Video Communication Platform as a Service (PaaS) Market

Currently, the global market for video communication platforms as a service is worth US$4.3 billion. By the end of the decade, according to this market study by Persistence Market Research, the valuation will have tripled. The environment is anticipated to undergo significant change and to grow at an astounding CAGR of 48%. A little over 35% of the global market share is accounted for by the North American continent.

New Trends in Video Communication Platform as a Service (PaaS)
Video conferencing has become a crucial aspect for all businesses in this pandemic era. As work from home has becomes the norm, the need for video conferencing and other video services for enterprises is only expected to increase.

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VooV Meeting by Tencent Cloud recently announced the addition of new features to make the video conferencing experience easier and efficient. The platform can now be accessed through web browsers, which gives users the flexibility to use it from any device without having to install the application.

The VooV Meeting platform has gained popularity due to its high quality, and reliable and secure functions, which allow the users to utilize its full potential with ease.

Zoom has emerged as one of the major video conferencing platforms in just the span of one year of the pandemic. It is dubbed to be one of the major success stories of the COVID-19 pandemic. Zoom has now moved on and achieved its milestone of first billion-dollar acquisition by acquiring Five9 for a sum of US$ 14.7 Bn. Five9 is a cloud contact center software company, and this will help Zoom enhance its presence in enterprise clients.

With increasing popularity of platforms such as VooV and Zoom, we are expecting to see the video communication platform as a service market go through a major revolution over the decade.

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Market Overview
A video conference is a face-to-face visual connection between two or multiple group of people residing in separate locations, for the purpose of communication. Video conferencing market growth offers transmission of static images, text, full-motion video images, and high-quality audio between two locations.

The global video communication PaaS market is projected to register a phenomenal CAGR of 48% through 2031.

Key Market Dynamics
Factors such as increasing demand for video conferencing services in media, business, education, and healthcare; growing enterprise adoption of video communication facilities; and an increasing penetration of the internet across the globe is likely to positively impact the growth of the global video communication platform as a service market over the forecast period.

Growth of cloud integration is further fueling the revenue growth of the global market. However, rising concerns regarding data security, increasing quality issues, and lack of a proper business case for real-time communications is likely to restrict demand for video communication platform as a service over the forecast period.

Several trends are likely to govern the global video communication PaaS market over the next ten years. Rising popularity of 3D video conferencing, increasing focus on mobile video conferencing, growing adoption of browser-based video conferencing using WebRTC, and an adoption of the private cloud by service providers are some of the trends expected to impact the market during the forecast period.

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Segment Analysis
The global video communication PaaS market is segmented on the basis of deployment (public cloud and private cloud), application (video conference & collaboration, broadcasting video communication, real-time video communication, video content management, and others), and and end use (social, media & entertainment, education, healthcare, and banking & finance).

By deployment, private cloud is estimated to account for a significantly high value share of nearly 1/2 by 2031-end. Public cloud is expected to account for 3/10 value share by 2031.

The video content management segment is expected to expand at a significant CAGR over the forecast period. By end use, revenue from the education segment is expected to register a relatively high CAGR during the forecast period. The social and healthcare segments are projected to register significant CAGRs over the forecast period.

Regional Analysis
The global video communication platform as a service market is segmented into five main regions of North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America is estimated to be the largest market in terms of volume.

The market in North America is estimated to account for a significant market share of 35% of the global market by 2021-end. The APAC and Europe markets are projected to expand at impressive CAGRs of approximately 38% and 40%, respectively, over the forecast period.

Key Market Players
GENBAND, Vidyo Inc., SightCall, Twilio, Inc., TokBox, Xura, Sinch, and Agora.io are the main companies providing video communication PaaS.

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This release was published on openPR.