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Online Web Conferencing
The attacks of Sept. 11 have spurred on many drastic changes in business practices worldwide, and apparently, one of those changes was the almost dramatic increase in online web conferencing. Suddenly, this relatively untried technological method was used as an alternative to business travel.
One of the more immediate results of Sept. 11 was the reduction in air travel of many companies. Their reasons were varied, from concerns about flight safety to budget deficits as a result of the slowed economy. Before the attacks, corporate travel cost companies over $470 billion annually. To cut back on these costs, online web conferencing was introduced.
Online Web Conferencing: Offering a New Horizon
Online web conferencing allows corporations to conduct meetings with the staff in a wholly online environment. Aside from offering new possibilities in increasing efficiency at the office, online web conferencing allows companies to reduce costs and at the same time facilitate communication, which could then result in speeding up decision making, generating revenues faster, and increasing productivity.
Before the events of Sept. 11, reliability was the main concern which prevented companies from whole-heartedly embracing the concept of online web conferencing. This aspect of online web conferencing service was put to the test in the aftermath of Sept. 11. The service that online web conferencing vendors offered exceeded expectations which resulted in their gaining a newfound respect and acceptance among businesses. Thus, online web conferencing now presents a reliable third alternative to audio and video conferencing.
What is Online Web Conferencing?
As the name itself suggests, online web conferencing is a form of discussion between specific groups of individuals via a web-based server and hosted by a web application vendor. Most online web conferencing software are Java-based although some may use other types of application.
Last year, the online web conferencing market stood at $266 million, according to Frost & Sullivan, a company specializing in marketing, consulting, and training. In addition, online web conferencing is reported to have projected cumulative average growth rates of 35 per cent over the next seven years. This means that by 2008, the online web conferencing market is expected to reach $2 billion.
In the days right after the terrorist attacks, web conferencing software vendors reported that their services experienced a 50 per cent increase in interest. Also, actual sales rose by 25 per cent. In recent months, these growth levels have slowed down a bit, but they remain considerably higher than pre-Sept. 11 figures.
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