BFSI segment to dominate the Saudi Arabia Video as a Service market till 2026
Increase in the investments
on cloud-based video service and growing digitization is expected to drive the demand
of Saudi Arabia Video as a Service market in the forecast period
According
to TechSci Research report, “Saudi
Arabia Video as a Service Market By Application (Corporate Communication,
Training and Development, and Marketing and Client Engagement) By Cloud
Deployment Mode (Public, Private, Hybrid), By Organizational Size (Small &
Medium Enterprises and Large Enterprises), By End-user Industry (BFSI, IT &
Telecom, Healthcare, Education, Media and Entertainment, Government, Consumer
Retail, and Others), By Region, Competition Forecast & Opportunities, 2026”, The Saudi Arabia Video as a Service market is expected to
grow at a steady CAGR in the forecast period. The oil industry is the major
income-generating industry in Saudi Arabia and the rise in the initiatives led
by the leading authorities to reduce the dependency of the economy on the oil
industry and diversify the income-generating sources is expected to create
lucrative opportunities for the video as a service market growth. The growing
adoption of video as a service by small and medium-sized organizations is
contributing to the growth of the video as a service market. With the
implementation of mobile working in organizations, employees are using video
conferencing and collaboration tools to increase their productivity and
efficiently manage the work-life balance. The rise in the investment for the
adoption of cloud-based services by the organizations to keep track of video
files and can create and process the films.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. Leading authorities of
Saudi Arabia imposed lockdown restrictions and released a set of precautionary
measures to contain the spread of novel coronavirus. The rise in the adoption
of video as a service by organizations for communication, collaboration,
training, client engagement purpose within the organization has spurred the
video as a service market growth during this period.
However, the rise in the concerns regarding privacy
and security concerns may restrain the Saudi Arabia video as a service market
growth in the forecast period.
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Saudi
Arabia Video as a Service market is segmented into application, cloud
deployment mode, organizational size, end-user industry, regional distribution,
company. Based on the end-user industry, the market can be divided into BFSI,
IT & telecom, healthcare, education, media and entertainment, government,
consumer retail, and others. The BFSI end-user industry segment is expected to
hold a major market share in the forecast period, 2022-2026. Adoption of the
video as a service by the BFSI sector to transform bank branches to sales and
services channels without the need to hire additional staff. With the help of
video conferencing services, the enterprises can efficiently communicate
between the branches located in remote locations to make announcements
regarding investor relations, external communications, amongst others to
streamline the workflow and increase the efficiency without bearing additional
costs.
Adobe Inc., Cisco Saudi Arabia Limited,
Apple Inc., NTT DATA Saudi Arabia, Microsoft Gulf FZ LLC, Huawei Tech.
Investment Saudi Arabia Co. Ltd., Zoom Video Communications, Inc., Google,
Inc., Amazon Web Services, LogMeIn, Inc., RingCentral, Inc., Vidyo Inc., Avaya
Inc., AVI-SPL, Blue Jeans Network, and others are some of the leading players
operating in Saudi Arabia Video as a Service market. Companies operating in the
market are using strategies such as joint ventures, product launches, mergers,
and research collaborations to boost their share and increase their geographic
reach.
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“Roll-out
of the 5G technology and the adoption of advanced technologies such as
artificial intelligence, machine learning, amongst others, by the service
providers to enhance the performance of their services is expected to influence
the demand of video as a service market. Development of the telecommunication
infrastructure and the growing demand for high-quality cloud video services for
recording, conferencing, and storage purposes is expected to boost the video as
a service market growth. The ongoing initiatives like National Transformation
Program, Saudi Vision 2030 which aims to digitize the major industry verticals
and help to develop and adopting the advanced technical infrastructure to
increase the overall efficiency is expected to propel the video as a service
market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Saudi Arabia Video as a Service Market By
Application (Corporate Communication, Training and Development, and Marketing
and Client Engagement) By Cloud Deployment Mode (Public, Private, Hybrid), By
Organizational Size (Small & Medium Enterprises and Large Enterprises), By
End-user Industry (BFSI, IT & Telecom, Healthcare, Education, Media and
Entertainment, Government, Consumer Retail, and Others), By Region, Competition
Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi
Arabia Video as a Service market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Saudi Arabia Video
as a Service market.
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