DUBLIN--(BUSINESS WIRE)--The "Global Enterprise Video Market by Component (Solutions [Webcasting, Video Content Management, Video Conferencing] and Services), Deployment Mode, Application, Delivery Technique, Vertical (BFSI, Healthcare and Life Sciences) and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global enterprise video market is expected to grow from USD 16.4 billion in 2020 to USD 25.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.3% 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 connecting remote workforce. However, network connectivity and infrastructure issues and data security concerns can hinder the growth of the market.
By component, 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.
By deployment mode, cloud segment is projected to grow at the highest CAGR 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. The advantage of cloud deployment of these solutions is the reduced physical infrastructure requirement, which results in low maintenance costs for organizations. Moreover, cloud deployment also enables 24x7 accessibility from anywhere. Cloud-based enterprise video solutions are an excellent option for one-time events and occasional content services. With advancements in cloud-based technologies, the use of enterprise video solutions as SaaS is emerging as one of the best practices for companies looking to deploy cost-effective functionalities. Cloud-based enterprise video solutions also offer real-time visibility of data to employees, thereby enabling organizations to communicate with different departments before, during, and after each meeting.
BFSI vertical is expected to hold the largest market share in 2020
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 and New Zealand, India, and Singapore provide huge opportunities for the adoption of enterprise video solutions and services across different industry verticals.
Market Dynamics
Drivers
- Need to Improve Operational Efficiency and Employee Productivity
- Need to Connect Remote Workforce
- Increasing Number of Internet Users Around the World
- Increasing Smartphone Adoption Across the World
- Growing Demand for Video Streaming
- Surge in the Adoption of Video Marketing Strategy
Restraints
- Data Security Concerns
- Network Connectivity and Infrastructure Issues
Opportunities
- Advancements in AI-Powered Video Technologies to Boost Market Growth
- Increasing Use of Enterprise Video Solutions to Enhance Communication and Collaboration in Enterprises
- Increasing Adoption of BYOD and CYOD Solutions
Challenges
- Limited Interoperability of Different Enterprise Video Solutions
- Disruption in Supply Chain of Smart Devices due to the Pandemic
Companies Mentioned
- Adobe
- Avaya
- Amazon Web Services (AWS)
- BlueJeans Network
- Brightcove
- Cisco
- Dalet Digital Media Systems
- Enghouse Systems
- Haivision
- IBM
- INXPO
- Kaltura
- Kollective
- Lifesize
- LogMeIn
- MediaPlatform
- Microsoft
- ON24
- Panopto
- Poly
- Qumu
- RingCentral
- Sonic Foundry
- VBrick
- VIDIZIMO
- Zoom Video Communications
For more information about this report visit https://www.researchandmarkets.com/r/qnsv8b.
