Market Research Future Insights:
Video as a Service Market Size was valued at USD 1.5 Billion in 2022. The Video as a Service market industry is projected to grow from USD 1.59 Billion in 2023 to USD 2.59 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.30% during the forecast period (2023 - 2032). The advent of remote work and virtual meetings has raised demand for remote communication and collaboration solutions are the key market drivers enhancing the market growth.
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Video as a Service Market offers a number of advantages, such as lower investment costs, access to ongoing technical support from VaaS providers to address problems encountered while using the services, little reliance on the internal technical team, and being highly scalable to meet the expanding demand for video collaboration needs, among others.
The market for video as a service is fueled by a variety of factors, including the quick rise in Internet users, the rising demand for real-time communications services, and the expanding adoption of cloud-based products and services. At the same time, growing worries about data security and privacy are impeding this progress. Even so, the expanding BYOD trend among SMEs is anticipated to open up lucrative opportunities for players in the global market for video as a service.
The market for video as a service is fueled by a variety of factors, including the quick rise in Internet users, the rising demand for real-time communications services, and the expanding adoption of cloud-based products and services. At the same time, growing worries about data security and privacy are impeding this progress. Even so, the expanding BYOD trend among SMEs is anticipated to open up lucrative opportunities for players in the global market for video as a service.
Regional Analysis:
Over the projection period, it is anticipated that the global market for video as a service will have a solid CAGR of over 8.2%. For North America, Europe, Asia-Pacific, the Middle East Africa, and South America, a geographic analysis of the market for video as a service has been done.
Due to the increasing demand for video as a service platform across end-use industry verticals in this region, North America is anticipated to hold the largest market share. Due to factors like growing demand for video as a service for corporate communications among end-use industry verticals, including BFSI, IT telecommunications, healthcare, media entertainment, government, and others, the US is anticipated to lead the country-level market in the region.
Due to greater adoption from the IT telecoms industry, particularly for IT service management and automation configuration management, Europe is predicted to be the second-largest market throughout the study period. In addition, the advantages of video as a service, such as flexibility, effectiveness, choice, and control, make cloud administration a fluid process. As a result of the digital transformation and the increasing use of cloud-based services, Asia-Pacific is anticipated to experience the fastest growth in the global market for video as a service during the forecast period.
With the rising demand for video content, online learning platforms, and digital transformation, the markets in the Middle East Africa and South America are anticipated to grow steadily during the forecast period.
Market Segmentation:
Application, cloud deployment, vertical, and geographic segmentation have all been used to divide the global market for video as a service.
Corporate communications, training development, and marketing client interaction are the three application segments that make up the global video as a service market.
The video as a service market is divided into three categories based on cloud deployment: public, private, and hybrid.
According to vertical, the BFSI, IT telecommunications, healthcare, media entertainment, and government sectors make up the global market for video as a service.
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Key Players:
The major competitors in the global video as a service market are Microsoft (US), Zoom Video Communications, Inc. (US), Cisco Systems, Inc. (US), Adobe (US), Avaya Inc. (US), Google (US), Amazon Web Services, Inc. (US), Plantronics, Inc. (US), LogMeIn, Inc. (US), RingCentral, Inc. (US), Zoho Corporation Pvt. Ltd. (India), Premiere Global Services, Inc. (US), Wickr Inc. (US), Pexip AS (Norway), and StarLeaf (UK).
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