Portland, OR , Oct. 07, 2021 (GLOBE NEWSWIRE) -- 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.
Rise in demand for real-time and remote access video service, increase in adoption of video conferencing solutions by large enterprises to support global operations, and developments in high-speed communication infrastructure drive the global Video-as-a-Service (VaaS) market. On the other hand, high acquisition & integration costs and several data security & privacy concerns impede the growth to some extent. However, use of advanced technologies such as AI & machine learning and the surge in the incorporation of video-as-a-service (VaaS) among SMEs is expected to create multiple opportunities in the industry.
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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.
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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.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
