Teleconferencing has been around for more than 50 years and continues to grow in popularity. By some estimates, North America accounts for approximately 70% of the conferencing market. The revenue of the conferencing industry is expanding by 10% a year while calling volume has been growing at a rate of 20%. Web conferencing and video conferencing are also experiencing significant growth; although revenue from the audio variation of conferencing is higher.
By utilizing teleconferencing and video conferencing, entrepreneurs located all over the world can base their business decisions on global factors and not just neighborhood factors.
Teleconferencing is now an established way of doing business for small businesses and medium size companies all over the planet. Millions of audio conference calls occur in the world on a daily basis. Frost & Sullivan's U.S. Audio Conferencing Services Market report estimates that total volume will make it to 35 billion minutes in the year 2010.
I realize some of you are not stunned by this number because your loquacious teenage daughter is almost gobbling up that many minutes by herself in a year and a half. Perhaps future generations will be astonished when they hear their parents tell stories how they used to spend hours flying in an airplane in order to attend a sales meeting.