The Enterprise Video Market size is expected to grow from USD 13.50 billion in 2018 to USD 19.75 billion by 2023, at a CAGR of 7.9% as per a report by MarketsandMarkets.
Why integration of AI and machine learning technology in enterprise video offering a key opportunity?
Artificial Intelligence (AI) and machine learning empower organizations to solve business challenges and simultaneously improve workforce productivity and operational efficiency. AI has various applications in enterprise video solutions. For instance, AI-enabled video solutions empower organizations with capabilities of facial recognition, object recognition, character recognition, speech recognition, and content moderation/redaction for videos for branding activities on social media platforms. Additionally, AI-empowered enterprise video solutions facilitate organizations with capabilities of multilingual translation and search and knowledge extraction from videos. AI-enabled enterprise video security systems empower organizations with enhanced security by providing notification for unrecognized persons and inter-camera tracking of movements of persons. AI integrated with enterprise video solutions offers enterprises a competitive edge over others by increasing the overall productivity of organizations through the automation of business processes.
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Why complexities in using enterprise video as a UCC tool is a major challenge?
Unified Communications and Collaboration (UCC) helps in increasing cooperation, collaboration, and productivity, although organizations are unable to use enterprise video solutions as UCC tools. Due to the high costs and extensive infrastructure requirements associated with enterprise video solutions, the use of most enterprise video communication tools remains restricted to conference rooms. Some enterprise video solutions do not offer interoperability across platforms and devices, and thus users face complexities in using enterprise video solutions. Vendors therefore face numerous challenges in promoting enterprise video solutions as a tool for UCC.
The major enterprise video vendors include IBM (US), Microsoft (US), Kaltura (US), Polycom (US), Cisco (US), Adobe (US), Avaya (US), Brightcove (US), Vidyo (US), VBrick Systems (US), MediaPlatform (US), Ooyala (US), Qumu Corporation (US), Panopto (US), Vidizmo (US), Amazon Web Services (US), Lifesize (US), BlueJeans Network (US), INXPO (US), RingCentral (US), Haivision (Canada), Sonic Foundry (US), Kollective Technology (US), ON24 (US), and join.me (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations and new product launches, to further expand their presence in the enterprise video market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2016 to 2018, which helped them innovate their offerings and broaden their customer base.
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