LONDON, Sept. 30, 2015 /PRNewswire/ -- The global enterprise video market is estimated to grow from USD 16.98 billion in 2015 to USD 36.84 billion by 2020, CAGR of 16.7% from 2015 to 2020. This market is driven by the increased demand for video conferencing in various organizations across the globe.
Currently, enterprises are witnessing a growing need for video interfaces in communication, due to its ability to improve productivity and geographical outreach. A large number of organizations are using enterprise video, as it helps organizations in information conversion and also facilitate business virtualization. In the current scenario, constant expansion of companies in North America has led to the increased demand of video conferencing.
Video conferencing has eased communication across other business segments and companies, as teams located at remote locations can now communicate effectively and efficiently with the help of this technology. Considering the growing need for real-time collaboration and the virtual workplace, companies have to find ways to encourage their employees to communicate cost-effectively and collaborate across time zones and boundaries.
Enterprise video is an emerging technology and is expected to gain traction in the next 2-3 years. Among the applications, corporate communication and knowledge sharing and management are expected to remain on top due to increasing usage across the regions. Learning and development will gain traction in the coming years.
In terms of market presence, enterprise video is making significant forays in the major market around the world. MEA & LA are the markets where the technology is still in the introduction phase. APAC in particular and a few countries in APAC have been identified as a potential market for enterprise video in the coming years. North America and APAC are the prime markets witnessing the latest enterprise video along with some European countries.
Companies such as Cisco, Microsoft, Alcatel-Lucent, Hewlett-Packard, Polycom, IBM, Huwai Enterprises, and Avaya are operating in this market.
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