Web Conferencing Market Primed for Explosive Growth
It seems that everyone in the tech industry is always on the lookout for the next big thing, so that they can get in early and make a killing. Now with a large part of the U.S. firmly held in winter’s icy grip, one only need to look out a window or take a skidding drive on a slippery road to realize the next big thing is already here and available on your computer. We’re talking about Web conferencing.
Think about it: If you were given the actual choice between taking a flight, drive or train ride to an in-person meeting, or simply walking down the hall to a Web conferencing set-up for that exact same meeting, which would you reasonably choose?
Growth Partnership Company Frost & Sullivan has just come out with its latest piece of research, and it confirms what most rational people already now – and practice. Web conferencing is about to get huge.
The study, “Analysis of the Global Web Conferencing Market”, finds that the market, which includes software as a service (SaaS) and on-premises solutions, “grew at a healthy growth rate of 10.5 percent in 2013 reaching $2 billion in revenue,” Frost & Sullivan said. “Web conferencing software and service revenue are forecasted to hit $3.05 billion by 2018 at a compound annual growth rate of 8.8 percent. SaaS, which contributed 83 percent of total Web conferencing revenue in 2013, remains the dominant model.”
But there’s even better news that as the market grows, solutions will be shrinking down to desktop-sized models.
"The convergence of synchronous and asynchronous tools is leading to the emergence of all-in-one virtual workspaces that offer always-on messaging, instant voice, video, Web multipoint meetings, and content sharing in a team-centric space," said Frost & Sullivan Unified Communications & Collaboration Industry Director, Roopam Jain, in a statement about his company’s findings. "Built on the premise of the continuity of collaboration even after the meeting has concluded, these virtual workspaces are expected to become a central repository for contacts, meetings, and content, making collaboration solutions stickier."
A report from ITBusiness.com was equally upbeat: “The consumerization of IT and growing need for simpler and faster collaboration, regardless of location or device has compelled Web conferencing solution vendors to implement a mobile-first and cloud-first strategy,” ITBusiness said. “Vendors are innovating with a mobile-first mentality and are not treating mobility as an afterthought. This trend emerged in 2014 and will gain full momentum in 2015.”
For those looking far and wide for a strong industry with growth potential, they might want to lower their sights; specifically, to their desktop. For ease of use, cost-savings and efficiency, Web conferencing at your desk seems like a win-win for everyone.