Growing use of rich analytics and deeper integration into business workflows is delivering significant improvements in efficiency, and effectiveness of web events, finds Frost & Sullivan's Digital Transformation team
LONDON, March 21, 2017 /PRNewswire/ -- Competitively priced and easy-to-use solutions are the key drivers for the global web events market. Technology advancements are enabling vendors to offer more efficient webinars and webcasting services that embed rich analytics and offer deep integration with business workflows. Accelerated user demand driven by lower prices, flexible licensing, and a rapid migration from managed to self-service events will result in a compound annual growth rate (CAGR) of 13.8% between 2016 and 2021 for the global web event services market, which translates to $1.06 billion in total revenue.
Global Web Event Services Market Outlook, Forecast to 2021 is part of Frost & Sullivan's Conferencing & Collaboration Growth Partnership Service program. The study offers readers market forecasts, participants' market share and in-depth analysis of their competitive positioning. It also examines the impact of disruptive technologies and applications on key vendors such as Adobe, Cisco, Citrix, BrightTALK and INXPO.
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"Users are demanding event functionality that integrates with existing workflows," said Digital Transformation Research Analyst Roopam Jain. "Therefore, vendors need to build next-generation solutions over open, extensible platforms that enable easy integration with best-of-breed third-party apps."
Shaped by trends such as mobile and social webcasting, cloud proliferation, and real time reporting and analytics, the opportunity in web events is lucrative. The demand for leading-edge technology has encouraged next-gen, all-in-one collaboration services and competitively priced webinars. This fragmentation of web event services market and profusion of choices will add to customers' confusion regarding services that best fit their needs. Successful vendors will be the ones that focus on customer-centric benefits such as seamless procurement, ongoing aftersales support and advanced usability in the form of intuitive design and simple event registration.
In addition to offering value through advanced event capabilities, vendors must focus on strategies such as:
- Promoting user awareness and education about the differences between web conferences, webinars and webcasts by feature set, use cases and implementation
- Extending the life of events by building persistent on-demand portals that enable seamless content sharing and amplify the reach by becoming hubs for content creation, syndication, promotion and distribution
- Catering to digital-natives that are used to mobile devices and consumer apps and expect unprecedented ease of use; vendors must take a mobile-first and cloud-first approach to event production and consumption to tap this demographic
- Capitalising on the promise of Machine Learning and Artificial Intelligence as a game changer for collaboration (e.g. predictive customer engagement, voice-activated AI, and customised user experiences)
"Technology licenses will become a commodity," iterated Jain. "The value will increasingly come from advanced capabilities in artificial intelligence, rich analytics, and easy workflow integrations."
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