Enterprise Video Market Is Forecasted To Reach US$ 55.5 Billion By 2034 With CAGR At A 10.2%

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Demand for Enterprise video Solutions High Due to Rising Implementation of BYOD Policies to Enhance Remote Access: Fact Report

ROCKVILLE, MD, UNITED STATES, July 10, 2024 /EINPresswire / -- The global enterprise video market is projected to reach US$ 55.5 billion by the end of 2034, up from US$ 21 billion in 2024, according to an updated industry analysis by Fact.

The market is generating lucrative opportunities for key players due to the increasing application of the BYOD (bring your own device) policy. These solutions offer employees increased flexibility to access company information remotely. Many companies adopting Bring Your Own Device (BYOD) policies foresee using enterprise video solutions for employee communication. A significant catalyst for the enterprise video market's expansion is the rising demand for on-demand video streaming for training and development across industries.

Many educational institutions utilize multimedia presentations and films to enhance the learning experience. Another contributing factor to market growth is the increasing emphasis on enhancing staff productivity and operational efficiency. Various solution providers offer advanced noise-canceling technologies.

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Key Takeaways from Market Study
Worldwide demand for enterprise video solutions is projected to rise at a 10.2% CAGR from 2024 to 2034. North America is projected to hold 25.5% of the global market share in 2024. China is a leading player in the East Asia region and is poised to account for 48.9% market share in 2024.

Based on deployment, demand for on-premise enterprise video solutions is evaluated to reach a market value of US$ 30.5 billion by 2034. The East Asia market is forecasted to generate revenue worth US$ 14.3 billion by 2034-end. The market in the United States is calculated to reach US$ 6.2 billion by 2034.

The market in South Korea is forecasted to expand at a CAGR of 11.9% through 2034. Application of enterprise video solutions for educational purposes is forecasted to increase at 11.6% CAGR through 2034.

“Growing number of educational establishments are employing multimedia presentations and videos more often to enhance learning through visual recordings of webinars and lectures, boosting demand for enterprise video solutions,” says a Fact analyst

Rapidly Increasing Demand for Enterprise Video Solutions in BFSI Sector

Enterprise video solutions are necessary for the banking, financial services, and insurance (BFSI) sector because secure, efficient communication and cooperation are critical. BFSI institutions use video technology to conduct virtual meetings, training sessions, and client consultations while adhering to regulatory requirements.

Video solutions facilitate remote work, offer excellent corporate communication, and increase customer participation through virtual banking services. The BFSI sector benefits greatly from enterprise video solutions because they enable face-to-face, real-time communication while maintaining stringent security and privacy regulations.

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Key Companies Profiled
Adobe, Inc., Google, Avaya Inc., Microsoft, Brightcove Inc., Zoom Enterprise, Cisco Systems Inc., IBM Corporation, Kaltura, Inc., Polycom, Inc. (Plantronics, Inc.), VBrick, Vidyo, Inc.

Competitive Landscape
Key players in the enterprise video industry are introducing innovative live-streaming applications to gain a competitive edge. Companies are incorporating AI and machine learning to enhance video quality, provide real-time analytics, and automate video production and editing.

For instance,
IBM Corporation offers an IBM Video Streaming platform that assists users in broadcasting various live-streamed content. The platform gives absolute control to the organizations over the content.

In February 2024, Butler Community College, situated in El Dorado, Kansas, announced its plans to offer a comprehensive solution for creating, hosting, storing, and distributing videos and media with the YuJa Enterprise Video Platform.

In January 2024, Visla, a platform for team and individual video production and editing driven by AI, announced that it had officially launched out of beta. During the beta phase, the platform attracted hundreds of thousands of users, and the business opened up all of its version 1 feature sets to all users.

More Valuable Insights on Offer
Fact, in its new offering, presents an unbiased analysis of the enterprise video market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on solution (enterprise video conferencing, enterprise video content management, enterprise video webcasting), service (integration & deployment, managed services, professional services), deployment (cloud-based enterprise video deployment, on-premise enterprise video deployment), application (enterprise video downloading/ traditional streaming, enterprise video adaptive streaming, enterprise video progressive downloading), organization size (enterprise video in large enterprises, enterprise video in small & medium enterprise), and end use (IT & telecom, healthcare & life sciences, media & entertainment, education, retail & consumer goods, banking, financial services, & insurance), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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