A report from AccuStream Research found online and mobile video chain sectors generated $4.3 billion worldwide in 2011, a 45 percent growth in sales compared with 2010. The study predicts the market will continue to grow 30 percent annually across all sectors, valuing $10 billion by 2014.
The study showed video platforms including video conferencing services accounted for 19.7 percent of market revenue in 2011, and are expected to continue to grow in the next two years.
The growth of video conferencing usage can be seen across all industries including business, education and legal systems. The state of Nevada recently announced members of board of directors and board committees can participate in meetings via video conferencing to enhance collaboration while reducing travel costs, JD Supra reported.
California also implemented a similar measure, allowing directors to participate in meetings using audio and video conferencing technology. The California Corporations Code Section 307 aims to allow numerous participants to interact virtually even if they're not all physically present.
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