Enterprise Video Market Accelerates at 10.2% CAGR to Reach US$ 55.5 Billion by 2034

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

ROCKVILLE, MARYLAND, UNITED STATES, June 15, 2024 /EINPresswire.com/ -- 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.MR.

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.

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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.

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.MR 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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Rising Demand for Enterprise Video Solutions: Trends in the United States and Japan

In the United States, the demand for enterprise video solutions is on the rise as companies increasingly recognize the effectiveness of video as a communication tool. Video significantly enhances communication and productivity, especially for remote work. Reliable video solutions are crucial for training, meetings, and collaboration, particularly with the growing prevalence of remote and dispersed teams. The availability of high-speed internet and advancements in video technology are making these solutions more viable and affordable for businesses of all sizes.

In Japan, many organizations are shifting from large conferencing rooms to smaller huddle rooms to maximize office space for employee engagement. This shift is driven by the advent of audiovisual (AV) technologies, enabling employees to interact virtually with remote colleagues. Medium- and large-sized corporations are outsourcing IT solutions to focus on their core competencies, a trend expected to significantly influence market growth in Japan during the forecast period. The rising costs of IT infrastructure setup and the need for mobility are driving the adoption of managed mobility services, further expanding the market.

More Valuable Insights on Offer

Fact.MR, 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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