Video as a Service Market worth $6.2 billion by 2026, growing at a CAGR of 8.7% Report by MarketsandMarkets™

Chicago, July 14, 2023 (GLOBE NEWSWIRE) -- The global Video as a Service Market size is expected to grow from USD 3.8 billion in 2020 to USD 6.2 billion by 2026 at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, according to a new report by MarketsandMarkets™. There is a growing demand for real-time and remote access video services as many organizations have adopted the work from home policy owing to COVID-19 lockdown.

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143 - Tables
52 - Figures
211 - Pages

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Report Highlights

Furthermore, the trend of cloud adoption in the VaaS market is driving the adoption of video communication and conferencing platforms. These cloud-based services are resulting in a drastic reduction in operational costs for enterprises. Enterprises and SMEs are moving toward adopting cloud-based video conferencing solutions, where they can benefit from flexibility and robustness in the internal business operations. These solutions enhance corporate communication and address live audiences. Video conferencing reduces training and travel costs by acting as a face-to-face interaction medium.

In January 2020, Cisco announced new AI-powered voice intelligence capabilities to Webex Meetings. It announced that its Webex Assistant for Webex Meetings is now powered by technology. This technology was acquired by Cisco in the recent Voicea acquisition. With this enhancement, Cisco’s Webex Meetings solution facilitates voice commands to automate mundane meeting tasks.

Under the applications segment, the corporate communications segment is expected to record at the largest market size during the forecast period. Solutions for corporate communication facilitate communication with employees irrespective of their geographic locations. With the help of VaaS solutions, executives can create a more personalized connection with the workforce. These solutions deliver next-generation video sharing and collaboration capabilities to employees.

Among the cloud deployment modes, the hybrid cloud segment is expected to have the highest growth during the forecast period. The hybrid cloud infrastructure segment utilizes the best of both private and public cloud features. Sometimes, certain application components can reside on different cloud infrastructures with the help of new technologies, such as containerization and microservices. Assessing workload types and business requirements help in transforming infrastructures on the cloud. Usually, the cloud migration approach decides cloud services to be utilized; for instance, for a lift-and-shift approach, either private or public cloud is utilized, whereas a refactoring approach can choose the hybrid cloud deployment mode for workloads and data migration.

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North America is estimated to hold the largest market share in 2020. North America is one of the early adopters of 5G technology which would boost the adoption of VaaS solutions in the region. The region is also one of the early adopters of video conferencing as most large enterprises are located in this region. The US and Canada are expected to be key revenue contributors in the North American VaaS market. The key growth drivers of the North American VaaS market are large-scale investments by organizations for outsourcing VaaS solutions. The education sector in the region is a major adopter of video conferencing and webcasting solutions. However, issues related to interoperability, complexity issues in video content and technologies, and high costs of video conferencing equipment are hindering market growth in this region.

Top Trends in Global Video as a Service Market

• Cloud-Based Solutions: Cloud-based video service adoption was gaining traction. Cloud-based VaaS provided scalability, flexibility, and cost-effectiveness, allowing enterprises to utilise video communication and collaboration solutions without requiring significant infrastructure investments.
• Increased Remote Collaboration: The advent of remote work and distributed teams has increased demand for video conferencing and collaboration technologies. VaaS solutions enabled remote employees to communicate and collaborate in real time, increasing productivity and minimising the need for actual meetings.
• Mobile and BYOD Support: Mobile devices became the major mode of communication, and VaaS providers focused on providing seamless video experiences across many mobile platforms. BYOD policies were also becoming more common, needing VaaS solutions that were compatible with a wide range of devices.
• WebRTC Technology: In the VaaS market, Web Real-Time Communication (WebRTC) technology has grown in popularity. It provided real-time video and audio communication without the need for extra plugins or programme installations. WebRTC enabled simple and secure video collaboration across several devices and platforms.
• Video Analytics and Insights: Video analytics features have been added to VaaS platforms to provide significant information into user behaviour, engagement, and performance. These analytics assisted businesses in optimising their video content, improving user experience, and making data-driven decisions.
• Integration with Existing Workflows: VaaS vendors concentrated on integrating seamlessly with existing enterprise workflows and productivity tools. Users could begin video conversations or conferences straight from their favourite programmes, such as project management tools, customer relationship management (CRM) software, or team collaboration platforms, thanks to this integration.
• Security and Privacy: As video communication became increasingly common, so did security and privacy concerns. To safeguard the security and integrity of video communications, VaaS providers implemented strong encryption, secure data transmission, and user authentication mechanisms.

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Key Industry Development

• Increasing Market Consolidation: Several mergers and acquisitions occurred in the VaaS market as larger technology companies looked to enhance their video communication capabilities. These strategic initiatives were intended to improve product offerings, increase market share, and improve competitive positioning.
• Emergence of 5G Technology: The rollout of 5G networks has begun, with the potential to greatly increase video streaming quality and performance. 5G networks' higher bandwidth and lower latency can improve the video experience while also enabling new applications and use cases for VaaS.
• Virtual Reality (VR) and Augmented Reality (AR) Integration: VaaS providers have begun to investigate the integration of VR and AR technologies in order to deliver immersive video experiences. This integration has the potential to transform video collaboration by enabling virtual meeting rooms, interactive 3D visualisations, and improved remote training and assistance.
• Focus on User Experience: VaaS providers placed a greater emphasis on improving the user experience by upgrading user interfaces, streamlining workflows, and providing intuitive and feature-rich video communication solutions. User-centric design and ease of use have become critical criteria in effective VaaS adoption.

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