I don't think video Conferencing and web conferencing make business travel extinct.
Video conferencing aka visual collaboration is the way of conferencing or meeting with two or more geographically distant entities to discuss and make meeting with the help of Audio- Visual Devices. As we know the technology growth rate is high and new facilitating technologies become popular, it helps business operation and increase the efficiency, profitability. But it's well known fact that "Distance matters”, some business tasks or business impression cannot be achieved by such distant communication. Short term meetings, pitching will obvious be conducted via this but later on the contract signing, demonstration approval etc. will need physical presence. Moreover, since the video conferencing is new technology many country have issue with the legal status or validity of agreements, understanding made with it. Video conferencing won't solve some warehouse problem or technical issues occurring in industries too. So, to conclude as the visual conferencing is growing at the rate of 30% per year in business tasks it will decrease unneeded business travel to some extent but it won't cause extinct in business travels.