Global Video Communication Platform as a Service (PaaS) Market Revenues Slated to Reach US$ 97.67 Mn by 2016 End; North America Continues to Dominate Market
Global video communication Platform as a Service market to surpass US$ 95 Mn by 2016 end. N America dominates video communication Platform as a Service market.
New York City(06 Oct 2016)
The global market for video communication platform as a service is expected to reach a value of US$ 97.67 Mn in revenues by 2016 end. During the forecast period 2016-2024, the market will register a robust CAGR of 39.2%. Education is anticipated to be a key end-user segment, whereas private cloud will remain the leading deployment type segment. North America will maintain the top market position.
Media, entertainment, and tele-health will play a key role in bolstering the demand for video communication platform as a service. Proliferating demand for video PaaS products will persist due to growing applications of video conferencing and collaboration in education, medical and healthcare, business, media, banking and finance, and other verticals. The video PaaS market is estimated to gain an additional traction due to increasing adoption of cloud integration technology.
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Mobile video conferencing is a rapidly thriving trend, which will continue to sway the market during the forecast period. Moreover, 3D video conferencing will continue experiencing augmented popularity. Browser-based video conferencing using WebRTC is also expected to witness increasing adoption globally. In addition, burgeoning penetration of private cloud technology will provide strong growth opportunities to cloud service providers.
Increasing awareness and concern about data security among consumers may however limit the adoption of video PaaS products. Issues regarding quality and standardized business case for real time video communication may pose a challenge and impede the growth of market.
Based on deployment type, private cloud segment is projected to dominate public type segment throughout the forecast period. By the end of 2016, private cloud deployment will account for around 58% of the total market value. Over the forecast period, public cloud deployment segment will witness discernible growth and represent over 30% market share.
By application, broadcasting video communication segment is estimated to be a major segment with a relatively higher CAGR of 41.4% over 2016-2024. Compared to other application segments, including video conferencing and collaboration and real time video communication, the video content management segment is projected to witness a higher CAGR through to 2024.
Based on end use, education segment will remain a dominant end use sector, attracting the maximum revenues to the global video communication PaaS market. While education segment is expected to account for nearly 38% of the overall market share, healthcare and social segments will also register significant growth rates throughout the forecast period. Other segments include media and entertainment, and banking and finance.
North America will remain a dominant market for video communication platform as a service. By 2016 end, North America market is expected to expand at a CAGR of 39.1% and account for over 85% of the global market in terms of value. Despite a higher CAGR of 40.3%, Europe will represent a relatively smaller market share of 5.2%. Asia Pacific will also register significant growth at a CAGR of 38.8% over the forecast period.
The global video communication PaaS market is operated by a few leading players, including Genband, Vidyo Inc., SightCall, Twilio, Inc., TokBox, Xura, Sinch, and Agora.io.
Long-term Outlook: The global video communication Platform as a Service (PaaS) market is projected to register a CAGR of 39.2% in terms of value by the end of the forecast period, 2016-2024.