New York, July 30, 2019 (GLOBE NEWSWIRE) -- Increased demand for minimized operational expenses, rise in internet penetration, elevated demand for video streaming, and enhanced adoption rate of video as a communication tool is boosting the enterprise video market.
The Global Enterprise video market is forecast to reach USD 24.09 Billion by 2026, according to a new report by Reports and Data. The Enterprise video market is forecasted to witness significant growth during the forecast period. Some of the primary factors contributing to the growth of the market are increased demand for video streaming, continuous expansion in the number of internet users, and advancements in cloud technology. In addition to these factors, one of the essential factors contributing to the development of the enterprise video market is the globalization of various industries. The increased emphasis on globalization among different enterprises has resulted in rising demand for enhancing their internal as well as external communication process and remain well connected with their employees located in different locations. The increasing need for improving enterprise communication process has resulted in rising demand and incorporation of enterprise video in the communication system of the enterprises that are propelling the growth of the market.
Apart from the factors specified above, different initiatives taken by the key players of the market is also boosting the growth of the enterprise video market. As an instance, in 2016, IBM, a key player of the market, had introduced a software solution for enterprises- Ustream eCDN that helps in delivering enhanced video streaming services. Such advancements made by key players of the market plays a pivotal role in the expansion of the enterprise video market.
In regards to region, Europe occupies the second largest market share in the enterprise video market. The prominent market presence of Europe in the enterprise video market is attributed to the advancements of networking technologies and enhanced use of cloud-based applications in this region.
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Further key findings from the report suggest
- Enterprise video market held a market share of USD 14.00 Billion in the year 2018, with a growth rate of 6.8% during the forecast period.
- Factors like the expansion of media and entertainment industry and the education sector are positively impacting the growth of the market.
- In the context of Type, the Video conferencing segment dominates the market that generated the highest revenue of USD 5.32 Billion in 2018 with a growth rate of 7.1% during the forecast period. Factors contributing to the generated revenue of this segment are the globalization of enterprises and the associated rise in demand for streamlining the communication process between employees located in different geographic location.
- In regards to Deployment type, On-premises segment leads the market occupying a larger market share of 75.0% with a growth rate of 6.4% during the forecast period. The market share held by the segment is attributed to the high preference of different enterprises to incorporate enterprise video solutions as a part of their communication system and conduct team meetings and training to be held on the premises with its help.
- While discussing Deployment type, it is mentionable here that the Cloud segment is forecasted to experience a higher growth rate of 7.8% during the forecast period that is forecasted to occupy 27.0% of the market by 2026. The growth rate of this segment is attributed to increasing emphasis on globalization among different enterprises and the associated rise in demand for communicating with employees situated in different geographic locations.
- In regards to Application, the Corporate Communications segment can be seen to lead the market that holds the largest market share of 31.0% in 2018, with a CAGR of 7.2% during the forecast period. The market dominance of the Corporate Communications segment is the consequence of the elevated need for enterprises to enhance their communication system along with the effectiveness of enterprise communication in strengthening internal and external communication of enterprises and establish effective communication with employees, stakeholders, and partners.
- In regards to region, Asia Pacific is forecasted to witness the highest growth rate of 8.1% during the forecast period. The growth rate of Asia Pacific in the market is the result of the rise in IT companies, enhanced IT penetration, and increased government expenditure on internet infrastructure.
- Key participants include Kaltura, IBM, Microsoft, Cisco, Adobe, Brightcove, Avaya, Panopto, Mediaplatform, Inc., and VBrick Systems.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global Enterprise video market according to Type, Deployment Type, Offerings, Organization Size, End-users, Application, and Region:
Type Outlook (Revenue, USD Billion; 2020-2026)
- Video Content Management
- Video conferencing
- Webcasting
- Others
Deployment type Outlook (Revenue, USD Billion; 2020-2026)
- Cloud
- On-Premises
Offerings Type Outlook (Revenue, USD Billion; 2020-2026)
- Solutions
- Services
Organization size Type Outlook (Revenue, USD Billion; 2020-2026)
- Large Enterprises
- Small and Medium-Sized Enterprises
End-users Type Outlook (Revenue, USD Billion; 2020-2026)
- Banking, financial services and insurance [BFSI]
- Healthcare and Life Sciences
- Information Technology (IT) and Telecom
- Media and Entertainment
- Education
- Retail
- Others
Application Type Outlook (Revenue, USD Billion; 2020-2026)
- Corporate Communications
- Client Engagement and Marketing
- Training and Development
- Collaboration and knowledge sharing
- Others
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Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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