Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Global video as a service market size was USD 4.28 billion in 2022 and is projected to reach USD 14.70 billion by 2030, exhibiting a CAGR of 17.2% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Video as a Service Market Forecast, 2023-2030."
Video as a Service, also known as VaaS, offers video conferencing solutions with the help of an Internet Protocol (IP) network. The video conferencing solution provides the required infrastructures to facilitate linked communication between different parties. Video as a service solutions offer full-motion video transmission and high-quality audio between locations. They are also suitable for all enterprises, such as SMEs and large enterprises, which will further fuel the video as a service market growth.
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Key Industry Development:
May 2023: Bank of Baroda launched two new service channels for its consumers to address their queries. These services include video chat via its website and live web interaction. Using these services, customers can video call the bank executives at their convenience.
Key Takeaways
- Video as a service market size in North America was USD 1.58 billion in 2022.
- Rising Adoption of Video-based Communication Solutions to Augment Market Growth
- Benefits Offered by Hybrid Cloud Solutions to Foster their Demand among Consumers
- Healthcare Industry to Use VaaS Solutions to Provide Effective Consultations
Discover the Leading Players Featured in the Report:
“Companies leading the global video as a service market are Microsoft (U.S.), Zoom Video Communications, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Adobe (U.S.), Avaya LLC (U.S.), GoTo (U.S.), RingCentral, Inc. (U.S.), Google (U.S.), Amazon Web Services, Inc. (U.S.), Plantronics, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.2% |
| 2030 Value Projection | USD 14.70 Billion |
| Base Year | 2022 |
| Video as a Service Market Size in 2022 | USD 4.28 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 156 |
| Segments covered | Deployment, Application, Industry and Geography |
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Drivers and Restraints:
Rising Adoption of Video-based Communication Solutions to Augment Market Growth
More companies are expanding their operations globally, which has augmented the need for scalable and affordable communication with the help of video conferencing services. Organizations can improve their customers’ experiences and business communication techniques with the help of video-based collaboration tools. Using these tools can help users minimize their travel costs, which will further drive their adoption.
However, rising privacy and data security concerns associated with these solutions can hamper market growth.
Segmentation
By Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Application
- Corporate Communications
- Training and Development
- Marketing
By Industry
- BFSI
- IT & Telecom
- Healthcare
- Retail & Consumer Goods
- Education
- Government
- Others (Manufacturing and Others)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate Global Market Due to Growing Adoption of Advanced Technologies
North America is expected to dominate the global market share as the region is one of the early adopters of advanced technologies. It is also among the early consumers of cloud solutions and ranks high with respect to end-users’ willingness to adopt innovative services. These factors will help the regional market share grow.
Asia Pacific is also predicted to grow considerably in the coming years due to the regional governments’ support toward the adoption of video conferencing tools.
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Competitive Landscape:
Key Market Players to Increase Investments in Video Communication Solutions to Expand Reach
Some of the leading companies operating in the market are investing in video communications and related technologies to cater to unique customer demands. They are investing in advanced technologies, such as machine learning and AI, to increase their customer base and market reach.
FAQs
How big is the video as a service market?
The video as a service market size was USD 4.28 billion in 2022. It is expected to reach USD 14.70 billion by 2030.
How fast is the video as a service market growing?
The video as a service market will exhibit a CAGR of 17.2% during the forecast period, 2023-2030.
Related Reports:
Software as a Service Market Size, Share, Revenue Forecast and Opportunities
Cloud Managed Services Market Overview, Industry Share and Forecast
Video Conferencing Market Size, Share, Opportunities & Analysis
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