Video As A Service Industry Overview
The global video as a service market size is expected to reach USD 32.24 billion by 2028, growing at a CAGR of 39.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. The demand for video communications among organizations has been accelerating, which has enabled the market to gain momentum. The demand for high-quality conferencing and the networks to support it on an array of devices continues to grow. Data is stored in the cloud, and equipment is simplified into touchscreen interfaces while managed service vendors supply software applications and push hardware manufacturers into partnerships roles. All such factors are contributing to the growth of the video as a service (Vaas) market.
Video As A Service Market Segmentation
Grand View Research has segmented the global video as a service market based on application, cloud deployment mode, vertical, and region:
Based on the Application Insights, the market is segmented into Corporate Communications, Training Development, Marketing Client Engagement, Broadcast Distribution, Content Creation Management, Others.
- The corporate communications segment dominated the market in 2020, accounting for a 28.7% share of the global revenue, and will expand further at the fastest CAGR over the forecast years.
- This growth can be attributed to the adoption of cloud-based services and increased demand for real-time and remote access video services among enterprises.
- The marketing client engagement segment also accounted for a noticeable market share in 2020. The content creation management segment is expected to witness significant growth over the forecast period. The adoption of VaaS for training development activities, collaboration, and marketing client engagement is expected to grow in the post-pandemic scenarios.
Based on the Cloud Deployment Mode Insights, the market is segmented into Public Cloud, Private Cloud, Hybrid Cloud.
- The hybrid cloud segment dominated the market in 2020, accounting for 43.7% of the global revenue. The high share can be attributed to the substantial shift to a hybrid model that aligns with the nature of different workloads.
- Deploying a cloud video in a SaaS (Software-as-a-Service) model relieves the enterprise IT teams and the customers of managing the environment.
- Other cloud deployment modes include the public and private cloud. The private cloud deployment allows enterprises to deploy their cloud on-premises, which can be used in combination with the public cloud in a public-private hybrid cloud architecture.
Based on the Vertical Insights, the market is segmented into BFSI, Healthcare Life Sciences, Retail E-Commerce, IT Telecom, Education, Government Public Sector, Media Entertainment, Others.
- The education segment dominated the market in 2020 with a revenue share of over 18%. The high share can be attributed to the mandated Work-from-Home (WFH) and distance education policies due to the COVID-19 pandemic.
- Schools, universities, and other learning institutions were encouraged to follow distance education, access Professional Learning Development (PLD) programs, and work remotely. The adoption of distance education and teaching due to the coronavirus outbreak has contributed to the industry's growth.
- The other verticals of the VaaS market include BFSI, healthcare life sciences, retail e-commerce, IT telecom, government public sector, media entertainment, and others. The IT telecom segment is expected to demonstrate significant growth over the forecast period owing to the rapid advancement of the cloud-based collaboration and communication software industry.
Video As A Service Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
Vendors active in the market are focusing on expanding their customer base and gaining a competitive edge. Hence, they are pursuing various strategic initiatives, including partnerships, mergers acquisitions, collaborations, and new product/ technology development.
Some prominent players in the global video as a service market include
- Adobe
- Alphabet, Inc.
- Amazon Web Services, Inc.
- Avaya, Inc.
- Cisco Systems, Inc.
- LogMeIn, Inc.
- Plantronics, Inc.
- RingCentral, Inc.
- Zoho Corporation Pvt. Ltd.
- Zoom Video Communications, Inc.
Order a free sample PDF of the Video As A Service Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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