According to the report published by Allied Market Research, the global Video-as-a-Service (VaaS) market was estimated at $4.27 billion in 2020 and is expected to hit $14.65 billion by 2030, registering a CAGR of 13.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Video-as-a-service (VaaS) provides wide range of service such as broadcasting video communication, video conferencing, video content management, and real-time video monitoring. Video-as-a-service (VaaS), also known as video conferencing as a service (VCaaS), engages in delivering point-to-point video conferencing capabilities over an Internet Protocol (IP) network.
In addition, a video conference is a live, visual connection between two or more individuals residing in separate locations for the purpose of communication. Moreover, video conferencing provides transmission of static images and text between two locations and provides transmission of full-motion video images and high-quality audio between multiple locations.
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Rapid increase in demand for real-time and remote access video service and surge in adoption of video conferencing solutions by large enterprises to support global operations drive the growth of the global video-as-a-service (VaaS) market. Video-as-a-service (VaaS) provides wide range of service such as broadcasting video communication, video conferencing, video content management, and real-time video monitoring.
Furthermore, the global video-as-a-service (VaaS) industry is in its nascent phase, and exhibits high growth potential. In addition, non-feasibility of surveillance professionals to manually track & detect suspicious incidents from large number of video data produced, growth in concerns over safety & security, and need to obtain actionable insights from huge amount of video data generated from multiple video sources are expected to propel the video-as-a-service (VaaS) market growth during the forecast period.
COVID-19 scenario-
- Since video conferencing has gained a double-fold growth to support government lockdowns and social distancing measures, the demand for Video-as-a-Service (VaaS) has increased significantly during the global health crisis.
- This trend is most likely to persist post-pandemic as well.
Demand for video-as-a-service (VaaS) has increased considerably during the COVID-19 pandemic. Rise in number of patients across the globe has led to significant increase in the video-as-a-service (VaaS) market size, owing to the closing of workplaces & industries such as manufacturing. Furthermore, many companies are preferring cloud-based virtual meetings to increase their customer base and to enhance their market share. As a result, these major factors propelling the growth of video-as-a-service (VaaS) industry during the pandemic situation.
Video-as-a-Service (VaaS) Market Segmental Review:
The global Video-as-a-Service (VaaS) market is analyzed across deployment model, enterprise size, application, industry verticals, and region.
Based on the deployment model, the public cloud segment accounted for more than two-thirds of the total market share in 2020 and is expected to rule the roost by 2030. The hybrid cloud segment would also garner the fastest CAGR of 16.1% throughout the forecast period.
Based on enterprise size, the large enterprise’s segment contributed to nearly three-fourths of the total market revenue in 2020 and is projected to lead the trail by 2030. The small & medium enterprises segment, on the other hand, would exhibit the fastest CAGR of 15.0% during the forecast period.
Based on region, the market across North America held the major share in 2020, garnering more than one-third of the global market. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 15.0% throughout the forecast period. The other provinces discussed in the report include Europe and LAMEA.
The key market players analyzed in the global Video-as-a-Service (VaaS) market report include Avaya Inc., Blue Jeans Network, Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd., LogMeIn, Inc., Plantronics, Inc., Zoom Video Communications, Inc., Premiere Global Service, Inc., Amazon Web Service, Inc., and RingCentral, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
The report focuses on growth prospects, restraints, and trends of the video-as-a-service (VaaS) industry. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the VaaS market outlook.
Key Benefits for Stakeholders:
- The study provides in-depth analysis of the global video-as-a-service (VaaS) market share along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the global video-as-a-service (VaaS) market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the video-as-a-service market.
- An extensive analysis of the key segments of the industry helps to understand the video-as-a-service market trends.
- The quantitative analysis of the global video-as-a-service market forecast from 2021 to 2030 is provided to determine the market potential.
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