There may soon come a time when corporate travel costs are reduced to a one-time investment in web conferencing software. Earlier this month, AMI Research announced that its latest research findings show the total U.S. audio and web conferencing market hit $1.5 billion in 2009.
TMCNet.com reports that the study, entitled Audio and Web Conferencing: Usage, Spending, Distribution, Market and Growth, demonstrates that web conferencing software is increasingly popular as a cost-effective solution for American businesses.
The AMI report indicates that audio and web conferencing will grow by about 12 percent over the next five years. The market will drive significant spending, boasting a 22 percent compound annual growth rate. Experts believe the market will reach a value of $2.7 billion by 2014.
The source says that Nielsen research indicates small businesses with under 100 employees are some of the fastest growing users of web conferencing.
This may be because the tools help small businesses play against big competitors. According to a report for AJC JOBS, many small companies find that web conferencing software reduces travel expenses, which helps level the playing field for small businesses when it comes to securing big clients.