At least in the US and EU, anyway.
- The product alone just isn't good enough. Meetings is good, but everything else is "meh" at best, and hot garbage at worst. I don't see many companies electing to dump MS or Google email to move to Zoom unless it's sold at a huge loss, which I doubt Zoom can afford for very long. Teams is going to eat Zoom's lunch in MS-centric companies. Maybe some Google-centric companies stick with Zoom, but not if Google ever gets their meeting stack working well... which IMO seems like they could do way faster than Zoom could get email and office/docs up to Google's level.
- This return-to-office nonsense is going to drive away top talent, and I don't see any upside for customers or profitability. Seems completely bass ackwards. Couple that with cr-p like wage freezes for literally years and reduced benefits, and it's just not a desirable place to work at anymore. COVID made it a hot resume item, so now those people are likely to move on. I've seen slots open for months with virtually no qualified applicants... IMO, that's going to get worse.
- Zoom still hasn't (and perhaps never will) shaken the image of being a Chinese company... and a shady one at that. People could overlook that when video conferencing was a standalone product line and Zoom had the best product. But competitors have stepped up their game and there are options now. Even if Zoom's entire collaboration stack was as good as Google or MS (meetings, chat, phone, email, docs, drive), US and EU companies would still prefer either of those companies over Zoom.
The only future I see is if maybe Zoom gets bought out, or perhaps retools itself as a drastically different, new, and likely smaller, company.