Future Market Insights, a leading market research and consulting firm, has unveiled insightful findings regarding the global enterprise video market, projecting a substantial growth trajectory over the next decade. According to the research, the enterprise video market is anticipated to surge from US$ 21.23 Billion in 2022 to a staggering US$ 77.32 Billion by 2032, at an impressive compound annual growth rate (CAGR) of 13.8%.
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Background noise—either from other participants or from their own side of the call—was mentioned as a source of two of the top five difficulties. Many suppliers of enterprise video solutions are working on sophisticated noise removal technology.
The worldwide enterprise video market is being driven by the need to increase operational efficiency and productivity. In recent years, several businesses have embraced the Bring Your Own Device (BYOD) and Carry Your Own Device (CYOD) policies.
These technologies allow employees to engage with business data from a variety of places. These solutions complement one other since BYOD and CYOD rules and enterprise video solutions provide employees greater flexibility. Many firms are expected to use enterprise video solutions to allow their employees to connect with one other or with clients since many have accepted the BYOD and CYOD policies.
Manufacturers in the enterprise video market get a big platform from which to serve the whole demand for enterprise video. The worldwide sales of enterprise video are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for enterprise video more accessible to customers.
Key Takeaways:
- Enterprise video solutions are being used by businesses for applications such as video conferencing and live streaming, which allow employees to communicate and interact with one another in real-time.
- During the projected period, the cloud deployment option is predicted to increase at the fastest CAGR. Service providers provide cloud or hosted enterprise video solutions as a software as a service (SaaS).
- The adoption of enterprise video solutions as SaaS is developing as the best practice for firms looking for cost-effective functionality, thanks to improvements in cloud-based technology.
- During the projection period, the healthcare and life sciences sector is predicted to develop at the fastest CAGR. Enterprise video collaborations allow healthcare professionals in the telemedicine and patient care, medical education, and healthcare administration applications to provide better communication choices to their patients, allowing them to provide better treatment.
- Face-to-face conversations between patients, healthcare staff, and family members to discuss various treatment choices are possible with enterprise video solutions, which can be used anywhere in the world.
Competition Analysis and Regional Trends:
As the enterprise video market continues to expand, competition among key players is intensifying. Market leaders are focusing on enhancing their product portfolios, incorporating advanced features, and delivering exceptional user experiences. Additionally, regional trends indicate varying degrees of adoption, with North America and Asia-Pacific emerging as prominent growth regions, driven by technological advancements and increasing digitalization.
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The enterprise video market has witnessed substantial growth in tandem with the increasing demand for advanced enterprise collaboration and communication solutions. The ongoing pandemic has further accelerated this trend, underscoring the critical role of video-based communication in maintaining business continuity and sustaining employee engagement.
The adoption of enterprise video solutions and services has gained significant momentum during the pandemic, contributing positively to the overall growth of the enterprise video market. The technology has played a pivotal role in ensuring seamless communication and collaboration amidst remote work setups, thereby supporting business efficiency and employee productivity.
Key Segments
By Solution:
- Video Conferencing
- Video Content Management
- Webcasting
By Services:
- Integration & Deployment
- Managed Service
- Professional Service
By Deployment:
- Cloud
- On-premises
By Application:
- Corporate Communications
- Training & Development
- Marketing & Client Engagement
By Delivery Technique:
- Downloading/ Traditional Streaming
- Adaptive Streaming
- Progressive Downloading
By Organization Size:
- Large Enterprise
- Small & Medium Enterprise (SME)
By End-use:
- IT & Telecom
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare & Life Sciences
- Media & Entertainment
- Education
- Retail & Consumer Goods
- Others
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In conclusion, the global enterprise video market is poised for remarkable growth, driven by the imperative need for operational efficiency, remote connectivity, and the proliferation of advanced video technologies. As organizations continue to embrace video-based communication, the enterprise video market is expected to thrive, contributing significantly to the transformation of business dynamics.
For more information and detailed insights into the enterprise video market, please refer to the comprehensive report by Future Market Insights.
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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