The global Enterprise Video Market size is expected to reach USD 33.72 billion by 2027, registering a CAGR of 11.6% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The growing demand from organizations to enhance collaboration between internal and external stakeholders, and maximize customer engagement has resulted in increased adoption of solutions such as video conferencing and webcasting, drive the market growth. The rise in the number of online video viewers is anticipated to provide lucrative opportunities to the market players, as marketers are focusing on the promotion of brands through videos. In 2016, there were about 700 million video viewers, which has risen to 2.6 billion in 2019. The marketers promote brands of their clients through demos, events, explainers, and customer testimonials/case studies, among others. Moreover, proliferation of 4G-enabled mobile devices and rise in the number of Video Conferencing-as-a-Service (VCaaS) providers are expected to contribute to market growth.
The
synergy of enterprise video and digital signage has enabled companies
to improve brand awareness, product awareness, and customer engagement that is
anticipated to drive the growth of the market. The use through signage and
kiosks at branch locations is helping banks create differentiation of business
strategies and increase customer value, while increasing the promotion and
uptake of its products and services such as credit cards and loans, among
others. Furthermore, various venture capital firms are providing funding to
various start-ups involved in the development of these solutions such as
Vbrick, Pexip ASA, and Grabyo, among others, which is impacting the market
growth positively. For instance, in June 2018, Morgan Stanley Expansion Capital
provided funding worth USD 20 million to Vbrick, a developer and provider of
enterprise video software for the corporate sector.
Various
companies, such as Microsoft Corporation; IBM; and Cisco Systems, Inc. are
emphasizing the development of live streaming applications, which is
anticipated to boost the market growth. For instance, in October 2019, IBM
launched its IBM Video Streaming platform that allows users to broadcast
multiple live-streamed contents. The app offers organizations to take full
control over the content including transcription, ingestion, storage, and
metadata content management. Governments in response to the outbreak of the
COVID-19 pandemic are focusing on providing funds to law enforcement agencies
in adopting these solutions for remotely carrying out their operations. For instance,
in April 2020 the Ohio Supreme Court announced a funding worth USD 4 million to
high courts for purchasing video conferencing systems.
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Enterprise
Video Market Report Highlights
- The
incumbents in the gaming industries such as Rovio Entertainment
Corporation; Activision Publishing, Inc.; and Electronic Arts Inc.; are
increasingly focusing on the adoption of social media and content sharing
platforms for targeting potential customers. This is expected to enhance
the growth of the video content management segment
- The
reduction in costs provided by managed service providers is anticipated to
boost the growth of the managed services segment. These services reduce
the recurring in-house costs by 30 to 40%
- Owing to the
growing emphasis of cloud computing companies such as Amazon Web
Services, Inc. and Microsoft Corporation on establishing robust security
and compliance standards, the cloud segment is anticipated to grow
significantly
- The
marketing and client engagement segment is anticipated to register the
highest CAGR on account of the increasing demand for influencers from
various advertising and marketing firms
- In July
2019, Amazon Web Services, Inc. included Dynamic Adaptive Streaming over
HTTP capability in its Amazon Kinesis Video Streams that will enable
developers to playback their ingested streams using HTTP-based media
streaming protocol. Such initiatives are expected to drive the growth of
the adaptive streaming delivery technique segment
- The SME
segment is anticipated to expand at the highest CAGR over the forecast
period on account of increasing adoption of freemium-based solutions such
as Zoom Video Communications, Inc.
- Various
government agencies including the U.S. Department of Health and Healthcare
U.K., among others are focusing on holding webcasts such as NYS Health
Research Science Board Business Meeting & Public Hearing held in May
2020. It is expected to drive the growth of the healthcare segment
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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