The global web conferencing market is characterized by growth, innovation, and technology advancements. The advent of a new breed of team collaboration tools is disrupting established business models and forcing incumbents to adapt and innovate at a faster pace or be left behind.
The number of providers that are looking to reshape the web conferencing market has recently surged. Lower-priced cloud video conferencing services have emerged at a fast pace to vie for the same set of users. Next-generation team collaboration software such as Slack and HipChat have witnessed rapid traction, posing greater competition as well as growth opportunities for integration. In addition, Microsoft is fast establishing its clout in the cloud and has seen momentous success with Office365 which will pose a growing challenge to established providers.
Shaped by technology trends such as mobile and cloud proliferation, Internet of Things, and Big Data analytics, the total web collaboration “pie” is increasing. However, price erosion and in some cases the race to zero on pricing is a pressing issue for the industry.
Cloud is upending the way products and services will be delivered, evaluated, and used. The focus is shifting from over engineered products and number of features to agile development and continuous delivery that is based on actionable analytics and constant innovation. As a result, the industry will see significant shifts in user adoption and behaviors.
Point web conferencing solutions currently dominate the market. However, their days may be numbered as web conferencing gets increasingly integrated with a wide spectrum of software applications including messaging, team collaboration, and hosted VoIP.
The growth forecast is healthy but it will not materialize without significant industry transformation. Future success hinges on how quickly vendors simplify the increasingly complex collaboration products landscape.
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