MOUNTAIN VIEW, Calif., June 25, 2014 /PRNewswire/ -- The global web events market is experiencing significant shifts with the emergence of self service solutions and a greater focus on mobile and social webcasting. A large number of enterprises expect to migrate to lower-priced self-service events and subscription-based licenses, which in turn will increase usage and make these services more accessible and affordable to new segments of the market.
Research from Frost & Sullivan titled Analysis of the Global Web Event Services Market, finds that the market grew 13.2 percent in 2013 and reached $423.6 million in revenue. The market is expected to grow at a compound annual growth rate of 11.0 percent to reach $712.5 million by 2018.The strong growth in user-demand is an indication that web events are going mainstream.
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"The web event services market is highly fragmented with competitor profiles, portfolios and capabilities differing significantly, thereby hindering the efforts to educate users on use cases and implementation requirements," said Frost & Sullivan Principal Analyst Roopam Jain. "In such a scenario, easy-to-use self service web event services, which reduce complexity and costs, are proving critical for adoption."
Meanwhile, enterprises are increasingly using webinars and webcasts as a business-critical communications tool. Apart from the obvious benefits of saving time and travel expenses, web events assist in the ongoing transformation of the workplace by enabling greater reach and promoting flexible work styles.
In a bid to expand the reach, collaboration vendors are adding new features and functionalities such as mobility, social media integration, advanced analytics, on-demand content, and pervasive environments. These features not only enhance the richness and customization options of the solutions, but also offer a broader number of use cases to expand the addressable market. On the flip side, lack of awareness about solution sets, confusing pricing models, and considerable market fragmentation are holding the market back.
Another key pain point that the vendors need to address is the highly fragmented nature of the market resulting in "disaggregated" experiences. Users are increasingly looking for solutions that address the entire lifecycle of a web event, including content creation, promotion, distribution, management, analytics, content management, and other aspects.
"Users are demanding event functionality that can integrate with existing workflows and vendors need to pay heed," noted Jain. "Ultimately, nothing trumps user experience. Reducing the complexity of web events and making them more affordable will go a long way in boosting the adoption of web event services."
Analysis of the Global Web Event Services Market is part of the Conferencing & Collaboration Growth Partnership Service program. Frost & Sullivan's related studies include: Unified Communications and Collaboration (UC&C) in the Cloud in Latin America, South African Data Centre Market and Enterprise Mobile Collaboration Services Market CY2013 in Asia-Pacific. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global Web Event Services Market
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SOURCE Frost & Sullivan