** Published in Entrepreneur.com **
Over the last few years, there has been a significant increase in video across many verticals, one of them being, Enterprise. According to a study published on marketsandmarkets, the enterprise video market itself is projected to grow by 20.1% annually, during the period 2017–2022, from an estimated USD 16.34 Billion in 2017 to USD 40.84 Billion by 2022.
A not so obvious, but possible explanation to this increase is the fact that video is a technology that’s strategically located on the intersection between two pillars of productivity and success of any modern organization - data and user experience.
Data and Experience as Core-Competence
With the extreme pace of technology development and progress, coupled with the globalization of the business world, powered by the internet and "the cloud", there’s a fierce competition in most of the consumer markets today. This competition leads organizations to focus on their core-competence, to create their "special sauce", and attempt to disrupt the market. Nevertheless, users who live in this rapid-changing world, also become more meticulous and picky about their usage patterns and preferences.
This combination drives many organizations to focus much of their efforts on two main building blocks of their products and expertise - data and user experience.
Data is clearly the intellectual property of many enterprises. An everlasting-important process for them is to create it, carefully maintain it, while improving and fine-tuning it as much as possible. Technology around creating additional data structures from hidden sources is a big driver of the technology map in recent years, with domains like big data (unstructured data) and sensors (IoT).
The user experience, or the way this data is being presented to users, is another focus area for enterprises, and the technology continues to evolve in this domain as well. Mobile devices are advancing every year, and with every release, human-machine interaction is used more broadly with other senses being involved, while everything needs to be polished for best-of-breed experience, otherwise, it won't be consumed, inside the organization and outside of it.
Video Adoption Across Many Departments
For decades video has been used by enterprises, however, its expansion inside these organizations' use-cases, was actually parallel to the growth and focus on data and user experience.
Video has been used for marketing practically ever since it has become a common technology and with time video was used in other internal departments of the organization, for example, in employee training or communications, since the video is a medium that’s proven to be effective in learning. "Video is the new Powerpoint" is a way many C-level executives describe their new state of mind about this technology and how they want to use it in their departments.
Today we’re beginning to see more video usage in the core business’ use-cases of the organization. Video as a new type of data source. Insurance companies use videos for depositions, security companies for recording in the body or car cams, inspectors and technicians use cameras inside pipelines or mounted on drones, and other use-cases in healthcare, automotive, pharma and travel. The list goes on.
All this “never seen before” video content is now raw data that needs to be ingested and treated by the organizational structure and systems that sometimes are not adjusted to it.
Video is Here to Stay
The uniqueness of video, being right in that junction, signifies that as long as the focus on these domains continues, video will continue to evolve alongside them.
So, what can we expect to see in this interesting junction in the future for enterprises?