Global Video PaaS Growing Along With Conferencing
Video communications is rapidly becoming as common as voice, and developers are integrating the technology into as many different platforms as possible. Video Communication Platform as a Service (Video PaaS) is allowing this to happen with greater ease because it doesn't require developers to build backend infrastructure and interfaces, which explains the growth Persistence Market Research (PMR) just revealed in its latest report regarding video PaaS. According to the firm, the popularity of video PaaS is growing the market share globally, but the North American dominance of 85.4 percent value share in 2016 will continue to lead for the foreseeable future. However, PMR says other regions around the world are making gains.
The report, titled “Video PaaS Market: Global Industry Analysis and Forecast, 2016–2024,” expects North America to continue to dominate the market throughout the forecast period, with Europe accounting for 5.2 percent share in terms of value, and Latin America, Asia-Pacific, and Middle East & Africa making up the rest of the market.
The growth of video PaaS is attributed to the ease in which real-time video communication can be added, which in turn allows developers and service providers to start offering better communications options. This includes conferencing, business processes, or mobile apps.
The demand for video conferencing and collaboration is driving the growth in video PaaS as industries across all sectors use the technology with hosted solution and smart mobile devices. The use of real-time video entertainment and media, business, education and healthcare has pushed developers and service providers to make it readily available without device, platform and system compatibility issues.
In the report, PMR has segmented the market in terms of deployment. It is broken down into public and private cloud along with how they are applied, such as video conferencing, collaboration, broadcasting, video communication, real-time video communication, video content management and more. End-users have also been identified as to how they use video technology in social platforms, media and entertainment, education, healthcare, banking and finance.
The biggest growth is going to be delivered from the broadcasting video communication application segment, which, according to the report, will register a very high compound annual growth rate of 41.4 percent over the entire forecast period. Similar impressive growth will also be expected from the education end use segment with a year-over-year growth rate ranging from 41.7 percent to 48.5 percent.
Looking to the future, PMR predicts the global PaaS market over the next eight years is going to be driven by mobile video conferencing, browser-based video conferencing using WebRTC, and 3D video conferencing.
Edited by Alicia Young