Video-as-a-Service (VaaS) Market

Video-as-a-Service (VaaS) Market Statistics- 2030

The global video-as-a-service (VaaS) market size generated $4,270.68 million in 2020, and is projected to reach $14,650.73 million by 2030, registering a CAGR of 13.2% from 2021 to 2030. Video-as-a-service (VaaS), also known as video conferencing as a service (VCaaS), engages in delivering point-to-point video conferencing capabilities over an Internet Protocol (IP) network. In addition, a video conference is a live, visual connection between two or more individuals residing in separate locations for the purpose of communication. Moreover, video conferencing provides transmission of static images and text between two locations and provides transmission of full-motion video images and high-quality audio between multiple locations.

In the wake of COVID-19 pandemic, demand for video-as-a-service (VaaS) has increased tremendously, as many companies are preferring cloud-based virtual meetings to increase their customer base during global health crisis. Moreover, increased efforts of governments towards remote business operations along with rise in investments toward video conferencing & virtual meeting technologies are major factors notably contributing towards the market growth.

With boosting productivity, enhancing engagement, and keeping remote teams connected, demand for video-as-a-service (VaaS) continues to rise in the market. In addition, there is an increase in demand for real-time and remote access video services and rapid growth in high-speed communication infrastructure among enterprises. These factors contribute toward growth of the video-as-a-service market. However, high acquisition & integration costs and data security and privacy concerns are some of the factors that limit the market growth. On the contrary, with growing acceptance of video among the enterprises, video-as-a-service (VaaS) industry continue to offer enterprise class functionality while maintaining legacy connectivity. Moreover, businesses operating in the market are rapidly switching toward digitalized business operations, thus, video-as-a-service (VaaS) providers are engaging in adoption & implementation of technologies such as AI, deep learning, and machine learning, which is anticipated to open new avenues for the market in the coming years.

The report focuses on growth prospects, restraints, and trends of the video-as-a-service (VaaS) industry. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the VaaS market outlook.

Segment review

The video-as-a-service market is segmented on the basis of deployment model, enterprise size, application, industry vertical, and region. Depending on deployment model, it is segmented into private cloud, public cloud, and hybrid cloud. Based on enterprise size, the market is divided into large enterprises and small & medium enterprises. Based on application, the market is segmented into corporate communications, training & development, and marketing & client engagement. By industry vertical, it is segmented into BFSI, IT & telecom, healthcare & life sciences, education, media & entertainment, government & public sector, retail & consumer goods, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The video-as-a-service (VaaS) market analysis includes top companies such as Amazon Web Service, Inc., Avaya Inc., Blue Jeans Network, Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd., LogMeIn, Inc., Plantronics, Inc., Premiere Global Service, 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 VaaS industry.  

Impact of COVID-19 on VaaS Market-

The COVID-19 pandemic has a positive impact on the video-as-a-service (VaaS) industry. With the emergence of the global health crisis, various business systems have been facing unprecedented challenges right from product development to sales and services, thereby leading to closure of companies. However, video conferencing has gained a double fold growth to support government lockdowns and social distancing measures, which plays a significant role in containing the pandemic. Therefore, demand for video-as-a-services (VaaS) has increased tremendously during the global health crisis. 

Top impacting factors

Increase in demand for real-time and remote access video services 

With advanced video equipment becoming more affordable, customers and enterprises continue to demand well-produced and high-quality video service. Moreover, there is an increased demand for real-time video service for incident management, which further enhances the quality of response in emergency and disastrous situations, such as natural calamities, fire incidents, road accidents, thefts, security breaches, and others. Moreover, growing demand for remote access video service further propels the market growth, as it enables efficiently producing high-volume & high-quality live and on-demand video content with fast turnarounds. In the wake of the COVID-19 pandemic, primarily in the media & entertainment industry, the transition to remote workflows has presented significant challenges and companies are increasingly demanding for real-time video service to resume production remotely. These factors promote the video-as-a-service (VaaS) market growth.

Data security and privacy concerns

The primary objective of video-as-a-service (VaaS) is to deliver point-to-point video conferencing capabilities over an Internet Protocol (IP) network. However, several false alarms are generated, due to poor equipment and bad weather or environmental conditions. This creates an operational burden on the industry and also creates the risk of system failures, and thus, increases the possibility of security breaches. Therefore, due to poor integration or lack of system synchronization, data security & privacy concerns are expected to be the restraining factors to the market.  

Use of advanced technologies such as AI & machine learning

Key players in the market are continuously enhancing their product offerings to get a competitive edge and cater to changes in requirement of end users. Hence, they are utilizing advanced technologies such as AI, deep learning, and machine learning integrated with video-as-a-service (VaaS). In addition, players in the video-as-a-service (VaaS) market are introducing advanced AI-based VaaS to provide autonomous way to monitor and enhance service of video content in real-time. For instance, in October 2020, Zoom Video Communications, Inc., which is an American communications technology company launched its new end-to-end encryption features in its existing video-as-a-service offerings for free and paid users globally. 

Furthermore, such use of these advanced technologies in VaaS can offer a dramatic increase in accuracy along with a significant reduction in false alarms. These factors are therefore anticipated to open new avenues for the market in the coming years.  

Key benefits for stakeholders 

• The study provides in-depth analysis of the global video-as-a-service (VaaS) market share along with current trends and future estimations to illustrate the imminent investment pockets.
• Information about key drivers, restrains, and opportunities and their impact analysis on the global video-as-a-service (VaaS) market size are provided in the report.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the video-as-a-service market.
• An extensive analysis of the key segments of the industry helps to understand the video-as-a-service market trends.
• The quantitative analysis of the global video-as-a-service market forecast from 2021 to 2030 is provided to determine the market potential. 

 Video-as-a-Service (VaaS) Market Report Highlights