While we are all well-aware and adroit at using social media and video sharing platforms like YouTube and Vimeo, the world is still getting used to utilising platforms like Skype and Zoom. These efforts were further exacerbated in the wake of COVID-19 as the world resorted to such methods to continue with business, education and a myriad of other things. Now, it is time for the next frontier: enterprise video platforms. What are enterprise video platforms and what is the enterprise video market going to be like once it takes off? Well, lets start with the definitions.
An enterprise video platform might be dubbed ‘Skype geared for business enterprise’. In simple words, it’s a videoconferencing platform that is enterprise-specific, like Intel’s vPro systems or Microsoft Teams, these videoconferencing substitutes are geared and equipped for corporations, making them a little unintuitive and heavy for household, education or casual use.
Why, you might ask, did the need arise for such enterprise video platforms? Can’t businesses make do with Skype or Microsoft Teams? Well, no. Again, much like vPro laptops and desktops, businesses and enterprises could have made do with regular laptops, but there are specific requirements posted by the community that merits the use of such enterprise-oriented software and hardware.
For one, security matters the most in these settings. While basic videoconferencing platforms may provide a rudimentary security setup, businesses need more than that, as they are more vulnerable to hackers and malware attacks than normal households. Platforms like Brightcove provide security and other options geared towards business and enterprise needs, thereby setting themselves apart from the usual run-of-the-mill videoconferencing software.
Corporate communication was the largest application segment of enterprise video solutions in 2014. Video messaging has been gaining popularity among the various enterprise levels since it offers more amiable feel than that of a block of text in an email. Webcasts allow workers to join events and seminar irrespective of their location.
Moreover, workers training can also be given more efficiently with video streaming. It facilitates time and cost saving for the enterprise. From supplier perspective, the increasing use of cloud-based services is opening new growth opportunities for the enterprise video market. Cloud and hybrid-based solutions is expected to grasp considerable market, particularly from on-premises enterprise video solutions during the forecast period.
Enterprise Video- is it in?
Unlike other conventional and mainstream platforms, enterprise video platforms have a long way to go, despite having shown promise when it comes to exposure and revenue generated. More and more companies are only now beginning to understand the benefits enterprise video platforms have and are making the switch from conventional platforms. Since their utility lies in business and enterprise settings, therefore a mainstream usage by households and educational facilities is off the books for now. As of now and in the near future, enterprise video services, as the name implies, will be limited only to business applications.
Enterprise Video Market: The Projections, the Way Ahead
In 2019, the enterprise video market was estimated at $14.98 billion and projections predict a solid growth, up to $15.68 billion by the end of 2020. That is solid, stable growth for a platform that is still in its nascent stages and has got many software developers around the world scrambling for a piece of the pie. The market is favourable for new entrants and has shown a lot of potential for growth at explosive rates. Rates are explosive indeed: at 11.6 per cent of annual compound growth rate, by 2027, the market will be pulling in an approximate $33.72 billion.
That is phenomenal growth in itself and with more and more establishments seeking viable solutions for employees working from home or remote-working (after the 2019 pandemic showed the world the potential in videoconferencing for business and enterprises setups). As this trend grows, so will the enterprise video market will grow exponentially, making early birds a lot of money and creating a lot of revenue for the overall videoconferencing industry itself.
Why Enterprise Video Solutions?
Organisations are using enterprise video market solutions for applications such as video conferencing and live streaming. One of the major advantages of video conferencing is the cost reduction and saving of time, as in the past, it would cost considerably to travel and meet people. There would be expenses on travel, visas, accommodation, etc. enterprise video solutions are reliable and easy to use, enabling users to have face-to-face meetings and connect more frequently with people in different locations without the need to travel.
Moreover, enterprise videoconferencing is scalable. As businesses grow, organisations no longer need to consider building or renting larger conference rooms. Thus, enterprise videoconferencing helps lower the operational expenses of businesses. Effective collaboration becomes difficult as the size of an organisation increases. Such digital conferencing enables the workforce to engage and interact with each other in real-time and participants can tackle problems and discuss new ideas at the same time, instead of having to interact back and forth through emails and phone calls. As a result, projects can be completed smoothly and participants can be more in sync with each other. This has a positive impact on the operational efficiency of organisations.
Why the enterprise video market will continue to grow
- Organisations are using video solutions to improve collaboration between internal and external stakeholders, maximise customer engagement, and enrich career development. Enterprise video solutions have also emerged as a very critical element of a company’s content marketing strategy, for both internal and external operations.
- Streaming media players have reported whopping growths in content volumes and a steep rise in active users over the last five years. Enterprise videoconferencing remains the most popular and most impactful segment in this market, as it allows enterprises to consistently, efficiently and quickly broadcast, enable messaging, provide training to employees and contractors, and facilitate collaboration.
- In the Consumer Electronics Show (2019), conducted at Las Vegas, Amazon announced that its streaming platform’s active users have reached 30 million while Roku active users are clocked at 27 million.
Enterprise Video Market Players
- IBM Corporation
- Cisco Systems
- Amazon Web Services
- Media platform
- Vbrick Systems