New York, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global video-as-a-service (VaaS) market. According to the report, the global market is projected to surpass $11,557.3 million and grow with a CAGR of 15.6% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Video-as-a-service (VaaS) Market
The outbreak of the COVID-19 pandemic in 2020 has had a positive impact on the growth of the global video-as-a-service (VaaS) market. The implementation of lockdown restrictions resulted in the cessation of numerous industries worldwide. Therefore, many businesses adopted a remote working model and implemented digital technologies to continue business processes even during the pandemic. As a result, the demand for video conferencing and virtual meeting corporate communication services, such as zoom video conference, increased significantly, which boosted the video-as-a-service (VaaS) market growth.
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Factors Impacting the Video-as-a-service (VaaS) Market Growth
The key factor boosting the growth of the global video-as-a-service (VaaS) market is a significant rise in the demand for video-as-a-service (VaaS) corporate communications owing to their benefits such as enhanced productivity, improved engagement, and easy connection between remote teams. In addition, the rising advancements in video-as-a-service solutions to meet the needs of end users is projected to unlock lucrative opportunities for the growth of the market. However, issues related to privacy and data security of video-as-a-service (VaaS) solutions is anticipated to hamper the market’s growth.
The report segments the global video-as-a-service (VaaS) market into enterprise size, applications, verticals, and region.
Small Enterprises Sub-Segment to Grow Extraordinarily
The small enterprises sub-segment of the enterprise size segment is expected to hit $1,893.2 million in the forecast period. This is primarily due to the rising adoption of video conferencing solutions by small enterprises to enhance customer relationships, launch new products at remote locations, enable communication between sales & marketing teams, and other activities.
Corporate Communications Sub-Segment to Grab a Foremost Share of the Market
The corporate communications sub-segment of the applications segment is anticipated to grow enormously by surpassing $4,369.5 million in the forecast period. This growth is mainly owed to the increasing use of zoom telecom & IT recording, video conferencing, and live chat solutions in corporate communications by several businesses.
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Telecom & IT Sub-Segment to Observe Accelerated growth
The telecom & IT sub-segment of the verticals segment is anticipated to grow rapidly by surpassing $2,592.3 million in the forecast period. This growth is mainly owed to the increasing popularity and demand for enterprise video solutions in the telecom & IT industry as they enable communication with the remote teams in an easy way.
Asia-Pacific Region to Perceive Speedy Growth
The report analyzes the global video-as-a-service (VaaS) market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is anticipated to garner $3,581.6 million in the estimated period. This growth is mostly due to the growing demand for video-as-a-service (VaaS) solutions in various industries and rising opportunities for VaaS solution providers in this region.
Top Players of the Global Market
The report states some of the foremost players operating in the global video-as-a-service (VaaS) market including
- Huawei Technologies Co., Ltd.
- Amazon Web Services (AWS) Inc.
- Zoom Video Communications Inc.
- Cisco Systems Inc.
- Microsoft
- Adobe
- LogMeIn Inc.
- Plantronics, Inc.
- Avaya Inc.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in July 2022, Ceeco, a leading provider of audio, video, IT, ICT and system integration products and solutions, launched Philips Smart Meeting Series Video Conferencing and Audio-Conferencing Products in the Indian market.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Video-as-a-Service (VaaS) Market:
- 4 Stunning Benefits of Adopting Video-as-a-service in the Modern World
- Partnerships and Product Offerings by Market Players such as Avaya, Motorola Solutions, and Others to Foster the Growth of the Global Video-as-a-Service (VaaS) Market
