Enterprise Video Market Size
The Business Research Company recently released a comprehensive report on the Global Enterprise Video Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The enterprise video market size has grown rapidly in recent years. It will grow from $19.72 billion in 2023 to $22.02 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to increased internet penetration, a shift to remote work, growth in video streaming services, rising demand for on-demand video content, enhanced user experience, cost reduction in video production, corporate training and communication needs, and the and the expansion of e-learning platforms.
The enterprise video market size is expected to see rapid growth in the next few years. It will grow to $34.34 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to 5G network expansion, increased adoption of hybrid work models, demand for high-quality video content, growth in virtual and augmented reality, enhanced cybersecurity measures, and the and the expansion of cloud-based video solutions. Major trends in the forecast period include increased use of AI and machine learning, rising demand for ultra-high-definition video, integration of virtual and augmented reality, a focus on enhanced video security, the proliferation of cloud-based video platforms, and greater emphasis on personalized content.
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Market Drivers and Trends:
The increasing use of Internet of Things (IoT) devices is expected to propel the growth of the data compression software market going forward. Internet of Things (IoT) devices are interconnected physical devices embedded with sensors, software, and network connectivity, enabling them to collect and exchange data, facilitating smart and automated functionalities in various applications. The number of Internet of Things (IoT) devices is growing due to advancements in data compression technology, enabling these devices to efficiently transmit and store large volumes of data. IoT devices use data compression software to optimize bandwidth usage and reduce data transmission overhead, essential for efficient communication in resource-constrained networks. For instance, in September 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 13.2 billion connections in 2022 and are expected to increase by 18% to 34.7 billion connections by 2028. Therefore, the increasing use of Internet of Things (IoT) devices is driving the growth of the data compression software market.
Major companies operating in the enterprise video market are focused on technology and analytics integration such as AI video analytics, to analyze video data and extract valuable insights for security, operations, marketing, and decision-making purposes. AI video analytics in enterprise video optimizes video content, enhances security, and provides actionable insights through advanced data analysis and machine learning algorithms. For instance, in May 2023, Claro Enterprises Solutions, a US-based telecommunications company, launched AI video analytics. The advantages of AI video analytics include enhanced security, operational efficiency, customer experience optimization, and cost savings through automated video analysis and insights. AI video analytics advancements revolutionize surveillance and security systems by employing artificial intelligence algorithms to analyze video data, enabling real-time threat detection, behavior analysis, and enhanced decision-making capabilities.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, Verizon Communications Inc., Huawei Technologies Co. Ltd., Amazon Web Services (AWS), Hewlett-Packard (HP), International Business Machines Corporation (IBM), Cisco Systems Inc., Adobe Systems Incorporated, Computer Sciences Corporation (CSC), Zoom Video Communications Inc., Citrix Systems Inc., Avaya Inc., Polycom Inc., Alcatel-Lucent SA, GoTo Technologies USA Inc., Brightcove Inc., Kaltura Inc., Lifesize Inc., BlueJeans Network Inc., JW Player, Vidyo Inc., Vbrick Systems Inc., Kollective Technology Inc., Panopto Inc., Qumu Corporation, Wistia Inc., BigMarker, Mediasite by Sonic Foundry
Enterprise Video Market 2024 Key Insights:
• The enterprise video market size is expected to see rapid growth in the next few years. It will grow to $34.34 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• Remote Work And Collaboration Driving Enterprise Video Market Growth
• AI Video Analytics Advancements In Enterprise Video Market
• North America was the largest region in the enterprise video market in 2023
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