Video Communication Platform as a Service Market 2020 Latest Trends, Investment Opportunities, Development Factors, Revenue Expectation, New Technology & Forecast 2025
Increasing demand for this service in industry, media, education, and healthcare and the rise in the cloud integration is responsible for the global Video Communication Platform as a Service (PaaS) industry growth in the coming few years.
Dallas, United States – April 29, 2021 /MarketersMedia/ —
The market size for the global video communication platform as a service (PaaS) is projected to reach USD 20.4 billion by 2028 with a CAGR of 31.3%. Video PaaS provides online, two-way, high-performance video using the first web-endpoint-centric tech solution to the API. This helps web developers work in their language, prototyping in hours, and making development run smoother.
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Platform as a Service, or PaaS, is a cloud-based service that enables businesses to build applications fast and efficiently at a speed that in-house development often can’t match. Creative agencies, consultancies, and internal IT teams can leverage PaaS to build feature-rich applications and services efficiently, accelerating the time-to-market. The Platform as a Service (PaaS) market has evolved fast, as businesses begin to look for solutions that help speed up processes and minimize costs.
Video communication platforms enable users to apply real-time communication systems including messaging, voice as well as video interactions applicable to various business operations. The deployment mode of services and solutions offered by the video communication platform market includes public cloud, private cloud as well as hybrid cloud. The utilization of video communication platform services is done by small sized, medium sized as well as large sized enterprises with an industry vertical comprising of an array of industries such as banking and finance sector, IT and Telecom, retail and eCommerce, healthcare, manufacturing, automotive and technology and others appealing vast customer population.
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There is a surge in demand for video conferencing platforms and services in educational institutes, business, media and healthcare sector particularly with international and distant workflow systems. Along with this, factors such as increasing penetration of smart gadgets coupled with internet industry advancing substantially are expected to boost the growth of the global video communication platform as a service market. Moreover, the integration of cloud technology is massively augmenting the growth of the market with the extensive adoption of cloud-based services and solutions over large-scale industries with applications on various degrees of business operations. Nonetheless, there is a rise in concerns regarding data security among the industrial end-users and increasing issues with compromised quality are some factors observed to main hinderances.
The video communication platform services offer a spectrum of applications of varied nature including broadcasting video communication coupled with video conferencing and collaboration management, real time video communication, video content management and others. The video content management application is predicted to expand at an exponential rate with maximum utilization during the forecast period. end-user industries such as social, media and entertainment and education are expected to witness a healthy growth curve of the video communication platforms services market along with a significant demand form the healthcare sector.
Globally, the video communication platform as a service (PaaS) market is spread across major regions generating significant revenue contributions such as Europe, North America, Latin America, Asia Pacific and Middle East and Africa. The market is dominant in the regions of North America with largest market share owing to prevalence of leading cloud technology companies and prevalence of customer demand emerging from highly advanced healthcare sector constantly adopting technologies for improvisation of management systems. Along with this, the video communication platform as a service market is observed to expand across Europe and Asia Pacific with high prevalence of small and medium sized enterprises.
Geographically, the global video communication platform as a service (PaaS) market is categorized into North America, Europe, South America, Asia Pacific, and the Middle East & Africa. North America is considered a mature market in the video communication platform as a service (PaaS) application, owing to the presence of technologically advanced IT infrastructure in the region. Also, Europe and the Asia Pacific are expected to see steady growth for the video networking platform as a service (PaaS) in their respective markets over the projected timespan.
The major players of the global video communication platform as a service (PaaS) market are Cisco System Inc., Avaya Inc., Applied Global Technologies LLC, Interoute Communication Limited, VBrick Systems Inc., Polycom Inc., Adobe Systems, and AVI-SPL Inc., Huawei Technologies Co Ltd., and more. The video communication platform as a service (PaaS) market is fragmented with the existence of well-known global and domestic players across the globe.
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Segment Overview of Global Video Communication Platform as a Service (PaaS) Market
Type Overview, 2019-2028 (USD Billion)
Voice Calling
Video Calling
Live Audio Streaming
Live Video Streaming
Recording
Application Overview, 2019-2028 (USD Billion)
Healthcare
Financial
Education
Field Services
Government
Others
Regional Overview, 2019-2028 (USD Billion)
North America
U.S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia-Pacific
Middle East and Africa
UAE
South Africa
Rest of Middle East and Africa
South America
Brazil
Rest of South America
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