Rapid adoption of information technology and globalization has brought forward the need for effective communication amongst enterprises and business organizations. Enterprises from across the world are on the lookout for strong communication systems, which contribute to the outreach, communication as well as productivity of the businesses. Enterprise video is one such communication system that brings flexibility into remote working conditions. It also reduces overall capital expenditure of the organization. Rising demands from various industrial verticals is expected to drive the enterprise video market. The market is expected to witness strong growth from 2013 to 2018.
Segmentation in Enterprise Video Market
The market for enterprise video has vast segmentation, based on the types of software and hardware programs, the services available in the market, their applications, and deployment across various industrial verticals and rising demand pattern across various geographic regions of the world. Following are the details of segmentation in enterprise video market:
- Services: Managed services, consulting, system integration and other services
- Delivery: Web conferencing, video streaming, video conferencing and webcasting
- Geography: North America, Latin America, Europe, Asia Pacific and Middle East and Africa.
- Software: Video content management, video asset management, video security, video encoding, video analytics, video encoding and decoding and video collaboration software.
- Hardware: Video casting devices, video storage and recording devices, video distribution, management and control hardware devices.
- Applications: Corporate communication, knowledge sharing, learning and development, management and other applications.
- Verticals: Academia, government, BFSI, retail, consumer goods, manufacturing, media, entertainment, IT and telecommunication, healthcare, logistics, transportation and other verticals.
Forecasting Reports and Market Trends
According to the experts, global enterprise video market is poised to make rapid growth in terms of revenue and business opportunities. The industry is expected to grow at a CAGR of over 25% from 2013 to 2018. At this impressive rate, enterprise video systems market is estimated to become worth $35.57 billion by 2018. In 2013, the market was worth $11.21 billion. Along with increasing globalization, rising offshore business expansions, adoption of advanced technologies and rapid development in the emerging markets are some of the greatest drivers for this industry. Technological advancements in the market also play a vital role in the rise in demand and adoption of advanced communication channels like enterprise videos. Currently, North America is the dominating geographic region for these technologies, which is followed by other regions like Europe and APAC.