Enterprise video market worth $35.8 billion by 2029, growing at a CAGR of 8.6%: Report by MarketsandMarkets
Chicago, April 23, 2024 (GLOBE NEWSWIRE) -- *The **Enterprise video market** size is expected to grow from USD 23.8 billion in 2024 to USD 35.8 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 8.6% during the forecast period, according to a new report by MarketsandMarkets™. *
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Emphasis on cost-effective communication solutions that parallelly save time, regulatory compliance requirements for video content, innovative solutions, and customizable enterprise video solutions precisely tailored per client requirement are key driving factors for the Enterprise video market.
*Enterprise Video Market Dynamics:*
*Drivers:*
· Rapid technological advances across industries
· Need for engaging and visually appealing content
· Rapid expansion of digital workplace ecosystem
· Demand for cost-efficient video solutions
*Restraints:*
· Lack of compatibility across devices
*Opportunities:*
· Expansion of virtual events to open avenues for enterprise video market exploration
· Integration of AI with advanced analytics
· Development of industry-specific video solutions
· Demand for mobile and remote workforce
· Expansion of modern, fast-paced business environments
*List of Key Players in Enterprise Video Market:*
1. IBM
2. Microsoft
3. Avaya
4. Google
5. Adobe
6. Zoom
7. AWS
8. Cisco
*Based on Services, the Managed services segment will record a higher CAGR during the forecast period*.
Managed services, which provide complete support and maintenance, performance optimization and monitoring, and adherence to security and compliance standards, are essential to the worldwide enterprise video market. For instance, a managed service provider may offer round-the-clock technical support to troubleshoot any issues with video conferencing systems, proactively monitor network performance to ensure optimal video streaming quality, and implement robust security measures to safeguard sensitive video content. Organizations can concentrate on their core business while ensuring that their enterprise video infrastructure runs smoothly, securely, and by industry standards by contracting out these tasks to managed service providers. This will ultimately improve productivity and user experience everywhere.
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*By Application, the Corporate communications segment will hold the largest Enterprise video market share during the forecast period**.*
Corporate communications applications play a crucial role in the global enterprise video market by facilitating seamless communication and dissemination of information within organizations. These applications enable companies to broadcast important messages, announcements, and updates to employees in real time through live video streams or on-demand video content. For instance, a corporate communications platform may host virtual town hall meetings, CEO addresses, or training sessions, allowing employees to stay informed and engaged regardless of location. By leveraging such applications, organizations can foster transparency, enhance internal communication, and strengthen employee engagement, improving productivity and morale.
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*By Organization Size, SMEs will record a higher CAGR during the forecast period based on organization size*.
Enterprises with less than 1,000 employees count as small and medium-sized enterprises or SMEs. These enterprises face a more significant challenge of a limited budget than large enterprises and require better methods to resolve complexities and optimize the cost of their business processes. Implementing enterprise video solutions can help SMEs reduce costs and improve business efficiency. In today’s competitive market, SMEs need a reliable communications platform to work effortlessly with all stakeholders, regardless of geographical obstacles. A platform with video conferencing solutions enables small businesses to connect with their employees, partner vendors, customers, investors, and the larger ecosystem across locations in a timely and cost-effective manner. Enterprise video solutions help SMEs improve operational efficiency, resource utilization, reaction speed, and customer engagement. Online video content and streaming are also effective and essential for SME marketing platforms. An SME benefits from the online video platform as it provides an opportunity to connect its critical individuals to its customers immediately. Content must be authentic, searchable, and shareable for enterprises wanting to cut through the clutter with online videos.
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