by Brianna Crandall — March 27, 2015—As facilities managers have experienced in recent years, enterprises are using live and on-demand video to train their workforce, drive marketing and engagement initiatives, and create cost savings, along with a slew of other efficiencies. The fast-blurring lines between consumer and enterprise spaces, growth of BYOD (bring your own device) and remote working, and the availability of easy-to-use Webcasting tools in subscription pricing packages are driving the enterprise video Webcasting (EVW) market, according to a new report.
The new analysis from growth partnership company Frost & Sullivan finds that the market earned revenues of $242.6 million in 2014, and estimates this to reach $503.4 million by 2020. Over the course of the forecast period, enterprises are expected to purchase video Webcasting solutions both as a standalone offering and as part of a larger enterprise video platform.
By adopting EVW solutions, top executives can hold all-hands meetings and employee townhalls to communicate with globally dispersed workforces in a consistent, compelling and frequent manner, points out Frost & Sullivan. As maturing information technology (IT) departments and chief information officers have become more comfortable with the risks of streaming video within the enterprise firewall, stronger uptake of EVW solutions is expected globally.
“From a vendor perspective, self-service and cloud EVW solutions present particularly huge opportunities for growth in the market,” confirmed Frost & Sullivan digital media industry analyst Anisha Vinny. “In fact, in the next three to five years, cloud and hybrid EVW solutions will grab market share from on-premises solutions, as even the most highly regulated verticals are now comfortable with these deployment methods.”
However, the slow nature of enterprise IT sales cycles, network inadequacies, and deployment complexities will slow down market development, according to the report. The cultural reluctance to use video and cautious IT spending approach among some enterprises in certain regions will also dampen market prospects.
“As vendors from a variety of complementary markets have been releasing viable EVW solutions, market messaging and customer education initiatives to communicate the value proposition for products are paramount to success,” noted Vinny. “An emphasis on security, scalability and ease of use will be important, as these are key considerations in EVW purchase-related decisions.”
Recognizing this, the vendor community is reportedly focusing on improving the usability of EVW solutions and gearing their products towards business users instead of technical buyers. Vendors should also be developing a partner and reseller ecosystem to boost interest in EVW solutions globally, advises Frost & Sullivan.
Global Enterprise Video Webcasting Solutions Market: Ease of Use and Self-Service Webcasting are Driving Adoption is part of the F&S Digital Media Growth Partnership Service program. All studies included in F&S subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. Frost & Sullivan offers complimentary access to more information on this research upon a brief registration.
