Globalization and technological advancements are encouraging enterprises to opt for effective communication systems. Growth in the demand for video interfaces and growing need for stable communication channels are also driving the companies to look for an effective solution. Enterprise video hosting systems come across as a suitable solution to this problem. These services bring flexibility in communication and control overall capital expenditure. The global enterprise video market is gaining strength from rising demand from different enterprises across various industrial verticals. Advancing technology and globalization is further expected to drive the growth for this industry, which is considered as the positive sign for the key market players.
Market Drivers and Restraints
The global enterprise video market is strongly driven by three crucial factors. These factors include strong rise in demand for on-demand services across different industrial verticals, use of collaboration techniques in content delivery and advancing technology in the market. All these factors are expected to create rise in demand for this industry. Researchers also expect steady growth in the industry with rising demand pattern from emerging markets like Asia Pacific, Latin America and Middle East and Africa.
Segments and Forecasts
The global market is segmented on the basis of the types of delivery modes (web conferencing, video streaming, video conferencing and webcasting), applications (learning and development, management, knowledge sharing, corporate communication, etc.), business verticals (BFSI, education, healthcare, manufacturing, media, entertainment, IT, retail, consumer goods, logistics, transportation, etc.) and geographic regions (NA, MEA, APAC, Europe and LATAM).
According to the expert researchers, the global enterprise video market is expected to maintain a steady growth rate of over 20% from 2014 to 2019. At this impressive CAGR, the market is projected to become worth $32.87 billion by the end of the year 2019, which is currently poised at $13.01 billion (in 2014). During the forecasting period of the next four to five years, North America is expected to dominate the global market. Rising demand from the emerging markets is also expected to create growth prospects.