The web event services market, which includes webcasting and other forms of virtual meetings, is experiencing rapid growth. According to a recent study from Frost & Sullivan, the event services market will likely expand substantially in the near future because technological maturity and customer demand are combining to create new opportunities.
Drivers for expansion in the sector
The study found that the growth of various web event service technologies, including webcasting and other enterprise video solutions, has created a market in which high-quality services are widely available for businesses. At the same time, there are also a plethora of low-cost options available for organizations that want to be able to hold virtual meetings using video, but have lacked the funding to do so in the past.
Companies are also facing new technological pressures with the rise of cloud computing and enterprise mobility, Frost & Sullivan found. These solutions are combining with social media to change how workers tend to perceive meetings and offering new opportunities for businesses to hold immersive virtual events. As these consumer-like IT functions become more common, many companies face pressure from workers to adopt new technologies that improve meetings. This is contributing to the rising demand for webcasting and other web event solutions.
When combined, these factors also make webcasting and similar services a better option for businesses. According to the news source, the added social capabilities initiated by web events is combining with the combination of low-cost and high-quality solutions to make meetings better, making the technology more attractive for many organizations.
These trends are coming together to create significant demand for social webcasting, syndication, content development and mobile support, the study found. This is creating a dynamic in which the core capabilities of the technology are becoming better established in the minds of businesses, helping the market reach a key inflection point.
Benefits of webcasting
Using a webcasting system offers businesses a virtual meeting solution that is simultaneously social and immersive. This enables them to use the solution for anything from internal marketing to town hall events and meetings that involve participants in different branch offices. As a result, implementing an enterprise video platform that features webcasting gives companies the opportunity to use video technology in an innovative way.