Video-as-a-Service (VaaS) Market Expected to Reach $14.65 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Video-as-a-Service (VaaS) Market By Deployment Model, Enterprise Size, Application, and Industry Verticals: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global video-as-a-service (VaaS) market size was valued at $4.27 billion in 2020, and is projected to reach $14.65 billion by 2030, growing at a CAGR of 13.2% from 2021 to 2030.

Rapid increase in demand for real-time and remote access video service and surge in adoption of video conferencing solutions by large enterprises to support global operations drive the growth of the global video-as-a-service (VaaS) market. Video-as-a-service (VaaS) provides wide range of service such as broadcasting video communication, video conferencing, video content management, and real-time video monitoring.

Furthermore, the global video-as-a-service (VaaS) industry is in its nascent phase, and exhibits high growth potential. In addition, non-feasibility of surveillance professionals to manually track & detect suspicious incidents from large number of video data produced, growth in concerns over safety & security, and need to obtain actionable insights from huge amount of video data generated from multiple video sources are expected to propel the video-as-a-service (VaaS) market growth during the forecast period. 

By deployment model, the public cloud segment dominated the video-as-a-service (VaaS) market in 2020, and is projected to maintain its dominance during the forecast period. Increase in adoption of public cloud is majorly driven by rise in need for elasticity in the services. Additional expenses of the firms can be slashed by using public clouds, as it is possible to pay only for those resources, which are being utilized by the company. This benefit acts as a driving force for pubic clouds in video-as-a-service (VaaS) market forecast period.

Region wise, North America dominated the market in 2020, and is expected to maintain this video-as-a-service (VaaS) market trend during the forecast period. The growth in demand for public safety and increase in needs of actionable insights contribute toward the growth of video-as-a-service (VaaS) in this region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, due to surge in population, increase in internet penetration, rise in proliferation of video cameras for surveillance & security reasons, and strong economic growth in emerging economies.

Demand for video-as-a-service (VaaS) has increased considerably during the COVID-19 pandemic. Rise in number of patients across the globe has led to significant increase in the video-as-a-service (VaaS) market size, owing to the closing of workplaces & industries such as manufacturing. Furthermore, many companies are preferring cloud-based virtual meetings to increase their customer base and to enhance their market share. As a result, these major factors propelling the growth of video-as-a-service (VaaS) industry during the pandemic situation.     

Key findings of the study

• By deployment model, the public cloud segment led the highest video-as-a-service (VaaS) market share, in terms of revenue in 2020.
• On the basis of application, the marketing & client engagement segment is expected to exhibit the fastest video-as-a-service (VaaS) market analysis rate during the forecast period.
• Region wise, North America generated the highest revenue in 2020.  

The key players operating in the video-as-a-service (VaaS) market analysis include Amazon Web Services, Inc., Avaya Inc., Blue Jeans Network, Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd., LogMeIn, Inc., Plantronics, Inc., Premiere Global Services, Inc., RingCentral, Inc., and Zoom Video Communications, Inc.. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.