The enterprise video market size is projected to grow from USD 19.8 billion in 2022 to USD 31.4 billion by 2027, at a CAGR of 9.7% during the forecast period. The adoption rate of enterprise video is increasing due to increasing smartphone adoption across the world. The increasing number of mobile subscribers represents the rising potential for enterprise video solutions. The number of mobile subscribers around the world is expected to grow significantly in the upcoming years. As the number of smartphone users grows, several people can rely on their smartphones to connect with their peers remotely.
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By application, Marketing & Client Engagement segment to have the highest growth rate during the forecast period
Organizations worldwide are adopting enterprise video solutions to empower their client engagement, brand awareness, and marketing activities. With the help of enterprise video marketing platforms, organizations can easily engage audiences, communicate more efficiently, and expand their reach. enterprise video solutions help enhance customer engagement by enabling rating, commenting, and sharing videos on social media. These solutions assist in measuring the impact of each video and optimizing content and distribution strategies with the help of built-in analytics. They also help enterprises launch video customer engagement programs. The effective use of enterprise video solutions has helped organizations transform marketing from a cost center to a revenue function.
By deployment, cloud segment to grow at the highest CAGR during the forecast period
Cloud or hosted enterprise video solutions are provided as SaaS by service providers. The advantage of cloud deployment of these solutions is the reduced physical infrastructure requirement, which results in low maintenance costs for organizations. Cloud-based enterprise video solutions are an excellent option for one-time events and occasional content services. With advancements in cloud-based technologies, the use of enterprise video solutions as SaaS is emerging as one of the best practices for companies looking to deploy cost-effective functionalities. Cloud-based enterprise video solutions also offer real-time data visibility to employees, enabling organizations to communicate with different departments before, during, and after each meeting.
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Various globally established players such as IBM (US), Google (US), Microsoft (US), Avaya (US), and AWS (US) are dominating the enterprise video market. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their footprint in the nterprise video market.
IBM offers IBM enterprise video Streaming, a cloud-based, secure live, and on-demand video solution. It helps to enhance video-based communications across digital events, virtual meetings, training programs, etc., that help accelerate virtual engagement from any device and location. In June 2021, IBM announced a partnership with the University of Georgia to go virtual after facing hard times during the COVID-19 pandemic. The partnership helped the Department of Theatre of Films Studies at the University of Georgia to deliver live streaming performances to their viewers.
Another important player in the enterprise video market is Microsoft, one of the world’s leading manufacturers of play materials. Microsoft has started providing technology-driven solutions as well in recent times. With such a wide portfolio and offerings, Microsoft caters to the business need of customers in more than 190 countries around the globe. In July 2022, Microsoft teamed up with Netflix to build a cost effective, advertising-supported streaming plan that will accelerate customer subscription rates and open a new channel to increase revenue. In November 2021, Microsoft teamed up with Meta to benefit joint customers by integrating Meta’s Workplace with Microsoft Teams.
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