According to a new market research report “Enterprise Video Market by Component (Solutions, Services), Solutions (Webcasting, Video Content Management, Video Conferencing), Application (Corporate Communications, Training & Development), Vertical, and Region – Global Forecast to 2023″, The enterprise video market is expected to grow from USD 13.5 billion in 2018 to USD 19.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period.
The major factors driving the enterprise video market include the growing demand for video streaming along with the need for reducing operational expenses and increasing operational efficiency among organizations.
Growing need to streamline communication process between geographically dispersed employees is driving the growth of the video conferencing solutions market. Over the years, video conferencing has become a mainstream technology with several organizations recognizing its benefits, such as limited time for project execution and a strong sense of familiarity among participants.
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The solutions segment is expected to hold the largest share of the enterprise video market during the forecast period.
The focus of organizations on improving the internal and external communication processes is driving the growth of enterprise video solutions. Growth in the number of smartphone users and increase in the use of mobile apps has played a significant role in the adoption of enterprise video solutions. Organizations are using enterprise video solutions for applications such as video conferencing and live streaming, which help workforce engage and interact with each other in real-time. They also aid in connecting geographically dispersed employees.
Cloud deployment type is expected to grow at the highest CAGR rate during the forecast period.
Cloud or hosted enterprise video solutions are provided as SaaS by service providers. These solutions convert fixed costs of services to variable costs as customers pay according to the services used by them. They can also start or stop any service at any time. Thus, the use of cloud-based enterprise video solutions provides flexibility to organizations to adjust to the dynamic business environment. Scalability and cost effectiveness are the major advantages of adopting cloud-based enterprise video solutions. With advancements in cloud-based technologies, the use of enterprise video solutions as SaaS is emerging as the best practice for companies looking for cost-effective functionalities.
Major vendors offering enterprise video solutions and services across the globe include IBM (US), Microsoft (US), Kaltura (US), Polycom (US), Cisco (US), Adobe (US), Avaya (US), Brightcove (US), Vidyo (US), VBrick Systems (US), MediaPlatform (US), Ooyala (US), Qumu Corporation (US), Panopto (US), Vidizmo (US), Amazon Web Services (US), Lifesize (US), BlueJeans Network (US), INXPO (US), RingCentral (US), Haivision (Canada), Sonic Foundry (US), Kollective Technology (US), ON24 (US), and join.me (US).
