The Asia-Pacific enterprise application software market has grown by 6.5 per cent in 2013, thanks in part to more businesses using web conferencing.
According to research firm Gartner's latest data, the market reached US$12.6 billion over the last year, which suggests more businesses are beginning to take advantage of new communication tools. The software market also includes customer relationship management, digital content creation and content management.
Australia was the fastest growing market in the region, with Gartner noting that firms in this region are "upgrading and improving to continue the modernisation of established and mission critical software". Australia's market grew 7.7 per cent from 2012 and totaled US$3.4 billion (AUD$3.5 billion).
Yanna Dharmasthira, Gartner research director, said the industry is in the midst of transition as organisations around the region try new tools to maintain competitiveness and assist grow and advancement.
Australia's increased internet speed could be one reason why web conferencing is becoming more popular. As broadband speeds increase, businesses are finding it easier to use new communication tools. This should see more enterprise application software adoption in the future.
In a report released early this year by Akamai Technologies, Australia is now 30th in the world for average peak connection speed. At its peak, Australia's average connection speed was 30.1 Mbps, up 32 per cent on last year.
Web conferencing can be particularly useful for businesses as it allows multiple clients or employees to work together at the same time, no matter where they are in the world.
This allows decisions to be made in a more timely manner, and businesses can benefit from less down time waiting for clients to arrive at the office.
This means employees have more time to focus on tasks such as meeting preparation, which can make or break business deals.