At 16.4% CAGR, Middle East & Africa Video as a Service Market is Projected to be Worth US$ 1,152.04 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa video as a service market was valued at US$ 341.02 million in 2022 and is expected to reach US$ 1,152.04 million by 2030, registering a CAGR of 16.4% from 2022 to 2030. Growing demand for video-based communications among consumers and rising use of video conferencing services in healthcare industry are among the critical factor attributed to the Middle East & Africa video as a service market expansion.

Video conferencing and communication services have grown consistently in recent years. Increasing globalization of companies and growing need for cost-effective and scalable communication solutions among consumers drive demand for video as a service software. WebinarCare data of September 2023 shows that more than 76% of individuals use video calls to work remotely. This allows employees to deliver productivity in their work by maintaining a better work-life balance. Growing use of video calls raise the demand for video as a service among consumers. Video as a service has many features such as screen sharing, calendar scheduling, file sharing, cross-platform messaging, password protection, meeting recordings, waiting rooms, meeting reminders, and contact channels. These features support users to handle and manage daily business activities by increasing overall operational productivity and maintaining data privacy, which is fueling the demand for video as a service solution. According to Quixy, the demand for virtual meetings grew from 48% to 77% between 2022 and 2022, which increases the demand for video as a service among consumers to streamline the collaboration between employees. This service supports individuals to increase their focus on projects or tasks assigned by their superiors. Video as a service also helps the user to effectively work and conduct a brief discussion over a video call. Rise in virtual meeting activities increases the demand for video as a service among consumers to maintain a smooth flow in their daily activities.

On the contrary, growing data privacy and security concerns hurdles the growth of Middle East & Africa video as a service market.

Based on deployment mode, the Middle East & Africa video as a service market is categorized into public cloud, private cloud, and hybrid cloud. The public cloud segment held 70.2% market share in 2022, amassing US$ 239.48 million. It is projected to garner US$ 827.10 million by 2030 to expand at 16.8% CAGR during 2022-2030.

In terms of industry vertical, the Middle East & Africa video as a service market is segmented into IT & telecom, healthcare & life sciences, retail & e-commerce, BFSI, education, media & entertainment, government & public sector, and others. The IT & telecom segment held 23.0% share of Middle East & Africa video as a service market in 2022, amassing US$ 78.49 million. It is projected to garner US$ 267.55 million by 2030 to expand at 16.6% CAGR during 2022-2030.

Based on country, the Middle East & Africa video as a service market has been categorized into South Africa, Saudi Arabia, the UAE, and Rest of Middle East & Africa. Our regional analysis states that the UAE captured 41.4% share of Middle East & Africa video as a service market in 2022. It was assessed at US$ 141.32 million in 2022 and is likely to hit US$ 516.96 million by 2030, exhibiting a CAGR of 17.6% during 2022-2030.

Key players operating in the Middle East & Africa video as a service market are Cisco Systems Inc, Microsoft Corp, Amazon Web Services Inc, Avaya Holdings Corp, Google LLC, Adobe Inc, RingCentral Inc, Dekom AG, and BlueJeans, among others.

• In August 2022, RingCentral, Inc. announced the availability of AI powered video capabilities, along with extended browser support for RingCentral MVP and RingCentral Video customers.
  
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