Global Enterprise Video Content Management Market: Snapshot
The future of the enterprise video content management market is prosperous, with the demand projected to increment at a CAGR of 10.5% during the forecast period of 2017 to 2024. Some of the key factors favoring the enterprise video content management market are: growing adoption of cloud-based content management across industries of various verticals, ubiquity of smart devices, and rising demand from the healthcare sector, wherein these tools can help in reducing the cost of care as well as can do it in real-time, which is often of great essence. On the other hand, information security continues to be the most glaring challenge for the vendors operating in the global enterprise video content management market, although SaaS and hybrid solutions are trying their best to overcome this restraint. Taking all dynamics into consideration, the global enterprise video content management market is estimated to be worth US$13,309.0 mn by the end of the forecast period, 2024, which is significantly more than its evaluated valuation of US$8,070.0 mn in 2017.
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Software Platform Emerges as Profitable Component Segment
On the basis of component type, the global enterprise video content management market has been segmented into software platform and support service. The former is currently most profitable, offering a revenue of US$5,811.3 mn in 2017, which reflected 72% of the overall demand for enterprise video content management. Going forward, the software platform segment is estimated to be worth US$9,286.6 mn by 2024 and account for 69.8% of the total demand. The demand for this particular segment is expanding at a CAGR of 9.8% during the forecast period of 2017 to 2024, and its absolute growth is large than any other segment.
Based on industry, the global enterprise video content management market has been bifurcated into media and entertainment, healthcare, retail and consumer goods, banking, financial services, and insurance (BFSI), government, IT and telecommunication, and others. Application-wise, the market has been categorized into training and development, corporate communication, and others. Currently, corporate communication is posing more demand than other application categories, with video messaging gaining strong popularity among various enterprises as it offers personal feel than the text in an email. Workers at different geographical locations can now use webcast to attend events and seminars and gain training, which not only saves time but also is cost effective.
North America and Europe Most Lucrative Regions
Region-wise, this report represents the potential of enterprise video content management market in the regions of North America, Europe, Asia Pacific except Japan (APEJ), Latin America, and the Middle East and Africa (MEA), and it also contains a dedicated chapter on the country of Japan. Among these, North America enterprise video content management market is currently most profitable, serving a demand worth of US$US$2,720.8 mn in 2017 and expanding at a CAGR of 9.6% from now until 2024. The developed countries of the U.S. and Canada have wide adoption of video communication among the blue chip companies, and this factor will push the demand from North American region up to a valuation of US$4,293.6 mn by 2024. Revenue from Europe enterprise video content management market is anticipated to increase at a CAGR of 11.3% over 2017-2022, to reach US$ 4,174.2 Mn by 2024. On the other hand, Asia Pacific except Japan has a rapidly growing communication services industry, particularly in developing countries such as China and India. This factor will pose a demand for enterprise video content management from the region of APEJ worth of US$967.5 mn between 2017 and 2024.
Microsoft Corp., IBM Corporation, Adobe Systems, Inc., MediaPlatform Inc., Kaltura Inc., Qumu, Inc., Panopto Inc., Brightcove, Inc., Sonic Foundry, Inc., and VBrick Systems Inc. are some of the key companies currently operating in the global enterprise video content management market.
Cloud-Based Content Management in Enterprise Video Content Management Market
Enterprise video content management (EVCM) is used extensively in corporate communication. Emerging trends in enterprise content management have helped corporate organizations meet the wide range of process automation challenges. In modern organizations, Enterprise video content management (EVCM) integrates customer relationship management, enterprise resource planning, and human resource management. This has also expanded the avenue for Enterprise video content management (EVCM) market.
In recent years, there has been increased focus on improving the security features through deployment of enterprise content management on cloud-based models. SaaS in particular is showing vast potential in this regard. The demand for such solutions in the EVCM market has also gained impetus on the back of cost-effective solutions. Over the years, the growth in opportunities in the market can be attributed mainly to the increasing interest of software developers to unveil platforms with numerous advanced features. The strides being made by the communication services industry is a key trend boosting the EVCM market.
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In the emerging pandemic of Covid-19, when large chunk of populations world over were working from virtual offices, the communication industry also faced several disruptive forces. There was a sudden surge of data volumes among enterprises, which put a substantial pressure on the telecom sector. This has spurred developers and providers of enterprise video content management (EVCM) solutions to make progress in capabilities to meet the sudden rise in demand.
Also, the current pandemic-led supply chain disruption has made security a precarious concern among stakeholders, as nefarious entities are making efforts to jeopardize the economic activity. The communication sector has come to become a backbone of economic development. Further, the strides made in new business processes and strategies has been creating demand for Enterprise video content management solutions. The growing demand for on-demand or live video has fueled the prospects in the enterprise video content management EVCM market.
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