Enterprise Video Market Could Reach $35.57 Billion by 2018
Think about the last time your company used video. It probably occurred today. It could be as commonplace as a single employee using his smartphone for a support call or as comprehensive as the CEO and her dozen local employees handling a videoconference that spreads to remote participants across the continent.
The enterprise video market is growing by leaps and bounds, and it knows no boundary with regard to industry. Healthcare, financial, education, telecommunication, and many other markets have flocked to high-quality video to keep in touch with their customers and to keep their operations running smoothly. A recent report from Transparency Market Research, “Enterprise Video Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2013 - 2019,” suggests that the market is moving quickly enough to grow from its 2013 global revenue of $11.21 billion to a possible $35.57 billion in 2018, a 25.9 percent compound annual growth rate across that five-year period.
Transparency’s latest report notes that video can help companies of all sizes increase their productivity and extend their reach between business offices and to customers. How is this possible? Well, it needs a mix of hardware and software to make the entire operation run as expected.
First, hardware such as casting devices, storage units, and recording devices work with software that helps make those processes easier. Companies can begin using videoconferencing software, for instance, in a matter of minutes by working with a cloud-based video host. From there or with on-premise software, they can harness necessary hardware to manage their recorded files and distribute live video feeds to all areas of the globe.
This leads to sharing of company information in live and recorded webcasts, conferences that can include hundreds of people, and streaming of personal client-to-customer interactions, such as meetings between a doctor and patient. A recent TMC piece regarding telehealth and cardiovascular care digs into such an example.
Businesses are getting to the point where they cannot live without video. Their daily processes, whether in individual or group form, depend on video to connect the office with the outside world. It is hardly a surprise that the market could jump several billion dollars in such a short time.
Edited by Alicia Young