Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Enterprise Streaming Media Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global enterprise streaming media market has grown rapidly in recent years. It will grow from $34.9 billion in 2023 to $41.35 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. North America was the dominate region in the enterprise streaming media market in 2023. The growth observed in the historical period can be attributed to several factors, including the emphasis on corporate training and communication, the increasing prevalence of remote work, the globalization of businesses, the expansion of mobile workforce, and the shift towards cloud-based solutions. These factors collectively contributed to the adoption and growth of enterprise streaming media during the historic period.
The enterprise streaming media market is expected to see rapid growth in the next few years. It will grow to $81.75 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The anticipated growth in the forecast period can be attributed to factors such as the adoption of hybrid work models, heightened security measures, integration of artificial intelligence (AI), and the incorporation of virtual and augmented reality (VR/AR). Additionally, the rise of webcasting and virtual events is expected to contribute to the growth of enterprise streaming media. Major trends in the forecast period include the surge in hybrid and multi-cloud deployments, a focus on low-latency streaming, increased integration of AI and machine learning (ML), enhancements in security and content protection, and the integration of enterprise video conferencing solutions. These trends collectively indicate a dynamic and evolving landscape for enterprise streaming media in the coming years.
The escalating use of video conferencing solutions is projected to serve as a significant driver propelling the expansion of the enterprise streaming media market. Microsoft Corporation reported in January 2022 a substantial surge in monthly active users of Microsoft Teams, escalating from 250 million in July 2021 to 270 million by January 2022. Hence, the increased reliance on video conferencing stands as a catalyst driving the growth of the enterprise streaming media market.
The burgeoning adoption of online learning stands poised to drive the growth of the enterprise streaming media market. As indicated by ProsperityForAll in September 2023, the penetration rate of online learning platforms surged from 6.8% in 2020 to 9.9% in 2022. Therefore, the rising acceptance of online learning emerges as a significant driver fueling the expansion of the enterprise streaming media market.
Product innovation emerges as a prevailing trend shaping the enterprise streaming media market. Key players in this industry are prioritizing the development of inventive solutions to fortify their market positions. A case in point is Brightcove Inc., a US-based software company specializing in an online video platform, which introduced the Brightcove Communications Studio in February 2023. This video streaming solution targets HR and communications professionals, facilitating stronger relationships and engagement with internal stakeholders. The Communications Studio, a branded and seamless solution, delivers a consumer-centric streaming experience for stakeholders to address various internal communication needs, from onboarding employees to disseminating company-wide updates and training sessions, thereby meeting evolving communication requirements.
Prominent enterprises in the enterprise streaming media market are actively engaged in developing cutting-edge enterprise-ready broadcasting tools, strategically aimed at gaining a competitive advantage within the industry. These broadcasting tools are specifically tailored technologies or software solutions meticulously designed to meet the exacting demands and standards of large-scale enterprises. A case in point is the launch by the International Business Machines Corporation (IBM) in January 2023 of the IBM Video Streaming app, a mobile solution intricately crafted to elevate global workplace communication standards. This enterprise-ready app, available on Android and iOS platforms, empowers users to conduct multiple live-streamed video broadcasts seamlessly. It incorporates AI-powered closed captioning with editable options, post-broadcast auto-generated metadata for streamlined data management, and comprehensive control over video content, including access management. By enabling live streaming directly from mobile devices, the app transcends barriers, catering proficiently to both extensive and smaller-scale interactions within enterprise environments.
In August 2021, Microsoft Corporation, a technology powerhouse, completed the acquisition of Peer5 Inc. for an undisclosed sum. This strategic acquisition is poised to enhance Microsoft's capabilities within Teams, fortifying its capacity to deliver secure, high-quality, large-scale live video streaming while optimizing network performance. By integrating Peer5's solution, Microsoft endeavors to furnish first-party services to its clientele, augmenting the buying process and customer support functions and thereby enhancing the overall enterprise IT management experience. Peer5, a US-based enterprise, specializes in providing comprehensive enterprise video streaming services, aligning its expertise with Microsoft's strategic objectives to bolster and refine its offerings in the enterprise streaming media arena.
Report Scope
Markets Covered:
- By Solution: Video Conferencing; Video Content Management; Webcasting; Web Conferencing.
- By Service: Professional Service; Managed Service; Support and Maintenance.
- By Deployment: On-premise; Cloud.
- By Application: Team Collaboration and Knowledge Transfer; Corporate Communication; Training and Development; Marketing; Other Applications.
- By End-User: Banking, Financial Services & Insurance (BFSI); Healthcare; Manufacturing; Government; IT and Telecom; Media and Entertainment; Retail; Other End-Users.
Key Companies Mentioned: Haivision Inc.; Adobe Inc.; AVI-SPL Inc.; Cisco Systems Inc.; Microsoft Corporation.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
A selection of companies mentioned in this report includes:
- Haivision Inc.
- Adobe Inc.
- AVI-SPL Inc.
- Cisco Systems Inc.
- Microsoft Corporation
- Spirent Communications plc
- International Business Machines Corporation
- Alphabet Inc.
- Amazon.com Inc.
- Tencent Holdings Ltd.
- Kaltura
- Vidyard
- Poly Inc.
- Cloudfare Inc.
- Cincopa Ltd.
- Akamai Technologies
- Brightcove Inc.
- Dacast Inc.
- Limelight Networks
- MediaPlatform
- Brightcove
- Panopto
- Qumu Corporation
- Ramp
- RealNetworks Inc.
- Sonic Foundry Inc.
- MediaKind
- Telestream
- IBM
- VBrick
- Verizon Communications Inc.
- Vewd Software AS
- Vimeo Inc.
- Wowza Media Systems
- Zixi
- Zype Inc.
- JW Player
- Wistia
For more information about this report visit https://www.researchandmarkets.com/r/uww9qc
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