According to Persistence Market Research’s estimations, the global market for video communication platform as a service (PaaS) is worth US$ 4.3 Bn, and is expected to attain a valuation of US$ 13.3 Bn by the end of 2031, surging at a CAGR of 48% over the decade.
Several companies, namely, Vidyo, GENBAND, Sightcall, Sinch, Agro.io, Tokbox, Twilio Inc., and Xura, have emerged as the leading vendors of video communication platform as a service across the world.
These participants are focusing aggressively on the technological advancement of their products and services to meet the demand of their consumers. Over the next few years, they are expected to shift their focus towards partnerships and mergers and acquisitions in order to expand their consumer base.
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Widening Application Base of Video Communication Platform as a Service to Boost Market’s Growth
The global market for video communication PaaS is gaining remarkably from the increasing demand for this service in the business, media, education, and the healthcare sectors, rising uptake of video communication facilities in enterprises, and the augmenting penetration of the Internet, worldwide. The increase in the cloud integration is also propelling the revenue of the global market further.
However, the increasing concerns among consumers pertaining to data security, rising quality issues, and the dearth of appropriate business cases for real-time communications may restrict the growth of the global over the next few years.
Various prominent trends are expected to administer the worldwide market for video communication platform as a service in the years to come.
The augmenting popularity of 3D video conferencing, rising focus on mobile video conferencing, increasing uptake of browser-based video conferencing via WebRTC, and the surge in private cloud network by service providers are some of the key trends that are expected to influence demand for video communication PaaS during the period of the forecast, states the research study.
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Presence of Technologically Advanced IT Infrastructure to Ensure North America’s Dominance
In terms of geography, the global market for video communication PaaS registers its presence in Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
With a share of more than 35% of the overall market, North America emerged as the leading geographical segment of this market in 2021. The regional market is anticipated to retain its top spot throughout the forecast period, thanks to the presence of a technologically advanced IT infrastructure.
Amongst other regional markets, Europe and Asia Pacific are likely to report a steady surge in their respective markets for video communication platform as a service over the coming years.
Europe is expected to benefit from the presence of a large pool of players while Asia Pacific will thrive on the ample untapped potential it offers, notes the research report.
Market Segmentation:
By Deployment
- Public Cloud
- Private Cloud
By Application
- Video Conference and Collaboration
- Broadcasting Video Communication
- Real-time Video Communication
- Video Content Management
- Others
By End Use
- Social
- Media & Entertainment
- Education
- Healthcare
- Banking & Finance
By Region
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
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