Video PaaS allows businesses to stream, store, transcode, and manage videos through cloud servers instead of installing and maintaining expensive on-premise servers. It offers security, scalability, and reduces upfront infrastructure costs. Video PaaS solutions enable content creators to focus more on their core product development rather than worrying about hardware constraints.
The global Video PaaS Market is estimated to be valued at US$ 392.71 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The advent of cloud technologies has accelerated the growth of the video PaaS market. Cloud-based video solutions allow users to access videos from any device with an internet connection. It eliminates the need for hardware infrastructure upgrades as the cloud automatically scales to handle increased video traffic. Businesses can focus on content creation while leveraging the scalability, redundancy and reliability offered by cloud servers. This has increased the popularity of software-as-a-service based video platforms among media companies and content creators. The cloud deployment model is stimulating innovations in video transcoding, distribution and monetization tools.
Segment Analysis
The global Video PaaS market is segmented by component, application, organization size and end-use industry. By component, the market is divided into solution and services. The solution segment holds the largest market share owing to high demand for live and on-demand video content delivery solutions. By application, the market is bifurcated into video uploading and ingestion, video transcoding and processing, video hosting, and video streaming and delivery. The video streaming and delivery segment dominates as it enables users to stream audio and video content on various devices with a stable internet connection. By organization size, the market is divided into SMEs and large enterprises. Large enterprises account for a higher share due to rising need for video and live broadcast platforms to engage with consumers. By end-use industry, the market is fragmented into media & entertainment, BFSI, manufacturing, IT & telecom, education, healthcare, and others. The media & entertainment industry dominates on account of high demand for online platforms to deliver enhanced viewing experience to customers.
Key Takeaways
The global Video Paas Market Size is expected to witness high growth over the forecast period. The global Video PaaS Market is estimated to be valued at US$ 392.71 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
The market in North America region holds the largest share currently due to presence of major players operating in the region including Brightcove Inc., Google LLC, IBM Corporation, Qumu, etc. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period owing to accelerated growth of OTT platforms in countries such as India and China.
Key players operating in the Video PaaS market are Brightcove Inc., Google LLC, IBM Corporation, Kaltura Inc., Ooyala Inc., Panopto, Plantronics Inc., Qumu Corp., Sonic Foundry, VBrick, Wowza Media Systems LLC. Brightcove Inc. leads the market with its innovative and flexible Video cloud platform to deliver high performance online video experiences across multiple devices and platforms.
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