by Video PaaS (Platform as a Service) is a cloud computing model for delivering video capabilities over the internet on a subscription basis. Video PaaS allows easy integration of video into web and mobile applications. It enables features such as video streaming, video transcoding and encoding, live and on-demand delivery of video content, and analytics of video engagement. Video PaaS streamlines workflows and reduces infrastructure costs. Video PaaS is used in various applications such as video communication, video on demand, video marketing, and live video streaming.
The global Video PaaS Market is estimated to be valued at US$340.89 million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growth of video content on demand is expected to drive the growth of the video PaaS market over the forecast period. The increasing adoption of video streaming services by consumers has led to surge in video content being produced. As per Cisco, global consumer internet video traffic will be 80% of all consumer internet traffic by 2022, up from 73% in 2017. Video PaaS facilitates easy production and delivery of on-demand video content to viewers. It enables content publishers and OTT platforms to focus on content creation while Video PaaS providers handle critical tasks such as video encoding, storage, content protection, delivery and monetization. Thus, the increasing demand for video on-demand content will boost the need for video PaaS solutions to manage and deliver this content efficiently.
Moreover, increasing mobile video consumption is also expected to propel the market growth. According to Sandvine’s 2019 Global Internet Phenomena Report, 85% of internet video traffic in North America and Europe is used for streaming services like YouTube, Netflix, and Amazon Prime Video on mobile devices. Mobile phones have emerged as the top screen for video content consumption due to factors such as growing availability of high-speed internet, increasing adoption of smartphones, and advancement in mobile playback technologies. Video PaaS enables optimization and delivery of videos based on device capabilities and network conditions to ensure seamless video playback on mobile phones and tablets. This addresses hurdles in mobile video viewing and improves user experience, thereby driving adoption of video PaaS solutions.
Segment Analysis
The video PaaS market is dominated by the video calling and video conferencing sub segment. This sub segment holds more than 45% share of the overall video PaaS market. The high demand for work from home and online collaboration tools due to pandemic has accelerated the growth of video calling and conferencing sub segment. Various industries like healthcare, education and BFSI are using video calling tools for telehealth consultations, online classes and customer interactions, driving the growth of this sub segment.
PEST Analysis
Political: Governments across countries have imposed work from home policies and social distancing norms during the pandemic which accelerated the demand for online collaboration tools. This positive regulatory environment encourages investments in video PaaS platforms.
Economic: The global recession during pandemic reduced IT budgets of companies initially but as economies are recovering, companies are allocating more budgets for digital transformation and cloud services. This will boost spending on video PaaS platforms.
Social: Changes in consumer behaviour and preferences during pandemic like preferring virtual interactions over physical meetings increased the adoption of video communication tools. This changing social trend increased the relevance of video PaaS platforms.
Technological: Emerging technologies like edge computing, 5G and AI driven solutions are making video communications more seamless, efficient and personalized. Video PaaS platforms are integrating these technologies to offer enhanced user experience and functionalities.
Key Takeaways
TheGlobal Video Paas Market Trend is expected to witness high growth. The global Video PaaS Market is estimated to be valued at US$340.89 million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
North America region currently holds the largest share of more than 35% of global video PaaS market owing to advanced IT infrastructure and presence of key players in the region. Asia Pacific region is expected to witness the fastest growth during the forecast period owing to increasing investments by international players in countries like India and China for tapping opportunities in the emerging digital economies of Asia.
Key players related content comprises: Key players operating in the video PaaS market are Vidyo, Sightcall, Sinch, GENBAND, Twilio Inc., TokBox, Agro.io, and Xura. Vidyo offers video engagement platform for real-time communications. Sightcall provides cloud-based video platform for field service. Sinch develops cloud communications platform integrating voice, video, SMS, authentication and other functionalities. GENBAND provides solutions for real-time communications and collaboration. Twilio offers programmable communications solutions over voice, SMS, chat and video through their cloud platform. TokBox delivers real-time communication SDKs and APIs for video, voice and data. Agro.io builds applications for field service and industrial IoT on Android and iOS using augmented reality. Xura develops a cloud-based platform for enabling unified communications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
