The global enterprise streaming media market size is expected to reach USD 57.57 billion by 2025, expanding at a CAGR of 17.8% from 2018 to 2025, according to a new study conducted by Grand View Research, Inc. Increase in internet penetration has enabled multi-national companies (MNCs) to adopt streaming media solutions as an effective alternative tool for conducting meetings, conferences, product presentations, client interactions, and other corporate communication. Thus, facilitating content delivery with a customized and interactive approach.
Companies across varied verticals are focusing on deploying advanced enterprise streaming media solutions to communicate and deliver content to geographically dispersed workforce and strategic business units. The solutions enable companies to reduce communication costs and improve the quality of presentation and interaction. It also enables companies to develop and deliver customized training modules for their employees. Human resource teams of companies are using webcasting to offer training programs and skill development courses to employees.
Most companies are deploying enterprise streaming media solutions to improve their service delivery models and to effectively compete in the rapidly evolving business environment. Government agencies and educational institutions are also using enterprise streaming media to deliver online learning courses to students located in remote locations that lack conventional classroom-based infrastructure.
For instance, the Government of India launched SWAYAM, a free online education platform in July 2017. The platform was developed by the All India Council for Technical Education (AICTE) and the Ministry of Human Resource Development (MHRD) with the assistance of Microsoft Corporation. SWAYAM is capable of hosting approximately 80,000 hours of learning and 2,000 courses that include postgraduate, school, undergraduate, law, engineering, and other professional courses.
Further key findings from the study suggest:
- The video conferencing segment is anticipated to be the fastest-growing segment over the forecast period, owing to increasing focus of companies on deploying high-end devices to offer an immersive experience to users
- The corporate communications segment is expected to gain traction owing to increase in mobile workforce due to geographical business expansion
- The cloud segment is estimated to expand at the highest CAGR over the forecast period as it offers increased operational flexibility and rapid deployment capability to enterprises
- The BFSI segment is likely to maintain its dominance and also emerge as the fastest-growing segment over the forecast period as enterprise streaming media provides banks with enhanced branch communication capability by facilitating easy sharing of digital audio and video with customers
- Asia Pacific is poised to experience the highest CAGR from 2018 to 2025, as MNCs continue to expand their business operations and presence in the region.
- Key players operating in the enterprise streaming media market include Adobe Systems Inc.; Apple Inc.; Avaya Inc.; AVI-SPL Inc.; Cisco Systems; Haivision Systems Inc.; Microsoft Corporation, Polycom, Inc.; SAP AG, and Spirent Communications PLC.