United States, Rockville MD, July 28, 2022 (GLOBE NEWSWIRE) -- The global enterprise video market is anticipated to secure a market value worth US$ 48.8 Billion while expanding at a CAGR of 10.93% during the forecast period from 2022-2032.
Increasing focus on cloud deployment by various tech players such as Microsoft and Amazon Web Services to procure security and compliance standards is likely to play a salient role in driving the market. Also, ongoing technical development in video streaming, like the introduction of Application Programming Interfaces (APIs) is expected to burgeon the market size in the forecast period.
Several venture capital firms are offering funds to the start-ups developing enterprise video solutions. In March 2022, 100ms, Inc., an Indian start up, took the initiative to develop a live video conferencing infrastructure and raised US$ 20 Million in a Series A funding round. Renowned players in the market are introducing innovative live streaming applications to gain maintain their supremacy in the market. For instance, IBM Corporation offers an IBM Video Streaming platform that assists users broadcast various live-streamed content. The platform gives absolute control to the organizations over the content.
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Innovative initiatives to develop platforms/apps are likely to further develop the market during the forecast period. For instance, in October 2020, Microsoft added various features in its Teams applications, which are beneficial for hospitals and other healthcare organizations, including virtual visits and Electronic Healthcare Record (EHR), Teams templates, Teams policy packages, and care coordination and collaboration. Such factors are expected to make a significant contribution to developing the market during the forecast period.
However, developing nations and underdeveloped nations do not have a basic communication infrastructure to support high-quality video communication. Thus, people in such areas depend more on audio-based communication to avoid low-quality video and recurring disconnections. The lack of strong communication resources and infrastructure is a significant limitation to the expansion of the enterprise video market. On the contrary, the growing adoption of BYOD is anticipated to act as a significant opportunity for the global enterprise video market.
What are the Growth Prospects in Europe for the Global Enterprise Video Market?
Increasing Number of SMEs in the Region to Growth the European Market
Europe is anticipated to be the second-largest market for the enterprise video market. The growth of the market can be attributed to the heavy capitalization of advanced technologies. The growing economies like Italy, France, Spain, and others, are expected to make a significant contribution to developing the regional market.
Various organizations in the region are transitioning from large conferencing rooms to smaller hurdle rooms with a motive to utilize maximum office space for employee engagement. This transition from large conference rooms to small hurdle rooms is influenced by the advent of audiovisual (AV) technologies, which allow employees to virtually interact with individuals remotely.
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Key Segments Covered in Enterprise Video Industry Survey
- By Solution :
- Enterprise Video Conferencing
- Enterprise Video Content Management
- Enterprise Video Webcasting
- Enterprise Video Conferencing
- By Service :
- Integration & Deployment
- Managed Service
- Professional Service
- Integration & Deployment
- By Deployment :
- Cloud-based Enterprise Video Deployment
- On-premises Enterprise Video Deployment
- Cloud-based Enterprise Video Deployment
- By Application :
- Corporate Communications
- Training & Development
- Marketing & Client Engagement
- Corporate Communications
- By Delivery Technique :
- Enterprise Video Downloading/ Traditional Streaming
- Enterprise Video Adaptive Streaming
- Enterprise Video Progressive Downloading
- Enterprise Video Downloading/ Traditional Streaming
- By Organization Size :
- Enterprise Video in Large Enterprises
- Enterprise Video in Small & Medium Enterprise (SME)
- Enterprise Video in Large Enterprises
Competitive Landscape
Key players in the global enterprise video market include Adobe, Avaya Inc., Brightcove Inc., Cisco Systems, Inc., IBM Corporation, Kaltura, Inc., Microsoft, Polycom, Inc. (Plantronics, Inc.), VBrick, and Vidyo, Inc.
Recent Updates from the Industry Include:
- In August 2020, Cisco disclosed the acquisition of BabbleLabs, an entity that designs and develops communication software, to enhance the user’s video meeting experience.
- In November 2020, Avaya announced an expansion in the availability of the Avaya Cloud Office, which is a unified communications solution that provides video meetings, team messaging, and cloud PBX. It shall be provided to the world’s top 5 largest economies, Austria, Belgium, Germany, Italy, and Spain.
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Key players in the Enterprise Video Market
- Adobe
- Avaya Inc.
- Brightcove Inc.
- Cisco Systems Inc.
- IBM Corporation
- Kaltura, Inc.
- Microsoft
Key Takeaways from Enterprise Video Market Study
- The global enterprise video market to value US$ 17.3 Billion by 2022
- North American enterprise video to have garnered about 42% of the global market share in 2021.
- APAC enterprise video market to expand at a CAGR of 15% during the forecast period
- The cloud segment to dominate the global enterprise video market at a CAGR of 15% during the forecast period.
- The corporate communications segment is projected to dominate the global enterprise video market and secure 45% of the market revenue in 2022.
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