CHICAGO, November 15, 2018
CHICAGO, November 15, 2018 /PRNewswire/ --
According to the new market research report "Enterprise Video Market by Component (Solutions, Services), Solutions (Webcasting, Video Content Management, Video Conferencing), Application (Corporate Communications, Training & Development), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Enterprise Video Market is expected to grow from USD 13.5 billion in 2018 to USD 19.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period.
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The major factors driving the Enterprise Video Market include the growing demand for video streaming along with the need for reducing operational expenses and increasing operational efficiency among organizations
The solutions segment is expected to hold the largest share of the Enterprise Video Market during the forecast period.
The focus of organizations on improving the internal and external communication processes is driving the growth of enterprise video solutions. Growth in the number of smartphone users and increase in the use of mobile apps has played a significant role in the adoption of enterprise video solutions. Organizations are using enterprise video solutions for applications such as video conferencing and live streaming, which help workforce engage and interact with each other in real-time. They also aid in connecting geographically dispersed employees.
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Cloud deployment type is expected to grow at the highest CAGR rate during the forecast period.
Cloud or hosted enterprise video solutions are provided as SaaS by service providers. These solutions convert fixed costs of services to variable costs as customers pay according to the services used by them. They can also start or stop any service at any time. Thus, the use of cloud-based enterprise video solutions provides flexibility to organizations to adjust to the dynamic business environment. Scalability and cost effectiveness are the major advantages of adopting cloud-based enterprise video solutions. With advancements in cloud-based technologies, the use of enterprise video solutions as SaaS is emerging as the best practice for companies looking for cost-effective functionalities.
North America to have the largest market size during the forecast period.
North America is estimated to account for the largest share of the market in 2018. The region comprises developed countries such as the US and Canada and is considered the most advanced region adopting new and emerging technologies. Moreover, North American region has a wide presence of key industry players offering enterprise video solutions and services, and their financial position enables them to invest majorly in leading tools and technologies for effective business operations.
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Major vendors offering enterprise video solutions and services across the globe include IBM (US), Microsoft (US), Kaltura (US), Polycom (US), Cisco (US), Adobe (US), Avaya (US), Brightcove (US), Vidyo (US), VBrick Systems (US), MediaPlatform (US), Ooyala (US), Qumu Corporation (US), Panopto (US), Vidizmo (US), Amazon Web Services (US), Lifesize (US), BlueJeans Network (US), INXPO (US), RingCentral (US), Haivision (Canada), Sonic Foundry (US), Kollective Technology (US), ON24 (US), and join.me (US).
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