Global Enterprise Video Market 2018 by Component, Solutions, Application, Vertical, and Region - Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 22, 2018--The “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” report has been added to ResearchAndMarkets.com’s offering.
Rising internet penetration and growing demand for video streaming are expected to drive the overall growth of the enterprise video market. 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.
The enterprise video market is driven by various factors, such as rising internet penetration and growing demand for video streaming along with the increasing need of organizations for reducing operational expenses. However, network connectivity issues and lack of supporting infrastructure can hinder the growth of the market. Services segment is expected to grow at the highest CAGR during the forecast period. With the increasing adoption of enterprise video solutions, the demand for supporting services is also growing among end users. Enterprise video services include professional services and managed services. Professional service providers offer technical support to end users of enterprise video solutions. Adopting enterprise video services helps organizations focus on their core competencies rather than managing their enterprise video solutions. BFSI vertical is expected to hold the largest market share during the forecast period. Enterprise video solutions enable BFSI enterprises to carry out enhanced branch communication through the sharing of audio, video, and digital content with their customers. These solutions empower organizations to transform branches into sales and service channels without employing additional onsite staff. The deployment of enterprise video solutions in BFSI enterprises ensures improved accountability, enhanced risk management, excellent operational management, and improved end-to-end security governance.
Growing demand among marketers for video-based marketing and sales of banking services and enhanced branch communications is driving the growth of the enterprise video market in the BFSI vertical. APAC enterprise video market is expected to record the highest growth rate during the forecast period. The APAC enterprise video market is expected to have the highest growth rate during the forecast period, due to the increase in demand for cloud-based enterprise video solutions. Growing economies of countries such as China, Australia & New Zealand, India, and Singapore provide huge opportunities for the adoption of enterprise video solutions and services across different industry verticals. North America is projected to hold the largest market size during the forecast period.
DriversGrowing Need to Reduce Operational Expenses and Increase Efficiency Rising Internet Penetration and Growing Demand for Video Streaming Connecting Geographically Dispersed Employees Enterprise Video as an Effective Tool for Marketers
RestraintsNetwork Connectivity Issues and Lack of Supporting Infrastructure Security Concerns
OpportunitiesIncreasing Adoption of Video as A Tool to Enhance Communication and Collaboration Across Enterprises Integration of AI and Machine Learning Technology in Enterprise Video Offerings Rising Use of Video Analytics, AI, and Machine Learning
ChallengesComplexities in Using Enterprise Video as A Ucc Tool
Enterprise Video Market: Use CasesHaivision Vidyo Qumu Kpoint
Companies MentionedAdobe Amazon Web Services Avaya BlueJeans Network Brightcove Cisco Haivision IBM INXPO Join.me Kaltura Kollective Technology Kpoint Lifesize MediaPlatform Microsoft ON24 Ooyala Panopto Polycom Qumu RingCentral Sonic Foundry VBrick Systems Vidizmo Vidyo
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Related Topics:VoIP and Videoconferencing
INDUSTRY KEYWORD: TECHNOLOGY AUDIO/VIDEO
SOURCE: Research and Markets
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PUB: 11/22/2018 12:14 PM/DISC: 11/22/2018 12:14 PM