Businesses will spend $5 billion on videoconferencing in four years, according to a study released by research firm Infonetics.
Companies - whether a small business or corporation - are seeking more ways to cut costs, and the use of videoconferencing technology is a smart way to reduce travel expenses. In fact, the study showed that revenue reached $2.2 billion for the technology in 2010, a growth of 18 percent.
Besides cost, videoconferencing offers efficient ways to communicate. "Businesses worldwide are looking for richer means of communications with their employees, partners, and customers, and enterprise videoconferencing and telepresence solutions are a natural fit," Matthias Machowinski, analyst for Infonetics, said in a press release.
Not only is it cost-effective and efficient, , videoconferencing is also seen as a greener substitute to unnecessary traveling. With the ongoing trend of companies trying to reduce their carbon footprints, the technology offers a way for them to do so as they contribute less to jet fuel usage.