Enterprise Video Market worth $31.4 billion by 2027, growing at a CAGR of 9.7 % Report by MarketsandMarkets™

Chicago, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The Enterprise Video Market size is projected to grow from USD 19.8 billion in 2022 to USD 31.4 billion by 2027, at a CAGR of 9.7% during the forecast period , according to a new report by MarketsandMarkets™.  Improving operational efficiency and employee productivity has fueled the demand for enterprise video. Moreover, the need to connect remote workforce is expected to drive the market growth for enterprise video Market. By considering the business requirements, the companies are looking for better communication and team engagement solutions to connect remotely working employees.

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Emerging technologies can improve enterprise video service by providing users with a more customized and personalized experience. Augmented Reality (AR) and Virtual Reality (VR) technologies have developed in the past few years. Many enterprise video solution providers are expected to integrate advanced AR and VR-based features in their offerings soon. AR and VR technology provides engaging customer experiences and can be considered one of the most effective ways of communication. Advancements in AR and VR represent significant opportunities for enterprise video service providers.

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Based on application, the marketing & client engagement segment is expected to grow with the highest CAGR during the forecast period. They help enterprises launch video customer engagement programs. The effective use of enterprise video solutions has helped organizations transform marketing from a cost center to a revenue function. Avaya Customer Engagement Solutions and MediaPlatform Video Marketing Solutions are some of the marketing and client engagement applications offered by vendors in the enterprise video market.

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The enterprise video market is expected to register a higher growth rate in Asia Pacific, Middle East, and Africa (MEA). The Chinese government is taking significant steps to enhance the communication infrastructure in China. Enterprise video solutions have witnessed wide-scale adoption across various industry verticals. Countries included for study in the rest of Asia Pacific region are India, the Philippines, Malaysia, Singapore, Vietnam, and South Korea. The increase in penetration of cloud and mobile technology across industries in these countries has fueled the growth of enterprise video solutions. Developing economies in this region are proving to be an untapped market for enterprise video solution providers.

Top Trends in Global Enterprise Video Market

• The rise in remote work and virtual communication was a major factor in the development of video conferencing and collaboration solutions. To support team collaboration, distant meetings, and client engagements, businesses were investing in systems that provided high-quality video and audio experiences.
• Businesses were implementing hybrid work models that included in-person and remote labour as the COVID-19 epidemic pushed the shift to remote employment. Regardless of where employees were located, continuous communication and cooperation were made possible thanks in large part to video solutions.
• Businesses now organise virtual events, training sessions, product launches, and seminars via live streaming and webinars. These platforms allowed businesses to interact in real time with both customers and staff and reach a larger audience.
• In order to efficiently organise, store, and share their video assets, businesses were investing in video content management systems. With the help of these technologies, organisations were able to manage massive amounts of video footage while assuring easy access, distribution, and compliance.
• Experiences with personalised and interactive videos were becoming more popular. Businesses used these methods to create more engaging and customised experiences for their consumers through marketing campaigns, onboarding procedures, and customer support.

Key Industry Development in Enterprise Video Market

• Due to its scalability, flexibility, and ease of deployment, cloud-based enterprise video solutions were becoming more popular. Many companies were converting their video conferencing, webinars, and content management systems from on-premises video infrastructure to cloud-based platforms.
• Businesses wanted to effortlessly include video communication into their ecosystems for unified communication and collaboration. For a seamless communication experience, this entailed combining video conferencing, messaging, audio calls, and other collaboration tools onto a single platform.
• Enterprise video solutions were being improved in a number of ways with the help of AI and machine learning. For improved user experiences and insights, these featured capabilities like automatic transcription, real-time language translation, content suggestion, and video analytics.
• A significant need for video solutions that catered to hybrid work environments, where employees split their time between in-person and remote work, emerged as organisations started to plan for post-pandemic work arrangements.

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