The overall video communication platform as a service market amounts to US$ 4.3 Bn at present. This market survey by Persistence Market Research predicts the valuation to increase 3X by the end of the decade. The landscape is expected to change drastically and expand at a stupendous CAGR of 48%. The North American region accounts for approximately 35% of the global market share.
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- Twilio, Inc.
Key Points Covered in Video Communication Platform as a Service (PaaS) Industry Survey:
- Market estimates and forecast 2021-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on video communication platform as a service (PaaS) and how to navigate
- Recommendation on key winning strategies
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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.
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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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.
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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.
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.
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.
FAQs Answered in Market Study
- How big is the video communication platform as a service (PaaS) market at present?
The global video communication platform as a service (PaaS) market is currently valued at US$ 4.3 Bn.
- What are the expected market statistics for the video communication platform as a service industry by 2031?
The market is expected to surge at an exceptional CAGR of 48% and attain a valuation of US$ 13.3 Bn by the end of 2031.
- What were the expansion metrics for the market over the past 5 years?
The industry exhibited a phenomenal CAGR of 39% from 2016-2020.
- What percentage of market share do the top 5 players hold?
Vidyo holds a market share of 38%, GENBAND has 21%, Twilio Inc. holds 15.5%, Xura has a share of 11.4%, and Sinch holds 9%.
- Which key trend is expected to shape the market for video communication PaaS?
Rising popularity of 3D video conferencing is anticipated to influence the video communication PaaS industry.
- Which nations are guiding the demand for video communication platform as a service?
The U.S., China, Japan, India, and U.K. are leading markets in terms of demand.
- What market share does the North American region hold?
North America holds a dominant share of 35% of the global market.
- At what CAGR is the U.K. market expected to progress?
The U.K. held the largest market share in the European region in 2020, and is anticipated to skyrocket at a CAGR of 52% over the next ten years.
- How lucrative is the video communication PaaS market in Japan and South Korea?
The Japanese market is expected to surge at a stellar CAGR of 52%, and the South Korean market is anticipated to rise at a CAGR of 49%.
- What is fueling the demand for video communication Platform as a Service (PaaS)?
The increasing focus on cloud integration by many enterprises and organizations is majorly influencing the video communication Platform as a Service (PaaS) industry.