Northrook, IL -- (SBWire) -- 11/04/2019 --The Enterprise Video Market size expected to grow from USD 13.50 billion in 2018 to USD 19.75 billion by 2023, at a CAGR of 7.9% as per a report by MarketsandMarkets.
Enterprise videos are used for employee training & development, learning and knowledge sharing, marketing, and client engagement by enabling interaction among geographically dispersed teams of an enterprise. The use of enterprise videos not only reduces employee training costs but also improves interaction and coordination among multiple departments of enterprises, thereby leading to effective team building. These videos increase the efficiency of corporate communication through high-quality video conferencing and content sharing. With the growing need for real-time collaborations and the emergence of virtual workplaces, enterprises are deploying video conferencing and webcasting solutions to encourage their employees to communicate and coordinate cost-effectively with each other irrespective of difference in time zones and geographic boundaries.
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Why integration of AI and machine learning technology in enterprise video offering a key opportunity?
Artificial Intelligence (AI) and machine learning empower organizations to solve business challenges and simultaneously improve workforce productivity and operational efficiency. AI has various applications in enterprise video solutions. For instance, AI-enabled video solutions empower organizations with capabilities of facial recognition, object recognition, character recognition, speech recognition, and content moderation/redaction for videos for branding activities on social media platforms. Additionally, AI-empowered enterprise video solutions facilitate organizations with capabilities of multilingual translation and search and knowledge extraction from videos. AI-enabled enterprise video security systems empower organizations with enhanced security by providing notification for unrecognized persons and inter-camera tracking of movements of persons. AI integrated with enterprise video solutions offers enterprises a competitive edge over others by increasing the overall productivity of organizations through the automation of business processes.
Why complexities in using enterprise video as a UCC tool is a major challenge?
Unified Communications and Collaboration (UCC) helps in increasing cooperation, collaboration, and productivity, although organizations are unable to use enterprise video solutions as UCC tools. Due to the high costs and extensive infrastructure requirements associated with enterprise video solutions, the use of most enterprise video communication tools remains restricted to conference rooms. Some enterprise video solutions do not offer interoperability across platforms and devices, and thus users face complexities in using enterprise video solutions. Vendors therefore face numerous challenges in promoting enterprise video solutions as a tool for UCC.
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Marketing and client engagement subsegment is expected to grow at the highest CAGR during the forecast period. Organizations worldwide are adopting enterprise video solutions to enhance 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.
Technology has transformed corporate communication across the globe. There are several benefits of including video in enterprise communication strategy, including improved recruitment and engagement, increased employee morale through town hall meetings, enhanced compliance to corporate mandates and policies communicated through videos, and instant access to company's in-house experts through video conferencing. Video is the most interactive and engaging tool that helps organizations enhance communication and collaboration among various stakeholders, including customers, employees, management, and partners. Enterprises are realizing the importance of video as a helpful tool for training, communicating, and collaborating with employees.
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Enterprise Video Market Predictions 2023, Key Opportunities and Challenges
The major factors driving the enterprise video market include the growing demand for video streaming along with the need for reducing operational expenses and increasing operational efficiency among organizations.