Chicago, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Global Video as a Service Market is projected to grow from USD 3.8 billion in 2020 to USD 6.2 billion by 2026, at a 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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Scope of the Report
| Report Metrics | Details |
| Market size value in 2020 | $3.8 Billion |
| Market size value in 2026 | $6.2 Billion |
| Growth Rate | 8.7% CAGR |
| Market Drivers |
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| Market Opportunities |
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| Historical data | 2017-2026 |
| Base year considered | 2020 |
| Forecast period | 2020-2026 |
| Segments covered | By Application, Cloud Deployment mode, Vertical, Region |
| Regions covered | North America, Europe, APAC, MEA, Latin America |
| Companies covered | Microsoft (US), Zoom Video Communications (US), Cisco (US), Adobe (US), Avaya (US), Google (US), AWS (US), Poly (US), LogMeIn (US), RingCentral (US), Zoho Corporation (India), PGi (US), Wickr (US), Pexip (Norway), Starleaf (UK), BlueJeans Network (US), Enghouse Systems (Canada), Qumu (US), Sonic Foundry (US), ON24 (US), Lifesize (US), Kaltura (US), Kollective (US), VIDIZMO (US), and VBrick (US). |
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.
Major vendors in the global Video as a Service Market Microsoft (US), Zoom (US), Cisco (US), Adobe (US), Avaya (US), Google (US), AWS (US), Poly (US), LogMeIn (US), and RingCentral (US)
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