In March 2017, Vbrick partnered with industry analysts Frost & Sullivan to develop a white paper, “Live Video Streaming: The Next BYOD for the Enterprise,” analyzing the burgeoning enterprise video market opportunity – its estimated size, market drivers, applications and the changing nature of the workforce further heralding its broad adoption. The following blog is one of four excerpts – the complete white paper can be downloaded here and the webcast recording can be viewed here.
Live Video Streaming Crashes the Enterprise Video Party
Live streaming seems to be all over the news these days. From Facebook Live to YouTube Live, all it takes now is a smartphone to broadcast a live message to the world. Like smartphones before it, live streaming is the latest consumer technology making its way into the workplace –whether the workplace is ready or not – and it’s the early, colorful examples that are making headlines. Business leaders – from the CEO to Marketing and from IT to Network Operations – are beginning to realize live video streaming’s power to dramatically impact brand, reputation and mission-critical applications and network infrastructure.
In this white paper, we’ll take a look at trends already in play that show how live streaming video changes the workplace, and what successful companies are doing to embrace its potential to galvanize employee commitment and to inspire global workforces with a common shared culture and purpose.
Growth of Enterprise Video Streaming
Before the live streaming boom, the enterprise video streaming train was already rolling, with growing adoption in enterprises of all sizes across the world. Before enterprise streaming video, corporate communications were marked with a certain sameness. Mostly static and bland in nature, they lacked originality and despite best efforts, offered limited scope for innovation and engagement. Video, multifaceted in its nature, adds a personal dimension and a much needed touch of authenticity to everyday enterprise communications.
Video has allowed employees to infuse their own particular brand of distinction to engage and captivate their audiences through interesting and interactive presentation formats. With changing workplace dynamics, the growing number of millennials in the workforce, and the increasing instances of telecommuting, the importance of such engagement to attract, train and retain talent cannot be overstated.
Enterprise video enables large companies, where employees are distributed across multiple geographies and time zones, to truly function as global organizations that work and communicate seamlessly. Enterprise video platforms are employed to conduct all-hands meetings and CEO town halls, make recruitment and on boarding processes more effective, facilitate knowledge management, drive continuous learning opportunities, deliver compliance and sales training and power enterprise-wide exchange of ideas. Overwhelmingly, video is also the preferred means of communication with external stakeholders such as suppliers, partners, shareholders, as well as existing and prospective customers, driving digital marketing efforts and investor relations.
As a consequence, video has become the fastest growing content type within the enterprise, with a typical employee watching over eight hours of work-related video content per month. Frost & Sullivan research also routinely finds that large enterprises produce more video than media and entertainment organizations. For instance, a global fast moving consumer goods (FMCG) company we studied produced well over 25,000 hours of video in 2015. During the same time period, all of Hollywood combined, released 300 titles amounting to total of between 600 and 900 hours of video. This also validates Cisco’s 2016 Visual Networking Index which finds that the increased adoption of advanced video communications by enterprises is expected to cause business IP traffic to double between 2015 and 2020.
This phenomenal growth in enterprise video is driven by the adoption of both live and on-demand, by SMBs and large enterprises alike. These organizations are looking to better communicate, collaborate, educate and sell while shortening time-to-market, driving down costs, enhancing customer service, improving brand recognition, and growing the top-line. Inside these organizations, enterprise video usage is fueled not only from corporate communications, HR, sales and learning and development teams that leverage Enterprise Video Platforms (EVPs) to create and distribute content to internal stakeholders. Video is also utilized by marketers and PR teams to fuel the web properties of such enterprises, increase brand awareness through public relations campaigns, educate the target market through webinars, and to aid the sales process through product videos. Every multinational company and an increasing number of SMBs have reorganized their IT priorities to include enterprise video. Not surprisingly, the market for enterprise video platforms is growing at an impressive CAGR of close to 20% through to 2023.
Recognizing the enterprise video opportunity and its potential over the next decade, online video platform companies, which were historically focused on media and entertainment clients, are increasingly exploring the enterprise opportunity. According to Frost & Sullivan’s analysis, the total addressable market for enterprise video solutions in 2016 counting publicly listed enterprises as well as SMBs stands at a whipping 13.98 billion USD. That’s only a meager 2.4% of the total market currently being served, is an indicator of the tremendous potential of the enterprise video market in the years to come.
As video in the context of the enterprise is fast gaining popularity, enterprise video solutions, in some form, have become a table-stakes requirement and IT departments are getting better at measuring the quantitative and qualitative return on investment (ROI) realized from solution deployments. Enterprise video initiatives continue to prove their worth and are increasingly a prominent reason behind improving productivity, driving cost and time savings, and creating a more agile and engage workforce.
In this paper, we will examine the reasons behind the continuous and rapid growth of enterprise video and how the live video streaming boom will significantly accelerate its growth. We will also discuss the value of an enterprise-wide video strategy and the critical role of an end-to-end enterprise video platform for harnessing video’s potential and avoiding its often unanticipated pitfalls.
Read more, download the white paper here and view the webcast recording here.