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 the third excerpt – the complete white paper can be downloaded here and the recorded webcast can be viewed here.
The Modern Workplace and the Rise of the “Visual” Workforce
The modern workplace has evolved significantly thanks to three salient trends: the rapid influx of millennials into the workplace, the telecommuting workforce and the BYOD boom.
Upon a closer look at the global workforce, the traditionalists (age 65-88), characterized by their loyalty, stability and attention to detail are fast disappearing. Baby boomers (age 46-64), are rapidly reaching retirement age. Millennials or Gen-Z-ers (age 18-34) make up more than a third of the population in the U.S. Typically technologically savvy and owners of multiple mobile devices, this group overtook Generation X to form the largest segment of the country’s workforce, according to a study from Pew Research. By 2025, Frost & Sullivan expects that the millennials will form more than 75% of the American workforce.
The Bring Your Own Device (BYOD) phenomenon is here to stay and continues to evolve. Overwhelming numbers of IT decision-makers and managers believe that they would be at a competitive disadvantage if they failed to embrace the BYOD trend. According to Cisco, 90% of employees in the U.S. are using their personal smartphones for work purposes. According to Frost & Sullivan’s research, approximately 70% of organizations in the US tolerate or embrace BYOD activity. That figure is expected to exceed to 78% by 2018. Increasingly, companies will look to save on the currently high device and plan costs by no longer providing devices to their employees, making BYOD a requirement rather than a nice-to-have. And every one of those BYOD devices holds the potential to become a live video streaming source.
Similarly, as technology continues to improve, workplace flexibility and the ability to work remote will become less of a privilege granted to a few employees and more commonplace. According to a 2015 Gallup workplace survey, the number of employees who at some point in their career worked remote has grown by 300% in the last 20 years.
These three underpinning trends are making for a striking shift in workplace dynamics creating a younger, more dispersed yet more connected, increasingly “visual” workforce. It has consequently brought video to the forefront of communication initiatives. According to a vendor survey, 44% of executives somewhat or strongly agree that video is going to be the de facto form of communication in their organization for the next five years. In order to be technologically ready and future-proofed to meet the needs of the workplace of tomorrow, solutions that power video communications while managing, curating and protecting these video assets in which the organizations’ branded intellectual property resides will no longer be a luxury but a staple, must-have tool in the arsenal of leadership, management, employees and other corporate communicators.
The growing use of live streaming video further fuels these trends, creating new and unique challenges not encountered when using traditional recorded videos, video conferencing and web conferencing. Live video streaming can dramatically impact the finite bandwidth available on corporate networks, with a worst-case scenario of thousands of employees each trying to pull down their own stream at the same time.
Employee engagement is one of the core priorities of C-suite executives. According to Frost & Sullivan’s demand analysis, younger employees view the traditional document-driven, newsletter model of corporate communications as “too drab” and “almost seeming mass-produced.” Simultaneously, the lines between the consumer and enterprise spaces are fast blurring. Video is a very integral part of the average employee’s parallel life outside of work. According to the latest numbers, 300 hours of video are uploaded to YouTube every minute and over 3.25 billion hours video are being watched through the website and app every month. More than half of this video is consumed on a mobile device. This trend has percolated into the enterprise, and high quality video that is available anytime, anywhere and on any device is coming to be expected as a means of communication and engagement. While traditional documents will continue to have their place in enterprise communications, they do take longer to compile, finalize and be approved by all parties. Also, measurement of engagement is next to impossible with a text-based document. Therefore, in order to respond more effectively to the challenges of an “attention economy,” and capture the attention of a more technology and social-media savvy workforce, employers look to video to deliver engaging content. The growth in demand for video within the enterprise is helping drive solution uptick and grow market revenues.
Read more, download the complete white paper here and watch the recorded webcast here.