The global enterprise video market is predicted to be worth US$ 21.23 billion in 2022 and to grow at a 13.8% CAGR from 2022 to 2032 to reach US$ 77.32 billion by 2032, according to research from Future Market Insights.
Sales of enterprise video are expected to rise significantly. In addition to this, sales of enterprise video are rising, accounting for US$ 27.8 Bn by 2026. Increasing sales of enterprise video are also projected to contribute to the growth of the enterprise video market share.
Many individuals are annoyed by the poor video quality and other disruptions that occur while video streaming. According to a Cisco worldwide poll on the future of work, 98% of workers said they were frustrated during video meetings when working from home because of distractions.
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Background noise—either from other participants or from their own side of the call—was mentioned as a source of two of the top five difficulties. Many suppliers of enterprise video solutions are working on sophisticated noise removal technology.
The worldwide enterprise video market is being driven by the need to increase operational efficiency and productivity. In recent years, several businesses have embraced the Bring Your Own Device (BYOD) and Carry Your Own Device (CYOD) policies.
These technologies allow employees to engage with business data from a variety of places. These solutions complement one other since BYOD and CYOD rules and enterprise video solutions provide employees greater flexibility. Many firms are expected to use enterprise video solutions to allow their employees to connect with one other or with clients since many have accepted the BYOD and CYOD policies.
Manufacturers in the enterprise video market get a big platform from which to serve the whole demand for enterprise video. The worldwide sales of enterprise video are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for enterprise video more accessible to customers.
Key Takeaways:
- Enterprise video solutions are being used by businesses for applications such as video conferencing and live streaming, which allow employees to communicate and interact with one another in real-time.
- During the projected period, the cloud deployment option is predicted to increase at the fastest CAGR. Service providers provide cloud or hosted enterprise video solutions as a software as a service (SaaS).
- The adoption of enterprise video solutions as SaaS is developing as the best practice for firms looking for cost-effective functionality, thanks to improvements in cloud-based technology.
- During the projection period, the healthcare and life sciences sector is predicted to develop at the fastest CAGR. Enterprise video collaborations allow healthcare professionals in the telemedicine and patient care, medical education, and healthcare administration applications to provide better communication choices to their patients, allowing them to provide better treatment.
- Face-to-face conversations between patients, healthcare staff, and family members to discuss various treatment choices are possible with enterprise video solutions, which can be used anywhere in the world.
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Competitive Landscape
IBM (US), Microsoft (US), Google (US), Adobe (US), Avaya (US), AWS (US), Poly (US), LogMeIn (US), RingCentral (US), Zoom Video Communications (US), Google (US), Enghouse Systems (Canada), Brightcove (US), Dalet Digital Media Systems (France), Qumu (US), Sonic Foundry (US), ON24 (US), Lifesize (US), Kaltura (US), BlueJeans Network (US), Haivision (Canada (US)
- In November 2020, Avaya announced that the Avaya Cloud Office, a unified communications solution that includes team messaging, video meetings, and cloud PBX, will be available in five of Europe’s top economies – Austria, Belgium, Germany, Italy, and Spain – beginning in December 2020.
- Virtual visits and Electronic Healthcare Record (EHR) integration, Teams policy packages, secure messaging, Teams templates, and care coordination and collaboration were all added to Microsoft’s Teams applications in October 2020, making them more useful for hospitals and other healthcare organisations.
- Cisco announced the acquisition of BabbleLabs, a business that creates and develops communication software, in August 2020 in order to improve the video conference experience for users.
- Avaya and Tradewinds Brokerage inked a Master Agent agreement in October 2020 to develop Avaya’s communications and collaboration solutions market in Australia and create new, recurring income streams.
- In May 2020, IBM and Cisco partnered to offer a free extended trial of their Video Streaming technology. Customers will be able to live broadcast Cisco Webex meetings using IBM Watson Media’s Video Streaming technology as a result of this agreement.
- LaunchPoint, a Marketo firm, teamed with Brightcove, a renowned supplier of cloud-based video services, in October 2019. Marketo would have Brightcove as an Accelerate partner. Engage consumers that want to use video assets in their marketing campaigns.
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Key Segments
By Solution:
- Video Conferencing
- Video Content Management
- Webcasting
By Services:
- Integration & Deployment
- Managed Service
- Professional Service
By Deployment:
- Cloud
- On-premises
By Application:
- Corporate Communications
- Training & Development
- Marketing & Client Engagement
By Delivery Technique:
- Downloading/ Traditional Streaming
- Adaptive Streaming
- Progressive Downloading
By Organization Size:
- Large Enterprise
- Small & Medium Enterprise (SME)
By End-use:
- IT & Telecom
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare & Life Sciences
- Media & Entertainment
- Education
- Retail & Consumer Goods
- Others
