Global Enterprise Video Market was valued at USD 5.06 billion in 2018 and is projected to grow with a CAGR of 13.76% to hit USD 12.42 Billion during the forecast period of 2021-2026.
Enterprise video solutions enable companies to effectively connect employees and customers across different projects from varied geographic locations. Additionally, this technology simplifies the communication process between organizations to share information and work together on projects. Companies seeking to strengthen their collaborations with global workforces are inclined towards video interfaces, which drives the global enterprise video market.
The implementation of video interfaces provides cost-efficiency and flexibility in a working environment, reducing the overall expenses of the organization. Additionally, video interfaces are preferred as an effective way to increase productivity. Rising adoption of progressive technologies among organizations, such as Bring Your Own Device (BYOD), Choose Your Own Device (CYOD), and cloud storage technologies is expected to create new opportunities for the growth of the enterprise video market.
The enterprise video market is expected to witness dynamic growth during the forecast period, 2019–2026. This is attributed to the growing need among organizations to reduce operational expenses and increase productivity. Increasing internet penetration, growing demand for video streaming, and the need to effectively connect employees within an organization across different geographical locations are expected to be the key factors fueling the growth of the enterprise video market.
Prolific adoption of video as a tool across enterprises to enhance communication and collaboration is expected to influence market growth. Additionally, the exponential rise of video analytics, artificial intelligence, and machine learning is also providing impetus to market growth. Organizations are increasingly adopting concepts such as BYOD, CYOD, and other enterprise mobility functionalities, which increases the need for video interfaces and consequently, fosters market growth.
The global enterprise video market can be segmented by type, deployment mode, application, industry, and region.
On the basis of type, the enterprise video market can be segmented to video content management, webcasting, and video conferencing.
Based on deployment mode, the market can be segmented to cloud-based, hybrid, and on-premise.
By application, the enterprise video market can be segmented to knowledge sharing & management, corporate communication, learning & development, and others.
On the basis of industry, the market can be segmented to BFSI, IT & Telecommunication, healthcare & life sciences, media & entertainment, education, and others.
Geographically, the global enterprise video market has been segmented to North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa.
North America and Europe are expected to witness dynamic growth in the enterprise video market during the forecast period, 2019–2026. This can be attributed to the increasing demand for online video streaming across all enterprises for effective communication. Presence of key players in these regions is also augmenting the growth of these enterprise video markets. Moreover, the early adoption of innovative technologies is expected to impel market growth in Europe and North America. The increasing number of internet users and tech-savvy consumers is also projected to propel the growth of the enterprise video market in the regions.
Asia-Pacific is expected to witness significant growth in the enterprise video market during the forecast period. Increasing globalization of companies in the region has necessitated the adoption of solutions that ensure effective communication. Video streaming allows individuals to work remotely and effectively on account of the currently trending BYOD concept across organizations, which is likely to drive the growth of the global enterprise video market in Asia-Pacific.
The LAMEA region is expected to witness moderate growth in the global enterprise mobility market during the forecast period. Nowadays, videos are a popular method of communication for individuals and organizations alike, which supports the growth of the enterprise video market in the region. Business models using technology, such as enterprise video solutions used to simplify workflows and communicate better in the oil & gas industry, and the digital transformation of processes are expected to positively influence market growth in the Middle East.
Some of the prominent players in the enterprise video streaming market are
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