A fresh commerce and business study by Transparency Market Research (TMR) has observed that as small and medium enterprises (SMEs) mushroom across the world, the vendors who are ahead of the curve in the global enterprise video content management market will continue to find vast new opportunities, especially when they are willing to expand into the emerging economies in Asia Pacific. For instance, about a year ago, Panopto partnered with Ramp to provide businesses and universities an optimized mode of streaming video to large and geographically distributed audiences. Around the same time, Qumu collaborated its video content solutions with V-Cube’s conferencing system solutions to cater to targeted audiences in Japan and rest of the Asia Pacific. The report identifies IBM Corporation, Microsoft Corp., Adobe Systems, Inc., Qumu, Inc., Kaltura Inc., Panopto Inc., Brightcove, Inc., MediaPlatform Inc., Sonic Foundry, Inc., and VBrick Systems Inc. as some of the prominent companies currently operating in the global enterprise video content management market.
As per the estimations of the TMR report, the demand for enterprise video content management, across the globe, will increment at an impressive CAGR of 10.5% during the forecast period of 2017 to 2022. By the end of the forecast period, 2022, the revenue in this market is projected to be worth US$13,309.0 mn, which is substantially up from its evaluated valuation of merely US$8,070.4 mn in 2017. In the near future, most of prominent companies are expected to adopt the latest technology pertaining to communication and lure newer customers. The report has also noted that security of confidential information is turning into a glaring issue and several market players will aim to fix this in order to consolidate their positions, primarily by focusing on hybrid and on-premises architectures to secure video data on-premises.
Based on component type, the global enterprise video content management market currently gains maximum demand for software platform, a segment that generated a revenue of US$5,811.3 mn alone in 2017, which was nearly 72% of the overall demand. This particular segment is expected to sustain its strong demand until 2022 too, when it is estimated to be worth US$9,286.6 mn, serving 69.8% of the demand as opposed to other segment of support services. Geographically, the TMR report rates North America as most lucrative region. The North America enterprise video content management market is projected to be worth US$4,293.6 mn by 2022, expanding at a CAGR of 9.6% during the forecast period of 2017 to 2022.
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Cloud-Based Video Content Management Gaining Adoption among Enterprises
Rising adoption of cloud technology, growing awareness regarding the benefits of video as a tool that can enhance communication and collaboration across enterprise on the real time, growing penetration of high-speed internet, and increasing demand for video streaming are some of the key factors augmenting the demand in the global enterprise video content management market. Almost all SaaS and hybrid vendors are offering stronger security as cloud-based platforms gain adoption. These solutions aids enterprises to improve their efficiency by enabling secure information communications, capture and manage video content, and document processing. Features such as webcam, audio recordings, creation of screen, and media publication helps the corporate organizations to access their important data from remote locations on their smartphones and tablets.
Information Security Remains Most Glaring Hindrance
On the other hand, factors such as lack of network connectivity, technical difficulties, operational difficulties pertaining to enterprise video as a unified communication and collaboration (UCC) tool, and concerns regarding security of the content are some of the challenges that are hindering the prosperity of the global enterprise video content management market. Nevertheless, growing adoption of video analytics and increasing demand for enterprise video content management in the healthcare sectors are primed to open vast new opportunities in this market.