The global web conferencing market is expected to increase at a compound annual growth rate (CAGR) of 10.4% through to 2015, to reach a market value of $19.97 billion.
Web conferencing refers to a service that allows conferencing events to be shared with remote locations. These are sometimes referred to as webinars or, for interactive conferences, online workshops.
In general the service is made possible by Internet technologies, particularly on TCP/IP connections. The service allows real-time point-to-point communications as well as multicast communications from one sender to many receivers. It offers information of text-based messages, voice and video chat to be shared simultaneously, across geographically dispersed locations.
Key factors contributing to growth within the web conferencing market include the increasing need for information sharing among organisations, and the increase in company mergers and acquisitions. Furthermore, the market is benefiting hugely from businesses' austerity drive which includes enhanced collaboration and reduction in travel costs.
Collaboration will continue to play a key role in the near future as organisations are working to fulfil their dream of globalisation by working together across time zones, distances, and organizational and business boundaries to improve utilisation of resources.
Owing to the wide range of customers, Web conferencing needs to evolve to address the challenges of both very large and small business users. This usually means providing a 'no-frills', first-rate and competitive service for small companies, and an integrated set of services that may comprise video, messaging, mobile integration, online Web meetings and audio conferencing integration for large companies.
Key players dominating the global web conferencing market include Cisco Systems Inc., Citrix Systems Inc., and Microsoft Corp.
For more information on the web conferencing market, see the latest research: Web Conferencing Market
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