The “Global Video PaaS Market, by Deployment Type (Public Cloud, and Private Cloud), by Application (Video Conferencing, Video Collaboration, Broadcasting Video Communication, Real Time Video Monitoring, Video Content Management, and Others (enterprise and developer-based services)), by End-use(Social, Media & Entertainment, Education, Healthcare, and Banking & Finance) and by Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Forecast to 2027”, was valued at US$ 3,09,130 million in 2019, witnessing a CAGR of 43% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Video platform as a service (PaaS) is a cloud-based delivery model that enables users to avail real-time communication capabilities such as video, voice, and messaging to business application program interfaces. Video PaaS provides different types of services and tools that are required to embed real-time communication capabilities into web-based applications. Moreover, it can develop real-time communications applications, business processes or mobile apps. Systems integrators (SIs), independent software vendors (ISVs), and service providers can leverage a PaaS, in order to boost time-to-market for communications-rich services and applications. It can also be used by IT organizations for customer-facing applications or to communications enable business processes that are cost-effectively and quick to access.
The global Video PaaS market was estimated to account for US$ 3,09,130 Mn in terms of value by the end of 2019
Increasing use of video communication by enterprises is expected to drive growth of the global video PaaS market during the forecast period
In order to leverage power of video communication, companies are focused on adopting standalone enterprise video portals. Enterprise video has received significant traction in the recent past, owing to increasing use of video services and technologies among different types of enterprises. Moreover, increasing adoption of cloud combined with growing collaborative techniques for content delivery, advancements in technology associated with healthcare and medical industry, and high growth in smart education techniques are expected to support growth of the global video PaaS market over the forecast period. According to Coherent Market Insights’ analysis, Asia Pacific enterprise video market is expected to register a CAGR of 10.4% during the forecast period. Furthermore, North America region accounted for a significantly high market share and is anticipated to grow with 13.1% CAGR during the forecast period. This is owing to increasing demand for video solutions from emerging and developed countries.
Cost-effective benefits similar to premise-based video solutions is expected to provide significant business opportunity growth over the forecast period
Video communications platform-as-a-service is a high-end method to build real-time video communications applications. Video PaaS allows developers to set up real-time video in websites, business processes or mobile apps by using cloud economies. Thus, video PaaS requires significantly lower cost as compared to premises-based video solutions and services. Moreover, there are no upfront hardware or software costs, no contracts or commitments, and no subscription charges, thus developers can set up real-time video in websites, mobile apps or business processes. Video PaaS payment is based on micro-billing, which is tied to actual usage; thus making Video PaaS cost-effective as compared to premises-based video solutions. Therefore, these factors are expected to pose major growth opportunities for market players over the forecast period.
Lack of business vision for real-time communication is expected to restrain growth of the global video PaaS market over the forecast period
Many industries are reluctant to adopt video PaaS solutions due to many reasons such as lack of vision or incentive to incorporate real-time video into their applications and workflow. For instance, the large U.S. banks and insurance companies are not eager to implement widespread video banking and video claims submission. This indicates lack of competitive forcing factors and absence of government regulations incentivizing digital initiatives such as video banking. This plays major a role in video PaaS investments and vendor strategies. Hence, these factors are expected to hinder the global video PaaS market during the forecast period.
Currently, organizations are preferring browser-based video conferencing with the help of WebRTC. The browser-based video conferencing can complement the existing technologies, especially when the cloud allows it to compete with and replace low-quality web conferencing. Furthermore, WebRTC is more secure technique for organizations if they wish to add external users to their video conference meetings. As a result of this, many UC vendors and enterprise software developers have started embedding WebRTC into their product portfolio.
In any industry, mobility is considered as the major attribute of communication. Increasing trend of mobility in the current era has increased the demand for mobile video conferencing from all types of enterprises, business, and individuals. Moreover, mobility in video conferencing offers better growth opportunities for cloud PaaS vendors in the form of revenue. Mobile video conferencing needs customers to invest in mobile device management (MDM), better data plans, and mobile access management (MAM) for facilitating security, assignments, and maintenance.
Key players operating in the global video PaaS market are Vidyo, Sightcall, Sinch, GENBAND, Twilio, Inc., TokBox, Agro.io, and Xura.