NEW YORK — The market value for enterprise video in North America exceeded $3.8 billion in 2013 and is expected to reach $13 billion in 2018 with a compound annual growth rate (CAGR) of 27.7%, according to a new research report.
The constant expansion of companies across the globe has led to the increase in demand for enterprise video, according to MicroMarket Monitor, a provider of research for various market sectors. Additional factors fueling increased demand include the application of enterprise video in areas such as corporate communication, learning and development, security and life safety, and knowledge sharing and management.
There is a high demand for enterprise video especially in North America due to increasing importance of public security and protection of business intelligence in various organizations, according to the research firm. The advent of cloud-based surveillance has augmented the scope of video surveillance in enterprise and government bodies.
Globally, the research firm projected the enterprise video market to have crossed $11.21 billion in 2013 and is expected to reach $35.57 billion in 2018 with a CAGR of 25.97%.