According to a new market research report published by Credence Research “Enterprise Video Market(Video Conferencing, Web Conferencing, Webcast & Webinars, Video Streaming) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”, the global enterprise video market is estimated to expand with a CAGR of 11.2% from 2016 to 2023.
Enterprise video solutions are different audio/video communication techniques designed for collaboration that enable one-way and two-way communication. In the past several years, enterprise video solutions have witnessed exponential growth among the corporate enterprises as well as personal use. Due to rising competition amidst the businesses worldwide, the organizations seek reliable and scalable communication solutions so as to accelerate decision making and other processes. As a result, different video solutions such as video conferencing, webcasting, web conferencing and video streaming have evolved over the period of time.
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The enterprise video solutions market is highly driven by the rising adoption of advanced video solutions by the corporate enterprises across different sectors. Business organizations have worldwide locations making it difficult for the individuals to coordinate and communicate among themselves. Enterprise video solutions such as video conferencing enables two-way communication among the people irrespective of their location. This largely helps in saving overheads and time required for travelling. Another major factor propelling the market growth is the rise in adoption of internet services and communication technology. In various developed countries, internet infrastructure is highly developed enabling effective and reliable collaboration.
Video solutions are available both; on-premise set-up as well as cloud-based. With the rising shift towards BYOD (bring your own device) concept, business enterprises are increasingly turning towards cloud-based video solutions. This helps the enterprise communicate with their employees irrespective of their location. As a result, the market is witnessing a paradigm shift towards cloud-based solutions due to their low costs as compared to the on-premise deployment.
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The global enterprise video market is highly competitive in nature with market players focusing on establishing presence across different modes of communication. The enterprise video market is highly technology driven making the overall market competitive in nature. Companies focus on providing cloud-based solutions with better scalability in order to maintain their competitive edge in the market. Major companies dominating the market include Alcatel–Lucent, Cisco Systems, Inc., IBM Corporation, Avaya, Inc., Huawei Technologies Co., Ltd., Polycom, Inc. and Verizon Communications, Inc. among others.
Due to rising advancement in the video formats and communication technologies, consumers now demand high-definition video collaboration with better scalability. Simultaneously, due to presence of significant number of players in the market competitive pricing too becomes a concern for the market players. Thus, most of these players focus on offering viable, scalable and cost-effective solutions in order to sustain in the market.
- Shift towards cloud-based enterprise video solutions
- Providing application specific video solutions for enterprises
- Introduction of high quality enterprise video solutions comprising HD video service