Web technologies were initially used for Web publishing and advertising in enterprises. However, over the years Web technologies have merged with other distributed computing technologies and assumed a vital role in satisfying enterprise business needs. This paper takes a systematic and practical look at Web evolution from static HTML to Web-enabled business components that are at the foundation of currently popular Web services (WS). In particular, WS is a result of convergence of the Web with distributed object technologies and is positioned to play a central role in building and integrating enterprise applications in the future. However, the impact of WS is not limited to enterprise boundaries - business-to-business trade and outsourcing through application service providers can also be profoundly impacted. This paper highlights the key aspects of these developments because they will drive the requirements to be satisfied by the current and future Internet technologies. The possible deterrents to these developments and approaches to address these deterrents are also discussed.