BFSI segment to dominate the Saudi Arabia Video as a Service Market till 2026 – TechSci Research

Increase in the investments on cloud-based video service and growing digitization is expected to drive the demand of Saudi Arabia Video as a Service market in the forecast period

According to TechSci Research report, “Saudi Arabia Video as a Service Market By Application (Corporate Communication, Training and Development, and Marketing and Client Engagement) By Cloud Deployment Mode (Public, Private, Hybrid), By Organizational Size (Small & Medium Enterprises and Large Enterprises), By End-user Industry (BFSI, IT & Telecom, Healthcare, Education, Media and Entertainment, Government, Consumer Retail, and Others), By Region, Competition Forecast & Opportunities, 2026”, The Saudi Arabia Video as a Service market is expected to grow at a steady CAGR in the forecast period. The oil industry is the major income-generating industry in Saudi Arabia and the rise in the initiatives led by the leading authorities to reduce the dependency of the economy on the oil industry and diversify the income-generating sources is expected to create lucrative opportunities for the video as a service market growth. The growing adoption of video as a service by small and medium-sized organizations is contributing to the growth of the video as a service market. With the implementation of mobile working in organizations, employees are using video conferencing and collaboration tools to increase their productivity and efficiently manage the work-life balance. The rise in the investment for the adoption of cloud-based services by the organizations to keep track of video files and can create and process the films.

The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities of Saudi Arabia imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. The rise in the adoption of video as a service by organizations for communication, collaboration, training, client engagement purpose within the organization has spurred the video as a service market growth during this period.

However, the rise in the concerns regarding privacy and security concerns may restrain the Saudi Arabia video as a service market growth in the forecast period.

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Saudi Arabia Video as a Service market is segmented into application, cloud deployment mode, organizational size, end-user industry, regional distribution, company. Based on the end-user industry, the market can be divided into BFSI, IT & telecom, healthcare, education, media and entertainment, government, consumer retail, and others. The BFSI end-user industry segment is expected to hold a major market share in the forecast period, 2022-2026. Adoption of the video as a service by the BFSI sector to transform bank branches to sales and services channels without the need to hire additional staff. With the help of video conferencing services, the enterprises can efficiently communicate between the branches located in remote locations to make announcements regarding investor relations, external communications, amongst others to streamline the workflow and increase the efficiency without bearing additional costs.

Adobe Inc., Cisco Saudi Arabia Limited, Apple Inc., NTT DATA Saudi Arabia, Microsoft Gulf FZ LLC, Huawei Tech. Investment Saudi Arabia Co. Ltd., Zoom Video Communications, Inc., Google, Inc., Amazon Web Services, LogMeIn, Inc., RingCentral, Inc., Vidyo Inc., Avaya Inc., AVI-SPL, Blue Jeans Network, and others are some of the leading players operating in Saudi Arabia Video as a Service market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.

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“Roll-out of the 5G technology and the adoption of advanced technologies such as artificial intelligence, machine learning, amongst others, by the service providers to enhance the performance of their services is expected to influence the demand of video as a service market. Development of the telecommunication infrastructure and the growing demand for high-quality cloud video services for recording, conferencing, and storage purposes is expected to boost the video as a service market growth. The ongoing initiatives like National Transformation Program, Saudi Vision 2030 which aims to digitize the major industry verticals and help to develop and adopting the advanced technical infrastructure to increase the overall efficiency is expected to propel the video as a service market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Video as a Service Market By Application (Corporate Communication, Training and Development, and Marketing and Client Engagement) By Cloud Deployment Mode (Public, Private, Hybrid), By Organizational Size (Small & Medium Enterprises and Large Enterprises), By End-user Industry (BFSI, IT & Telecom, Healthcare, Education, Media and Entertainment, Government, Consumer Retail, and Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi Arabia Video as a Service market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Video as a Service market.

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