Big and Small Video Providers Delivering Easy-to-access, High-quality, and Flawless User Experience, thus Favoring the Adoption of Video PaaS Solutions
Rockville, Jan. 21, 2024 (GLOBE NEWSWIRE) -- According to a new study by Fact.MR, a market research and competitive intelligence provider, the global Video PaaS Market is estimated at US$ 5,612.5 million in 2024 and is projected to expand at a remarkable 29.7% CAGR through 2034. The market is estimated to attain a valuation of US$ 75,557.3 million by 2034.
The market is driven by the growing popularity of 3D video conferencing, the surging adoption of browser-based video conferencing with the help of WebRTC, and the increasing focus on mobile video conferencing. Further, the increasing adoption of private cloud by many organizations and service providers is also propelling the market growth.
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Key Segments of Video PaaS Market Research Report
| By Deployment | By Distribution Channel | By Region |
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Surging applications of video PaaS in education sector and healthcare sector, especially after the coronavirus outbreak, have contributed to the deep penetration of video PaaS market players. Market players are also collaborating with other businesses working in digital transformation and digital technologies to upgrade their product offerings.
“Key players are finding significant opportunities in developed and developing countries alike. Increasing applications of video PaaS is also a contributing factor that is propelling the adoption of video PaaS by end users." says a Fact.MR analyst.
Key Takeaways from the Video PaaS Market Study
- In 2019, the video PaaS market gained a market value of US$ 3,825.2 million.
- The East Asia video PaaS industry is projected to gain a market share of 30.7% in 2024. The region is expected to generate a market value of US$ 1,723.0 million in 2024. By 2034, the region is anticipated to accumulate a market revenue of US$ 25,462.8 million, registering a CAGR of 30.9%.
- The North America video PaaS industry is anticipated to acquire a market share of 25.8% in 2024. Within this region, the United States is expected to accumulate revenue worth US$ 1,146.8 million in 2024. By 2034, the country is anticipated to gain a market value of US$ 14,461.7 million, expanding at a CAGR of 28.8%.
- By deployment, the public cloud is expected to obtain a market share of 63.1% in 2024.
- Based on application, the real-time video communication segment is projected to gain a market share of 31.4% in 2024.
Key Companies Profiled:
- Vidyo
- Sightcall
- Sinch
- GENBAND
- Twilio, Inc.
- TokBox
- Agro.io
- Xura
- Others
Competitive Landscape
Market players are entering new markets with significant growth potential to increase their revenue generation. Additionally, players are introducing cutting-edge features, such as AI-powered video analytics, augmented reality, virtual backgrounds, and real-time translation, to elevate user experience and serve the needs of certain industries.
Industry participants are further presenting flexible pricing models, freemium options, and tiered plans to serve distinct user needs and budget sizes. Developers are further offering excellent technical support and customer service to retain and boost user satisfaction.
Enghouse Vidyo launched a next-gen Virtual Health Care Platform in August 2022. The company is expanding via innovations and advancements in partnership with ViTel Net, which is a pioneer in enterprise virtual care and healthcare innovation.
Zoom unveiled in August 2022 that it is launching a new video software development kit (SDK), which is going to facilitate developers to develop desktop experiences and video-based software with native user interface design by harnessing Zoom’s HD audio, video, and interactive features.
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| Report Attribute | Details |
| Value Projection (2034) | US$ 75,557.3 Million |
| Growth Rate (2024-2034) | 29.7% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 32 Tables |
| No. of Figures | 160 Figures |
"Growing Emphasis on Digital Transformation and Increasing Enthusiasm for Online Video Content Drive the Adoption of Video Platform as a Service (PaaS) in the United States."
In 2024, the United States is expected to dominate the video PaaS market, capturing a substantial 79.2% market share with a projected value of US$ 1,146.8 million. The market is anticipated to experience significant growth, reaching a revenue of US$ 14,461.7 million by 2034, exhibiting a remarkable compound annual growth rate (CAGR) of 28.8%.
The surge in the adoption of video PaaS in the United States can be attributed to the increasing accessibility of high-speed internet, a growing population with tech-savvy tendencies, and a heightened focus on digitalization, particularly in areas such as video conferencing, e-learning, and OTT video streaming.
Explore More Related Studies Published by Fact.MR Research:
Network Video Recorder (NVR) Market: The global network video recorder (NVR) market has reached a valuation of US$ 3.26 billion in 2022 and is anticipated to expand at a high CAGR of 13.3% to bloat to a market size of US$ 11.21 billion by the end of 2032
Integrated Video Surveillance Systems Market: Due to the increasing adoption of security of digital appliances, the integrated video surveillance systems market has witnessed exponential growth, globally.
Stand-alone Video Processors Market: The swift growth in HD (High-definition) and UHD (Ultra high-definition) displays are also fuelling the growth of stand-alone video processors market.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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