Report Code: A08465 | Pages: 293 | ||
Tables: 135 | Charts: 70 |
|
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.
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.
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.
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.
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.
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
Video-as-a-Service (VaaS) Market Report Highlights
Aspects | Details |
---|---|
By DEPLOYMENT MODEL |
|
By ENTERPRISE SIZE |
|
By APPLICATION |
|
By INDUSTRY VERTICAL |
|
By Region |
|
Key Market Players | ZOOM VIDEO COMMUNICATIONS, INC., AMAZON WEB SERVICE, INC., CISCO SYSTEMS, INC., AVAYA INC., RINGCENTRAL, INC., LOGMEIN, INC., HUAWEI TECHNOLOGIES CO., LTD., BLUE JEANS NETWORK, INC., PLANTRONICS, INC., PREMIERE GLOBAL SERVICE, INC. |
Loading Table Of Content...
With businesses are using video management system to effectively monitor and track the process & progresses, there is an increased demand for video-as-a-service (VaaS) in the market. Moreover, public safety and security have always been a matter of concern in several developed and developing regions. Rise in number of terrorist attacks and rapid urbanization are the major reasons for increasing concern over safety and security to life and assets, leading to the growth of this market.
With disrupting effects of coronavirus in 2020 on various sectors, many video-as-a-service (VaaS) vendors are adopting various business and marketing strategies, including innovating their product portfolio and trying to come up with more advanced & suitable service as per client needs. Although the market is gaining significant growth due to the COVID scenario, companies within the market are focusing on improving overall quality of service, in terms of better throughput, negligible delay, and effective recognition technology.
The video-as-a-service (VaaS) market is fragmented with the presence of regional vendors such as Avaya Inc., RingCentral, Inc., and Cisco Systems, Inc. Some of the key players profiled in the video-as-a-service (VaaS) market report include Amazon Web Service, Inc., Blue Jeans Network, Inc., Huawei Technologies Co. Ltd., LogMeIn, Inc., Plantronics, Inc., Premiere Global Service, Inc., and Zoom Video Communications, Inc. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in awareness & demand for video-as-a-service (VaaS) across the globe, major players are collaborating their product portfolio to provide differentiated and innovative products.
Start reading instantly.
This Report and over 71,229+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time for readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers