DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's
offering.
Rising internet penetration and growing demand for video streaming
are expected to drive the overall growth of the enterprise video market.
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 enterprise video market is driven by various factors, such as rising
internet penetration and growing demand for video streaming along with
the increasing need of organizations for reducing operational expenses.
However, network connectivity issues and lack of supporting
infrastructure can hinder the growth of the market.
Services
segment is expected to grow at the highest CAGR during the forecast
period.
With the increasing adoption of
enterprise video solutions, the demand for supporting services is also
growing among end users. Enterprise video services include professional
services and managed services. Professional service providers offer
technical support to end users of enterprise video solutions. Adopting
enterprise video services helps organizations focus on their core
competencies rather than managing their enterprise video solutions.
BFSI
vertical is expected to hold the largest market share during the
forecast period.
Enterprise video
solutions enable BFSI enterprises to carry out enhanced branch
communication through the sharing of audio, video, and digital content
with their customers. These solutions empower organizations to transform
branches into sales and service channels without employing additional
onsite staff. The deployment of enterprise video solutions in BFSI
enterprises ensures improved accountability, enhanced risk management,
excellent operational management, and improved end-to-end security
governance.
Growing demand among marketers for video-based marketing and sales of
banking services and enhanced branch communications is driving the
growth of the enterprise video market in the BFSI vertical.
APAC
enterprise video market is expected to record the highest growth rate
during the forecast period.
The APAC enterprise
video market is expected to have the highest growth rate during the
forecast period, due to the increase in demand for cloud-based
enterprise video solutions. Growing economies of countries such as
China, Australia & New Zealand, India, and Singapore provide huge
opportunities for the adoption of enterprise video solutions and
services across different industry verticals. North America is projected
to hold the largest market size during the forecast period.
Market Dynamics
Drivers
- Growing Need to Reduce Operational Expenses and Increase Efficiency
- Rising Internet Penetration and Growing Demand for Video Streaming
- Connecting Geographically Dispersed Employees
- Enterprise Video as an Effective Tool for Marketers
Restraints
- Network Connectivity Issues and Lack of Supporting Infrastructure
- Security Concerns
Opportunities
- Increasing Adoption of Video as A Tool to Enhance Communication and Collaboration Across Enterprises
- Integration of AI and Machine Learning Technology in Enterprise Video Offerings
- Rising Use of Video Analytics, AI, and Machine Learning
Challenges
- Complexities in Using Enterprise Video as A Ucc Tool
Enterprise Video Market: Use Cases
- Haivision
- Vidyo
- Qumu
- Kpoint
Companies Mentioned
- Adobe
- Amazon Web Services
- Avaya
- BlueJeans Network
- Brightcove
- Cisco
- Haivision
- IBM
- INXPO
- Join.me
- Kaltura
- Kollective Technology
- Kpoint
- Lifesize
- MediaPlatform
- Microsoft
- ON24
- Ooyala
- Panopto
- Polycom
- Qumu
- RingCentral
- Sonic Foundry
- VBrick Systems
- Vidizmo
- Vidyo
For more information about this report visit https://www.researchandmarkets.com/research/cqsmh8/global_enterprise?w=4
