According to the North American consulting firm, Wormhole —along with companies like Mercado Libre and Globant— is an innovative firm on the Argentine Internet market
McKinsey Company recently released a report assessing the Internet market in emerging countries and its distinguishing features. One of the companies praised for its development and growth is Wormhole, a company that has created the most popular videoconference and online education platform in Latin America and has garnered several awards. Wormhole Live Learning is a professional platform designed for training, meetings, and communications and for broadcasting live events to participants anywhere. It is a fully online solution that allows a university classroom or a corporate meeting room to be taken across the world without altering the usual dynamics of such encounters.
According to the McKinsey report, some of the reasons for Wormhole's success are the following:
- It´s alliances with major operators such as Telefónica allows it to reach small businesses (B2B);
- The fact that it is 100% online allows Wormhole to avoid the limitations of a developing market such as that of Argentina where customers must search for hardware solutions if the web conference selection is “installable”;
- The small businesses of Argentina generally do not provide their employees with Internet access: Only 44% do. This limits the use of services such as those provided by Wormhole. However, it has been reported that small businesses that provide Internet access reduce their costs, increase their sales and improve their internal administrative processes.
“People are becoming more accustomed to using the computer as a form of work and communication and they are also more willing to do online transactions without being afraid of electronic fraud. Naturally, there is still a long way to go, but the opportunities provided by Internet in Latin America and other emerging markets are limitless,”
says Sally Buberman, Product and Market Director at Wormhole
In terms of the features of emerging markets such as Argentina’s and in relation to jobs in IT, there are twice as many job opportunities in Argentina than in developed countries:
“Right now, what distinguishes us from developed countries are the times required to make the decision to adopt new technologies. In other words, on developed markets where Internet use had been common for several years, people make quick, cold decisions to acquire new technologies. We still prefer personal relations. We feel that when there is a company to respond to a problem, things are different. When a question arises, there will be a team there to respond and offer assistance,”
explains Ignacio López, Technology Director at Wormhole, regarding new jobs in IT.
Another interesting fact from the McKinsey report is that Internet users in Argentina -on average- are older than in the rest of the region. However, they are also the ones who spend the most time online: 27.4 hours per month.
- More than 2% of Argentina’s GNP is created by companies such as Wormhole and other IT firms.
- It is the country with the highest Internet access in the region, especially in homes (thanks to home offices and telecommuting).
- E-commerce and online transactions in Argentina represent just 30% of sales but they are experiencing solid growth.
- The access to risk capital of IT enterprises is among the lowest in the region. However, Argentina has the highest quantity of qualified professionals and technical personnel.
In terms of the maturity of the Internet market in Latin America, measured in terms of competitiveness, commitment and investments, Argentina has 33% of the market, putting it behind Brazil and Chile but above Mexico.
“In the years to come, the use of mobile phones, tablets and smart TVs is going to rise significantly in Latin America. Naturally, online video conferencing will be developed for all of these devices, since this tool is being used even more often than e-mail. It will soon become integrated to the services we use everyday,”
“The world of video communications has plenty of room for growth. It will continue to evolve and new uses and services will be created. One great example is telemedicine in which professionals can consult with other physicians without leaving their desk.”
More about Wormhole: Advantages available with online video conference:
- Limited Use A number of sessions can be performed that the user needs 24 hours a day
- Vicinity Share audio, video, virtual board, public or private chat, documents and a work area, like a presence meeting without moving from their office.
- Privacy Public or private meetings can be organized with an access code.
- Easy Adaptation The interface can be customized with the visual identity of the company.
- Big Capacity It enables access to multiple webcams and simultaneous participants.
- Collaboration It shares the user computer screen live with all other participants in the meeting room.
- Visibility The users of Wormhole Auditorium could share in full screen mode with video of what is happening.
- Simplicity All is needed is a broadband connection and a web browser.
- RecordingVirtual meetings can be recorded to review them at a later time.