Video as a Service Market Overview
The Global Video as a Service Market is estimated to reach USD 6.79 billion by 2019-2027, at an 8.2% CAGR. A benefit of video-as-a-service is that it has a low total cost of ownership. VaaS enables organizations to administer their servers without having to deploy staff or build infrastructure. This Video as a Service market research report tracks all the recent developments and innovations in the market. It gives the data regarding the obstacles while establishing the business and guides to overcome the upcoming challenges and obstacles.
The Global Video as a Service Market is expanding due to factors, including the increased demand for cloud-based video services and the increasing number of internet users globally. Additionally, the market demand for video-as-a-service (VaaS) is constantly increasing due to its ability to boost productivity, promote engagement, and keep remote workers in touch.
The Video as a Service Market (VaaS) market has benefited from the COVID-19 pandemic. There has been a sudden increase in demand for video-as-a-service (VaaS) since many companies prefer cloud-based virtual meetings to extend their clientele during the present global health crisis. Additionally, increased government efforts to promote remote company operations have a significant impact on the market's growth.
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Market segmentation
The Global Video as a Service Market is segmented by deployment model, enterprise size, application, and industry vertical.
By Application
- Corporate Communications
- Training Development
- Marketing Client Engagement
By Cloud Deployment
- Public
- Private
- Hybrid
By Vertical
- BFSI
- It Telecommunications
- Healthcare
- Media Entertainment
- Government
- Others
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Regional classification
The Global Video as a Service Market is divided into the following regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
In 2020, North America dominated the worldwide Video as a Service Market. The United States is the region's main market due to the rising acceptance of Video as a Service by enterprises for real-time collaboration and communication.
The Asia-Pacific region's market is estimated to grow the fastest throughout the projected time frame. This can be attributed to increased efforts by the governments of China, Japan, Singapore, Australia, and India to promote digital services to customers and meet consumer expectations by leveraging the cloud Video as a Service platform.
Key Players
- Microsoft (US)
- Zoom Video Communications Inc. (US)
- Cisco Systems Inc. (US)
- Adobe (US)
- Avaya Inc. (US)
- Google (US)
- Amazon Web Services Inc. (US)
- Plantronics Inc. (US)
- LogMeIn Inc. (US)
- RingCentral Inc. (US)
- Zoho Corporation Pvt. Ltd. (India)
- Premiere Global Services Inc. (US)
- Wickr Inc. (US)
- Pexip AS (Norway)
- StarLeaf (UK)
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Industry news
Major industry competitors are constantly enhancing their product offerings to keep a competitive edge and suit evolving customer demand. As a result, they are fusing advanced technologies like AI, deep learning, and machine learning with Video as a Service (VaaS).
In September 2020, Zoom Video Communications collaborated with Lumen to enable Lumen to use Zoom as part of their Unified Communications and Collaboration Suite.
In May 2020, Sony Semiconductor Solutions and Microsoft collaborated to broaden customer access to AI-powered smart cameras and video analytics tools.
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