Video increases the adaptability and acceptability of the product/service offered by the marketer. The viewer will be able to ’feel’ the product through video only (as there is a lack of physical interaction between the buyer and seller in online marketing).
Video marketing world-over is increasing beyond leaps and bounds. It is evident from the fact that all digital marketers give the video of their offering and in some of the cases there are at least some images of the offer. Video is longer in duration and can answer many doubts/questions that the viewer might get while going through the product.
Television is no doubt the starter for the video marketing. This medium showed the marketers how to promote their products through videos.Naturally over the period, as the cost of advertisement on TV increased and the commercial ad space is coming down, the marketers are finding video marketing as an alternative and attractive source for promotion of their products/services.
As per the initial estimates, the global enterprise video market is expected to grow at a CAGR of 16.7%from 2015 to 2020. The industry is expected to be to the tune of USD 36.84 Billion by 2020. In view of the traction that video marketing has gained, these initial estimates are bound to go for an upward revision.
The market potential for this industry can be estimated on the basis of 1) delivery modes, 2) applications, 3) verticals & 4) geography. A quick look at the projected growth can be seen from the following few instances:
• Automatic content recognition (ACR) – expected to grow from USD 0.94 billion (2016) to USD 3.57 billion (2021) i.e., a CAGR of 30.6%.
• IoT security market – is expected to grow from USD 7.9 Billion (2016) to USD 36.95 Billion (2021) i.e., at a CAGR of 36.1%
• Cloud service brokerage and enablement market – expected to grow from USD 7.44 Billion (2016) to USD 26.71 billion (2021) i.e., a CAGR of 29.1%
• WCM market – estimated to growth from USD 3.89 Billion (2016) to USD 8.25 billion (2021) i.e., a CAGR of 16.2%