Global Video as a Service Market

Video as a Service Market Size, Share, Growth Analysis, By Application(Corporate Communications, Training & Development, Marketing & Client Engagement, Broadcast Distribution), By Cloud Deployment Mode(Public Cloud, Private Cloud, and Hybrid Cloud), By Vertical(BFSI, Healthcare & Life Sciences, Retail & E-Commerce, IT & Telecom), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45H2033 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 98 | Figures: 76

Video as a Service Market Insights

Video as a Service Market size was valued at USD 4.16 billion in 2022 and is poised to grow from USD 5.81 billion in 2023 to USD 84.31 billion by 2031, growing at a CAGR of 39.7% in the forecast period (2024-2031).

In accordance with the market's high development potential, a number of fresh businesses are entering it with solutions similar to those currently in place. As a result, established businesses are focusing their efforts on developing novel capabilities and features to enhance the functioning of their VaaS systems. Because of the cloud the building's scalability, flexibility, and affordability, there is a discernible shift in demand away from on-premises VC and collaboration solutions and towards cloud-based solutions. The increasing acceptance of cloud-based solutions has contributed to the growth of the video as a service (VaaS) industry.

To better meet the needs of their consumers, many video conferencing service providers have implemented various tactics. Service providers concentrate on providing customized solutions to satisfy the unique needs of various enterprises. Furthermore, cloud-based systems are becoming more popular, as are investments in new technologies such as artificial intelligence (AI), voice and facial recognition, HD audio and video, and immersive telepresence. The introduction of new VaaS solution providers is likely to increase competition and motivate Small and Medium Enterprises (SMEs) to use affordable hybrid online VC and collaboration solutions. Consultants and contractors are also utilizing VC solutions to engage with clients from various geographies.

Cloud-based VC abilities have helped companies to better collaboration among offices situated all over the world. Companies with a global workforce and network are early adopters of VaaS solutions and are more likely to employ video as a service to enable effective communication across different teams located in different regions. Many businesses have used VC as a trip substitute, saving time and money on travel expenses. Companies are concentrating on integrating VC into their Unified Communications (UC) architecture as VC adoption grows. They are attempting to extend the video conference facility to mobile and remote users using desktop and cellular communication tools in order to facilitate VC for many people across diverse geographies.

Therefore, as companies grow increasingly global, there is a greater need to develop a cost-effective, flexible, and scalable communication network to enable team collaboration, better communication, and decision-making skills. VaaS enables firms to successfully debate company strategy and provide employee training in order to accomplish corporate objectives and boost productivity because it involves the sharing of visual data. As a result, organizations are increasingly turning to video as a service to help with both strategic and routine corporate communications.

US Video as a Service Market is poised to grow at a sustainable CAGR for the next forecast year.

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FAQs

Video as a Service Market size was valued at USD 4.16 billion in 2022 and is poised to grow from USD 5.81 billion in 2023 to USD 84.31 billion by 2031, growing at a CAGR of 39.7% in the forecast period (2024-2031).

The market players of the video as a service industry are focusing their efforts on increasing their consumer base and acquiring a competitive advantage. As a result, they are exploring a variety of strategic activities, such as partnerships, acquisitions and mergers, collaborations, and new product/technology development. This collaboration was expected to increase Zoom's customer reach while also improving the user experiences for the unified messaging and Productivity Suite. 'Zoom Video Communications', 'Microsoft Corporation', 'Cisco Systems Inc.', 'Adobe Inc.', 'Google LLC', 'Amazon Web Services Inc.', 'RingCentral Inc.', 'LogMeIn Inc.', 'BlueJeans Network Inc.', 'GoToMeeting', 'Lifesize Inc.', 'Polycom Inc.', 'Arkadin Cloud Communications', 'Fuze Inc.', 'Vidyo Inc.', 'InterCall', 'ZTE Corporation', 'Huawei Technologies Co. Ltd.', 'Videxio AS', 'Kollective Technology Inc.'

As more businesses adopt remote work and virtual collaboration, the demand for video conferencing solutions has increased significantly. Video as a service (VaaS) provides a cost-effective way for companies to access high-quality video conferencing and collaboration tools without having to invest in expensive hardware and infrastructure.

Cloud-based solutions are gaining popularity: Cloud-based solutions are becoming increasingly popular in the video as a service market. This trend is driven by the growing need for flexibility and scalability in video conferencing solutions, as well as the cost-effectiveness and ease of deployment of cloud-based solutions.

North America dominated the market in 2022, accounting for more than 43% of all revenue. The presence of multiple cloud-based video service providers within the region can be linked to this high share. In North America, the market for video conferencing and other cloud-based communication tools is mature. The regional market has grown due to exponential development in need for constant access to visual meetings and high-quality internet. Furthermore, the existence of multiple important players, as well as the increasing appeal of BYOD (Bring Your Own Device) solutions, has resulted in widespread acceptance of webcams and headphones, driving regional market expansion.

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Global Video as a Service Market

Report ID: SQMIG45H2033

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