Web Conferencing Meeting

One of the distinct side effects of the Internet is the overall globalization of business, no matter how small. And like a boomerang, this trend in globalization has also caused the widening of more Internet avenues. One of these avenues on the Internet, spurred in part by globalization, is web conferencing meeting, a newly emerged marketplace that is growing – literally - by the minute.

Businesses today have found a new way to communicate with its people, whether you’re a customer, a client, or an employee. Never has the power of the Internet been more emphasized than with the emergence of web conferencing meeting. This new technology allows for a virtual meeting space where participants can attend despite their differing global locations. To be sure, web conferencing meeting, such as web-based seminars and the like, are quickly replacing traditional business travel and telephone conference call strategies.

Web Conferencing Meeting and Its Impact on the Market

The surge in demand for web conferencing meeting technologies is rapidly increasing. This steady increase has IDC predicting that the market for web conferencing meeting applications will grow from nearly US $600 million in revenue in 2003 to more than $1.1 billion in 2007.

“The world is changing. It is not as safe as it used to be. People are not willing to travel for business like they were before,” Kevin Bethke, CEO of Interactive Video Technologies, said in an interview. A communication software provider, IVT is one of the leading companies that are designing web conferencing meeting tools that enable the creation, management deployment, and measurement of live and on-demand presentations.

Bethke’s statement can be backed by the decline in air travel immediately after the attacks of Sept. 11. In fact, some economists are won't to believe that the popularity of web conferencing meeting software can be attributed in part to the terrorist attacks. Before the attacks, corporate travel cost companies over $470 billion annually. The costs were significantly reduced with the introduction of web conferencing meeting.

Hybrid Products

In its basest terms, web conferencing meeting refers to an online discussion between individuals hosted on a web-based server, which is controlled by a vendor. There used to be several types of this service but with advances in technology and the vendors’ continuing effort to create the perfect product, many hybrids were created, combining audio and video inputs with text and graphic interface.

“We are seeing a high level of convergence. New solutions have integrated audio and video for a full online environment,” David Alexander, the industry research manager of Frost & Sullivan disclosed. Like other web interaction enthusiasts, Alexander agrees that web conferencing meeting is a hot and growing market.