leader in web conferencing platforms.
▼ Cisco unified communications business income is high
Leading international market share
Source: Bloomberg, Guotai Junan Securities Research
# Huawei 云 Welink
Also in the software field is Huawei.
Unlike Ali Dingguo and Tencent Enterprise WeChat, the main
purpose of Huawei Cloud Welink is to aggregate multiple
Huawei services on one platform to achieve integration
between various office tools, allowing Huawei to completely
say goodbye to the previous multiple chimney-type mobile
apps caused by parallel Experience is inconsistent.
▼ Huawei releases products that support more than 2,000
people on multiple terminals
Data source: company's official website, Guotai Junan
According to data from Huawei's official website, since
Welink went online in 2017, it has withstood the office
inspection of all 190,000 employees of Huawei, 520,000
global link teams, 2.1 billion connections per year, 700+
business connections, and improved overall staff
collaboration efficiency30 %.
The road toB of the Internet giants
Microsoft, Ali, Tencent
# Microsoft TEAMS
In 2009, with the decrease in revenue and market share of
the stand-alone office products in the global market,
Microsoft released the office 365 platform. The core
function of which is segmented is the enterprise-level
collaborative communication function represented by Skype
for Businesses. Out of Teams products.
▼ The market share of Microsoft Teams has increased
significantly in the past two years
Data source: Microsoft's official website, Guotai Junan
As a product of the deep integration of the Office 365 cloud
platform, Teams was given an important mission to counter
office collaboration software such as Slack and Google
hangouts, ensuring Microsoft's leading position in the
office field, and also gained important traffic support from
Office 365 and the commercial version.
▼ Microsoft Teams Daily Explosive Growth
19 years past Slack
Data source: Microsoft's official website, Guotai Junan
Data from March 2019 show that more than 500,000
institutional customers use team products, an increase of
more than 150% over the same period in 2018. Among them,
more than 150 customers have more than 10,000 users, 91 of
the top 100 global fortunes use teams, and Microsoft has an
absolute advantage in terms of large customers.
# Ali nail nail
In 2013, under the premise of the group's Alibaba all-in
wireless, the former head of Taobao's search business, Chen
Hang gathered the team to be responsible for the development
of personal communication products, but failed in the
process against Tencent WeChat.
In 2014, we found communication problems in the corporate
office during the cooperation with the merchants. The team
turned the overall work focus back to the B-side, and
created a product “nails” with the goal of “building a pure
working environment”. Version 1.0 can serve customers
Provide team communication tools including toll-free calls,
corporate groups, and more.
In terms of the number of active users, in April 2018, the
number of active users in Dingding ranked first in the
industry, and the number exceeded the sum of the number of
second to tenth active users. As of October 2019, there were
200 million end users in Dingding. Among them, the number of
active users has reached 70 million, which has basically
formed a duopoly in the domestic market and corporate WeChat.
# Tencent Enterprise WeChat
In 2016, Tencent released version 1.0 of "Enterprise WeChat".
As of 2019, corporate WeChat has been updated to version
2.8.5. In addition to video functions similar to WeChat, it
also integrates a number of functions such as announcements,
attendance, leave, reimbursement, approval, corporate
payments, and other functions.
In December 2019, Tencent Cloud released "Tencent
Conference", a SaaS-based remote office product, as its
leader in entering the B-end enterprise communication
In terms of practicality, Tencent meetings can be dialed in
directly through mobile phones, computers, telephones,
WeChat applets, corporate WeChat and other methods;
technical aspects provide a variety of practical functions
including video beauty, dark scene enhancement, noise
reduction, etc .; For complex scenarios such as
cross-company meetings, convenient operation methods
including screen sharing and online document operations are
In terms of hardware, Tencent Conference selected Yealink,
Xiaoyu Yilian, and Polycom as hardware partners to provide
them with a variety of office collaboration hardware,
including conference room systems.
▼ Tencent conference builds corporate ecological partnership
Data source: Tencent official website
#Bytes beating flying books
After seven years of development, the fast-expanding
ByteDance has realized the global business layout. With the
expansion of the company's size and business scope,
ByteDance's internal communication and collaboration are
facing great challenges. This challenge is reflected in
three aspects: employee network Increased complexity,
increased cross-regional and cultural communication, and
increased number of internal systems. The company tried
various communication tools, and finally chose to develop
its own flying book products.
Fei Shu's positioning is a new generation of creative and
communication platforms. On the basis of IM, Feishu provides
audio and video conferences, cloud disks, smart calendars,
online collaboration documents, etc., and also provides an
open platform that enables users to integrate with business
systems based on it and quickly build their own Application,
you can also make full use of third-party ISV applications.
The core functions of Feishu are: corporate directory, smart
calendar, enterprise cloud disk, online documents, audio and
Players in verticals
# Zoom—SMEs and Education
Zoom was founded by a departure and entrepreneurial team
from WebEx. Zoom entered from the SME and education vertical
industries. It adopted the Free + Prime mode in the early
stage to cultivate user habits and accelerate penetration
into the B-end market. Later, it adopted an independent
account to determine the model and increase the number of
participants. And time to increase the frequency of complex
meetings in large enterprises.
Users can buy an account at the price of $ 15 / month, and
can conduct video conferences online. It is simple and
convenient to use and has been rated as the most satisfied
company by customers in North America for many years.
# Vidyo-Medical Field
Vidyo, although not a telemedicine company, has been working
closely with the medical community.
Unlike other cloud video vendors, Vidyo's video
communications are encrypted and comply with HIPPA
standards, so they are favored by the medical community.
They have established cooperative relationships with
Philips, the California Telemedicine Network, Messi Health,
and the Mayo Clinic.
On April 26, 2016, Aegaba announced that it has chosen to
establish in-depth cooperation with Vidyo, becoming a
multi-party video conferencing partner for Aegina's embedded
high-definition picture quality and click-to-join.
# 小鱼 易 联-Education, Medical
Xiaoyu Yilian is a domestic leader in cloud video
conferencing, focusing on innovative intelligent hardware
and taking into account cloud platform services.
The company was created by the former Polycom team, focusing
on the "cloud" + "end" model. Its core competitiveness is
high-performance, low-cost cloud services. It provides
solutions and services such as conference calls, cloud
assistance, hardware video conferencing, and
enterprise-level live broadcast. Provide vertical areas such
as video conferencing, distance education, telemedicine,
remote finance and remote government affairs.
▼ Xiaoyu Yilian ME40 terminal solution is flexible and rich
Data source: Xiaoyu Yilian official website
Xiaoyu Yilian has technical advantages over traditional
private network video. Xiaoyu Yilian uses AI technology to
achieve classroom identification, behavior recognition, and
after-school data analysis.
Based on the behavior recognition of students in the
classroom and the statistics of students' use of clickers,
the teacher judges the effect of the classroom, including
the degree of student's concentration, participation, and
mastery of knowledge points. When a large area of data is
abnormal, the teacher can adjust the teaching method in
# 会 畅 通讯 -Education
The advantage of the integration of Huichang Communication
Terminal + Cloud Platform + Industry Solutions is
outstanding, the core competitiveness of technology-leading
peers is strong, and it has developed rapidly in
dual-teacher classroom education and other subdivided
Compared with other manufacturers in the remote office
field, the main competitive advantages of Huichang
Communication are good product stability, strong
reliability, large platform capacity and relatively low
# Suzhou Keda—Government Information Service
Suzhou Keda has decades of industry experience in the field
of network videoconferencing. The company has built two
end-to-end complete product lines for video conferencing and
video surveillance, focusing on industry solutions in the
four areas of public inspection and law enforcement.
In addition, the company also established a public
cloud-based "Moyun Video" operating platform. The company
uses "server + software" to build a central platform based
on "cloud computing" in a carrier-grade computer room to
support telecommunications, China Unicom, and mobile
▼ Main Structure of "Moyun Video"
Data source: company prospectus
How is telecommuting going?
Taken together, we believe that several major trends deserve
First, the trend of domestic substitution is obvious.
Since 2002, video conferencing in China has been mainly
through the purchase of Polycom and Cisco equipment. Later,
due to the requirements of confidentiality and information
security, the government department gradually deleted the
procurement plan for foreign manufacturers in the field of
remote office system procurement.
March 2015: The government adjusts the procurement list and
deletes the procurement plan for Cisco video conferencing.
2016 to 2017: The government issued policies intensively,
and cyber security rose to the national strategy.
After 2017, the remote office solutions used by the
government are mostly produced for domestic enterprises.
Judging from the ten projects with the largest bids in 2018,
the successful bidders are all domestic companies. The
special requirements of information security and
confidentiality have hindered foreign video conferencing
manufacturers, which has brought broad prospects for
▼ Huawei, ZTE and Suzhou Kodak
Gradually occupy the mainstream of remote video office in
Data source: China Industrial Information Network, Guotai
Junan Securities Research
Second, China's telecommuting office market is characterized
by high definition, and enterprise-level users still
contribute to the size of the telecommuting market.
In 2014, China's remote office market officially ushered in
the era of high definition. The size of the high definition
market exceeded the standard definition market by 51.5%.
The high-definition remote office brings a better live
experience, and its ratio reached 76.8% in 2018. The
development of new technologies has gradually made it
possible to meet the needs of video fusion, with the highest
proportion of high-definition video content reaching 84.7%.
Government-level user demand is concentrated in large-scale,
high-quality, and price-insensitive