The rise in web conferencing is fuelling a wider demand for unified collaboration platforms that bring together other complementary services, according to Frost & Sullivan.
The analyst firm said in its European Web Conferencing Services Market report that revenues for web conferencing in the European Union will grow from $248m (£155m) in 2009 to $1bn (£625m) by 2014, a compound annual growth rate of 26.4 per cent.
Frost & Sullivan analyst Iwona Petruczynik, who produced the report, said that the figures underline the growing demand from enterprises of all sizes for web conferencing software, and that the UK is the leading country for this growth in the EU.
"The market in the UK is much more developed than in other parts in Europe as firms understand the benefits of web conferencing tools that bring together audio and video, such as saving money by reducing travel," she said.
"Some vendors have expressed surprise that the market for web conferencing platforms has still not taken off, but the onset of the financial crisis really sharpened businesses' needs to looks at these technologies."
Petruczynik added that the uptake of the technologies in SMEs and large enterprises is mainly due to the falling costs.
"The price of these platforms has fallen a lot recently due to price pressures and increasing competition in the market, which has helped SMEs realise that they are able to afford to enter this market," she said.
Petruczynik also noted that a lot of smaller vendors are providing these services alongside larger firms, including Arkadin, Netviewer and Powwownow.
Platforms such as Skype and Google Docs are also driving the use of collaboration tools, according to Petruczynik, but only for SMEs because large enterprises' security concerns are not covered by these online tools.
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