The enterprise video market size is expected to grow from USD 16.4 billion in 2020 to USD 25.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. The major factors driving the enterprise video market include the growing demand for video streaming, need to connect remote workforce, and increasing operational efficiency among organizations.
The solutions segment is expected to hold the largest share of the enterprise video market during the forecast period.
The focus of organizations on improving the internal and external communication processes is driving the growth of enterprise video solutions. Growth in the number of smartphone users and increase in the use of mobile apps has played a significant role in the adoption of enterprise video solutions. Organizations are using enterprise video solutions for applications such as video conferencing and live streaming, which help workforce engage and interact with each other in real-time. They also aid in connecting geographically dispersed employees.
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Cloud deployment mode is expected to grow at the highest CAGR rate during the forecast period.
Cloud or hosted enterprise video solutions are provided as SaaS by service providers. These solutions convert fixed costs of services to variable costs as customers pay according to the services used by them. They can also start or stop any service at any time. Thus, the use of cloud-based enterprise video solutions provides flexibility to organizations to adjust to the dynamic business environment. Scalability and cost-effectiveness are the major advantages of adopting cloud-based enterprise video solutions. With advancements in cloud-based technologies, the use of enterprise video solutions as SaaS is emerging as the best practice for companies looking for cost-effective functionalities.
The major enterprise video vendors include IBM (US), Microsoft (US), Cisco (US), Adobe (US), Avaya (US), AWS (US), Poly (US), LogMeIn (US), RingCentral (US), Zoom Video Communications (US), Google (US), Enghouse Systems (Canada), Brightcove (US), Dalet Digital Media Systems (France), Qumu (US), Sonic Foundry (US), ON24 (US), Lifesize (US), Kaltura (US), BlueJeans Network (US), Haivision (Canada), Kollective (US), INXPO (US), Vidizmo (US), Panopto (US), VBrick (US), and MediaPlatform (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations and new product launches, to further expand their presence in the enterprise video market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2018 to 2020, which helped them innovate their offerings and broaden their customer base.
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Cisco has a broad product portfolio in the enterprise video market. Cisco The company aims to provide products, solutions, and services that cater to the specific needs of customers. Cisco offers video conferencing solutions, such as unified communications, collaboration meeting rooms, Cisco Jabber, and WebEx conferencing, and recording and streaming. Jabber is a unified communications application that is compatible with any device and enables real-time location information sharing. Collaboration meeting rooms provide business-quality video collaboration experience that combines video, voice, and content sharing technologies. The company focuses on the development of innovative solutions in the enterprise video market. For instance, in September 2020, Cisco launched a preview of the Webex Classrooms solution, which adapts Cisco’s highly secure platform to meet the specific online learning needs for the hybrid classroom. The company has adopted inorganic growth strategies such as acquisitions and partnerships to enhance its market position. For instance, In August 2020, the company acquired BabbleLabs, a company that designs and develops communication software, to improve the user’s video meeting experience. Additionally, in April 2019, Cisco partnered with Microsoft to work together to simplify the interoperability between Microsoft Teams Rooms and Phone System with Cisco Webex Room devices and IP voice gateways, respectively.
Microsoft is another leading player in the enterprise video market. Products offered by Microsoft in the enterprise video market include Microsoft Teams, Microsoft Stream, and Skype for Business. These products integrate seamlessly with other Microsoft tools, such as Office 365. They help organizations effortlessly synchronize their workflows from different devices and locations. Microsoft Stream offers secured uploading and sharing of business videos within teams in an organization. Microsoft Teams is an online collaboration platform with video conferencing capabilities. Microsoft is focused on adding new features and functionalities to its products. For instance, in October 2020, Microsoft added a number of features in its Teams applications, which is useful for hospitals and other healthcare organizations, including Virtual visits and Electronic Healthcare Record (EHR) integration, Teams policy packages, secure messaging, Teams templates, and care coordination and collaboration. These healthcare functionalities are part of the Microsoft Cloud for Healthcare. Also, in September 2020, Microsoft updated the meeting policy settings in Teams. Two policy settings for IP audio and IP video are added in Teams meetings policies– Mode for IP audio and Mode for IP video. Users can now set incoming and outgoing IP audio and IP video in Teams meeting policies.
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