Frost & Sullivan: New Technologies Change the Face of Global Web Conferencing Market
Frost & Sullivan, a market research firm, has released its latest report on the Global Web Conferencing Market. The new research report is part of the Conferencing and Collaboration Growth Partnership Service program. The report states that the global web conferencing market earned revenue of $1.80 billion in 2012 and estimates this to reach$2.88 billion in 2017 at a compound annual growth rate of 9.8 percent.
The demand for web conferencing is growing rapidly and many vendors are looking to tap the significant opportunities created by the emergence of disruptive new services, mobility and social collaboration. Several vendors reporting more than 25 to 30 percent increase in usage.
The research offers insights over growth of hosted web conferencing services and on-premises web conferencing, including an executive summary, market overview, drivers and restraints, forecast and trends, market breakdowns, channel trends for communication service providers, market share and competitive analysis, and the analyst's last word.
Roopam Jain, Enterprise Communications and Collaboration Industry Director, Frost & Sullivan, said in a statement, “The integration of web conferencing with business applications that fit into the customer's existing workflows and enable quicker decision-making is giving a thrust to the market. Eventually, web conferencing will become a feature in business process and productivity software suites.”
As the demand for web conferencing is growing, market is experiencing pressure due to greater market maturity and the declining revenue per license. Market participants are developing new generation of collaboration solutions that could address the challenges of current web conferencing solutions and Bring your own app (BYOA).
Bring your own app (BYOA) is leading to a proliferation of non-IT sanctioned applications, which force IT to evaluate user-led solutions in its decision-making process.
"Vendors are looking to differentiate themselves from the competition by moving away from a 'one-size-fits-all' approach to solutions that meet specific requirements and business processes," stated Jain. "They are also increasingly focusing on mobile delivery to ensure a borderless work experience that accommodates shifting work styles."
Edited by Cassandra Tucker