As per research report “Enterprise Video Market by Component (Solutions (Webcasting, Video Content Management, Video Conferencing) and Services), Deployment Mode, Application, Delivery Technique, Vertical (BFSI, Healthcare and Life Sciences), and Region – Global Forecast to 2025″, published by MarketsandMarkets, the enterprise video market 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 and the need for connecting remote workforce, an increasing number of internet users, rising smartphone adoption, 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.
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.
Healthcare and life sciences vertical is expected to grow at the highest CAGR rate during the forecast period.
Enterprise video collaborations enable healthcare providers in the telemedicine and patient care, medical education, and healthcare administration applications to offer enhanced patient care by providing them with improved communication options. Enterprise video solutions enable face-to-face interactions between patients, healthcare teams, and family members to discuss various treatment options, located anywhere in the world. Video conferencing technology also helps with patient monitoring, consulting, and counseling. The demand for a video-based platform for telemedicine and patient care is driving the growth of enterprise video in the healthcare and life sciences vertical.
North America to have the largest market size during the forecast period.
North America is estimated to account for the largest share of the market in 2020. The region comprises developed countries such as the US and Canada and is considered the most advanced region adopting new and emerging technologies. Moreover, North American region has a wide presence of key industry players offering enterprise video solutions and services, and their financial position enables them to invest majorly in leading tools and technologies for effective business operations. MarketsandMarkets