Videoconferencing is slowly becoming a necessity for companies that want to keep up with the competition in the global community.
Wall Street Pit explains that healthy demand will be on the rise as a result of current industry trends that will continue to create a need for videoconferencing. Besides globalization and the increase of office branches being outsourced around the world, more companies are also finding that the technology can help those who are reducing travel costs and are also looking for ways to speed up decision-making processes.
The news source adds that with the global economy bouncing back, many companies are starting to invest heavily in network systems to satisfy their growing needs. At the same time, high-speed broadband companies are beefing up their communication infrastructures to sustain the demand. This, in turn, provides a niche for technologies such as videoconferencing to fill.
In a recent study released by research firm Infonetics, the videoconferencing market around the world will reach $5 billion by 2015, up from $2.2 billion in 2010. Research company Gartner is even more optimistic, stating that the market size for the technology will be $8.6 billion by 2015.