New York, NY -- (SBWIRE) -- 10/25/2017 -- 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 offers transmission of static images, text, full-motion video images, and high-quality audio between two locations. The global video communication Platform as a Service (PaaS) market is projected to register a CAGR of 39.2% in terms of value during the forecast period.
Persistence Market Research delivers in-depth research and insights on the global video communication Platform as a Service (PaaS) market in a new report titled, "Video PaaS Market: Global Industry Analysis and Forecast, 2016–2024". According to the report, the global video communication Platform as a Service (PaaS) market is estimated to be valued at US$ 97.67 Mn by 2016 end. Persistence Market Research analyzes the various factors and trends impacting this growth over the forecasted eight-year period (2016-2024).
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Video Communication Platform as a Service (Video PaaS) is a cloud-based platform that enables developers to add real-time video communication features in their applications without any requirement to build backend infrastructure and interfaces. The PaaS offers all kinds of services and tools needed to embed real-time communication capabilities into web-based applications or to develop real-time communication applications, business processes, or mobile apps.
Key market dynamics
Demand for video conferencing and collaboration, which is increasingly used in a wide range of applications and industries such as such as media, business, education, and healthcare is increasing significantly. Video PaaS products are gaining traction in terms of application in the telehealth, media and entertainment, education, and banking and finance sectors. This is expected to bolster the growth of the global video communication Platform as a Service (PaaS) market. Growth of cloud integration is further fueling the revenue growth of the global video communication Platform as a Service (PaaS) 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 growth of the global video communication Platform as a Service (PaaS) market over the forecast period.
Several trends are likely to govern the global video communication Platform as a Service (PaaS) market in the next eight 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 global video communication Platform as a Service (PaaS) market during the forecast period.
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Market insights
The global video communication Platform as a Service (PaaS) market is segmented on the basis of Deployment Type (Public Cloud, Private Cloud); Application (Video Conference & Collaboration, Broadcasting Video Communication, Real Time Video Communication, Video Content Management, Others); End Use (Social, Media & Entertainment, Education, Healthcare, Banking & Finance); and Region (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa). The Private Cloud deployment type segment is estimated to account for a market value share of 57.4% by 2016 end. The Public Cloud segment revenue is projected to register Y-o-Y growth rates ranging from 41.1% to 41.3% over 2016–2024. The Broadcasting Video Communication application segment is anticipated to register a comparatively high CAGR of 41.4% over the forecast period. The Education end use segment revenue is expected to witness Y-o-Y growth rates ranging from 41.7% to 48.5% over 2016–2024.
By region, North America is estimated to be the dominant market in the global video communication Platform as a Service (PaaS) market accounting for 85.4% value share of the global video communication Platform as a Service (PaaS) market in 2016. North America is expected to continue to dominate the market throughout the forecast period. The market in Europe is expected to account for 5.2% share in terms of value in the global video communication Platform as a Service (PaaS) market.