Digital transformation, consulting and business re-engineering services and solutions provider Tech Mahindra is setting up a new ‘Video Integration and Engineering’ (VIE) business unit to leverage cutting-edge technology and solutions to cater to the heavy demand of video services in the 5G ecosystem.
With video forecast to account for 90 per cent of all 5G traffic mainly on account of mobile video and Over The Top (OTT) streaming services. 5G is expected to grow the global mobile media market over cellular networks from $170 billion in 2018 to $420 billion in 2028 ($124bn in the US), a CAGR of 9.8 per cent over 10 years.
Consumer spend for video, music, and games on mobile will nearly double by 2028 to reach almost $150 billion globally ($29bn in the US). With this investment, Tech Mahindra aims to address the growing demand for content across new age media to deliver an immersive customer experience.
With the establishment of the new VIE platform, Tech Mahindra aims to improve its strategic position with several video distribution companies in the United States of America. This will help Tech Mahindra in exploring emerging technologies to offer cutting-edge video solutions in the 5G market space.
“The 5G revolution will unlock unprecedented opportunities in every industry vertical,” suggested CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra. “The strategic establishment of a Video Integration and Engineering (VIE) platform – will help us increase our expertise in developing niche applications and services as well as cater to the exponentially growing digital video services market. The Video Engineering platform is in line with Tech Mahindra’s strategy to implement TechMNxt – the Global programme designed by pre-empting and anticipating our customer’s evolving and dynamic needs.”
“As part of our TechMNxt charter focusing on next gen technologies like 5G – Network of the Future, we plan to enhance our expertise in Video Integration and Engineering to amplify our digital solution offering by enabling production, integration and distribution of video content over next gen networks,” explained Manish Vyas, President, Communications, Media & Entertainment Business, and the CEO, Network Services. “Our endeavour is to speed up the digital transformation of video for our clients and help reduce the costs and open up other revenue generation avenues for our clients and partners.”
In order to propel the growing network services portfolio, Tech Mahindra also announced the induction of Naveen Kadiyala as the Global Head of the newly-established unit.
“I feel extremely honoured to have been given the opportunity to head the VIE unit and to lead Tech Mahindra’s journey in the Cable and Video Integration space,” commented Kadiyala. “I hope that my earlier experience as the CEO of Nuovo Solutions will help me in this new role and enable Tech Mahindra to produce innovative digital video products and services to meet the ever growing and changing market needs.”
As part of the TechMNxt charter, Tech Mahindra has a deep focus on 5G technology and is currently engaged with multiple service providers globally on their network transformation journey.