Enterprise Video Market

Market Overview

The global enterprise video market size was valued at USD 21.68 billion in 2023. It is estimated to reach USD 50.37 billion by 2032, growing at a CAGR of 9.82% during the forecast period (2024–2032). The integration of video capabilities into unified communications platforms has become increasingly common. Enterprises seek comprehensive solutions that combine video conferencing, voice calling, messaging, and collaboration tools into a single platform, driving the adoption of enterprise video solutions.

Enterprise video encompasses the utilization of video technology within corporations and organizations for various purposes, including communication, collaboration, training, and marketing. It encompasses a range of video-related applications, tools, and platforms designed to promote the creation, distribution, and management of video content within the enterprise setting. Enterprises widely use enterprise video solutions to improve departmental, team, and employee cooperation and internal communication. This may involve live streaming of company events, executive communications, town hall meetings, and departmental updates, as well as the production of on-demand video content for training, knowledge sharing, and employee engagement purposes.

Enterprise video platforms are crucial in training and development initiatives, enabling organizations to deliver interactive and engaging training materials to their workforce. These platforms are utilized for various training programs, including onboarding, compliance training, product training, skill development, and leadership development. Moreover, enterprise video platforms often incorporate analytics and reporting tools, allowing businesses to analyze and measure the performance of their video content. Key metrics such as views, engagement, completion rates, and user comments are tracked, enabling organizations to assess the effectiveness of their video strategy and enhance the success of their communication efforts.

Highlights

• Corporate communications dominate the application segment
• Solution dominates the offering segment
• North America is the highest shareholder in the global market

Market Dynamics

Global Enterprise Video Market Drivers

Increasing Demand for Remote Collaboration Tools

As organizations swiftly transitioned to remote work arrangements in response to social distancing regulations and employee safety concerns, the importance of video communication and collaboration solutions became increasingly evident. This rapid shift towards remote work practices has propelled the adoption of workplace video systems, including video conferencing, webinars, virtual events, and other collaboration technologies. The surge in demand for enterprise video solutions can be attributed to the need to support remote work and facilitate digital transformation initiatives amidst the pandemic. Organizations have recognized the value of video communication in maintaining employee productivity, fostering connectedness among distributed teams, and ensuring business continuity during challenging times.

Furthermore, the need for workplace video solutions is predicted to stay high as long as companies adopt remote and hybrid work practices. This ongoing trend drives innovation and investment in video communication technology, focusing on meeting modern enterprises' evolving needs. For example, Forbes published an article in May 2023 that explored the evolving landscape of collaboration tools, emphasizing the integration of artificial intelligence (AI) and machine learning to enhance team communication and efficiency. This highlights the growing emphasis on leveraging advanced technologies to optimize remote collaboration experiences and address the changing dynamics of the workplace.

Global Enterprise Video Market Restraint

Data Security Concerns

Concerns over the security and privacy of video footage shared on many platforms are growing among businesses. The potential for abuse, data breaches, and information leaks, coupled with worries about Digital Rights Management (DRM) and copyright issues, underscores the importance of robust security measures for enterprise video solutions. Recent data breach incidents across healthcare, technology, retail, and finance sectors have heightened awareness of security risks associated with video content.

Organizations must consider how they will use enterprise video offerings and implement guidelines and protocols to address these concerns effectively. Adopting enterprise video solutions may face resistance and be slower than anticipated without proper safeguards to ensure the appropriate video content management. Therefore, businesses must prioritize security and privacy considerations when implementing and using enterprise video solutions to protect sensitive information and reduce risks associated with unauthorized access or data breaches.

Global Enterprise Video Market Opportunities

Innovations in AI-driven Video Technology

Technological breakthroughs such as AI, ML, cloud computing, 5G, and analytics have significantly enhanced user experiences in enterprise video solutions. These advancements empower software and hardware providers in the enterprise video market to collaborate and offer users "room" versions, also known as "room" apps, of their desktop and mobile video applications. With the integration of these technologies, users can now seamlessly conduct video conferences without the challenges and setup time typically associated with traditional video meeting room systems. These room apps streamline the process and provide users a hassle-free experience, enhancing productivity and efficiency.

Looking ahead, AI and ML are poised to revolutionize video conferencing by enabling users to enter a virtual meeting room and act as facilitators. These technologies enable automated transcribing, improved search functionality, and other AI-driven features that optimize the video conferencing experience. For example, Vbrick, a leading provider of enterprise video solutions, has introduced advanced AI capabilities to its platform. These include automated transcribing and enhanced search functionality, showcasing the industry's commitment to leveraging AI-driven features to improve user experiences and propel innovation in enterprise video solutions.

Regional Analysis

North America Dominates the Global Market

Based on region, the global enterprise video market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America is the most significant global enterprise video market shareholder and is expected to expand substantially during the forecast period. The North American market commands a significant revenue share of approximately 43%, largely attributed to the strong presence of industry leaders such as Adobe, IBM, Cisco Systems, Inc., and Microsoft. This concentration of key players, coupled with the increasing demand for visual meetings, has created lucrative opportunities within the U.S. market. Moreover, the accessibility of high-quality internet infrastructure has further fueled market growth in North America, facilitating seamless video conferencing experiences. The region's robust video-meeting culture, driven by geographically dispersed teams and a growing emphasis on remote work, has increased the demand for video conferencing solutions.

Additionally, the widespread availability of dependable internet connectivity, characterized by sufficient bandwidth and minimal latency, serves as a critical enabler for smooth video conference interactions. This reliable infrastructure is essential for ensuring seamless video and audio communication, enhancing user experiences across various industries and sectors. Moreover, the expanding need for secure communication among geographically dispersed teams has propelled the adoption of virtual private networks (VPNs) alongside video conferencing software. This integration addresses concerns surrounding data security and privacy, particularly in remote work environments.

Segmental Analysis

The global enterprise video market is bifurcated into offering, application, and deployment.

Based on the offering, the global enterprise video market is segmented into solutions and services.

The solutions segment dominates the global market. The services segment is critical in providing support, maintenance, and consulting services to corporate video solutions firms. These services include installation, configuration, troubleshooting, and training to ensure the smooth operation and optimal exploitation of video platforms. The services segment is critical in delivering a proactive service supply approach, improving customer satisfaction, and fostering long-term partnerships in the enterprise video industry.

Moreover, the continual demand for business video expertise to assist enterprises in troubleshooting, integrating, and managing enterprise video solutions fuels the services industry's growth. The key advantages of enterprise video services are enhanced resource utilization, decreased administrative costs, and more profitability. Professional services also improve resource management through collaboration, integrated knowledge management, and better planning. 

Based on application, the global enterprise video market is segmented into corporate communications, training and development, and marketing and client engagement.

The corporate communications segment owns the highest market share. This can be due to the growing need for enterprise video solutions in corporate communications applications. Corporate communications is the use of enterprise video technology to improve internal and external communication inside an organization. This includes video-based communications, video conferencing, webcasting, and live streaming for events like town halls, training sessions, product launches, and client/partner engagements. Moreover, the increased requirement for effective and efficient communication across widely distributed teams and companies has contributed to the segment's dominance. Enterprise video solutions offer seamless collaboration, knowledge sharing, and real-time interaction, which are critical for maintaining productivity and engagement in today's scattered workplaces. 

Based on deployment, the global enterprise video market is bifurcated into cloud and on-premise.

The cloud deployment option, wherein a third-party cloud service provider manages a corporate video platform, is poised to witness the fastest growth rate throughout the forecast period. This growth is fueled by the rising acceptance of cloud-based solutions among small and medium-sized businesses (SMEs). Cloud deployment offers several advantages, including lower initial investment costs, reduced maintenance overheads, and scalability, which align well with SMEs' needs and budget constraints. As a result, the adoption of cloud-based enterprise video solutions is expected to surge, driving the growth of the cloud deployment sector in the business video market.

Recent Developments

• April 2024- Moovly Media Inc. announced a new strategic integration collaboration with Movingimage, Europe's premier SaaS enterprise video platform. Moving Image, a cutting-edge enterprise video platform (EVP), helps some of Europe's leading corporations satisfy their video communications demands, which range from shareholder meetings and employee training to online and hybrid events. The agreement offers a huge step forward for enterprise video capabilities.
• February 2024- SundaySky, the leading software-as-a-service (SaaS) platform for efficient enterprise video creation and customization, announced the appointment of Marc Zionts as CEO. Zionts, who has extensive expertise in managing software and technology organizations to successful outcomes, will guide SundaySky through its next chapter of growth and innovation. Zionts has helped firms extend product offerings, explore new market prospects, accelerate SaaS product uptake, and increase company income throughout his IT career.