Big Gains Ahead for Conferencing, Video PaaS
Conferencing as a whole probably wouldn't be anywhere near the market it is right now if it weren't for the video communications platform as a service (PaaS) market. Without video PaaS, much of conferencing might well be restricted to audio, or require some kind of proprietary solution to provide the video. A new report from Persistence Market Research suggests the market for video PaaS worldwide is set to make some big gains.
While the numbers aren't quite all in yet, current estimates suggest that the video PaaS market will be worth $97.67 million by the end of 2016. This may not sound like much against some key markets out there that easily measure into the billions, but don't count this market—the foundation of conferencing among others—out lightly. Current reports suggest a compound annual growth rate (CAGR) of 39.2 percent to follow through 2024, and even here, there will be some parts of the market that see even larger growth.
The private cloud deployment breed of video PaaS, for example, is set to land a market value share of 57.4 percent by the end of 2016. Public cloud deployment is projected anywhere between 41.1 and 41.3 percent through 2024, meanwhile. Additionally, the broadcast video communications segment is looking at a big CAGR in its own right, with 41.4 percent projected, and the education use segment is expected to gain big, though the exact number is unclear as yet. Projections put it anywhere between 41.7 and 48.5 percent growth.
Geographically, the clear winner is North America, with a whopping 85.4 percent value share of the global video PaaS market in 2016. It won't stop there, either, as it's projected to hold the top slot all the way through 2024, with Europe only accounting for 5.2 percent share.
As more applications for conferencing and video PaaS are found—and already many of these are becoming clearer like the growth of conferencing found in telemedicine applications, or in connecting educational facilities together—the demand for the tools required to run these systems will only increase as well. That makes the growth projections seen in this report particularly rational—the more uses, the more growth—and suggests that there could be a big market to come in this field. This suggestion may prove a self-fulfilling prophecy; as more demand emerges, more firms will get into the market, developing more products and pushing more growth.
Big growth could be ahead in the video PaaS and conferencing fields, thanks to rapidly increasing uses and users alike. It may not be quite this pronounced of growth, but in the end, growth is still fairly likely to happen.
Edited by Stefania Viscusi