USD 4.16 billion
Video as a Service Market Size, Share, Growth Analysis, By Application(Corporate Communications, Training & Development, Marketing & Client Engagement, Broadcast Distribution), By Cloud Deployment Mode(Public Cloud, Private Cloud, and Hybrid Cloud), By Vertical(BFSI, Healthcare & Life Sciences, Retail & E-Commerce, IT & Telecom), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45H2033 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
98
|Figures:
76
Video as a Service Market Insights
Video as a Service Market size was valued at USD 4.16 billion in 2022 and is poised to grow from USD 5.81 billion in 2023 to USD 84.31 billion by 2031, growing at a CAGR of 39.7% in the forecast period (2024-2031).
In accordance with the market's high development potential, a number of fresh businesses are entering it with solutions similar to those currently in place. As a result, established businesses are focusing their efforts on developing novel capabilities and features to enhance the functioning of their VaaS systems. Because of the cloud the building's scalability, flexibility, and affordability, there is a discernible shift in demand away from on-premises VC and collaboration solutions and towards cloud-based solutions. The increasing acceptance of cloud-based solutions has contributed to the growth of the video as a service (VaaS) industry.
To better meet the needs of their consumers, many video conferencing service providers have implemented various tactics. Service providers concentrate on providing customized solutions to satisfy the unique needs of various enterprises. Furthermore, cloud-based systems are becoming more popular, as are investments in new technologies such as artificial intelligence (AI), voice and facial recognition, HD audio and video, and immersive telepresence. The introduction of new VaaS solution providers is likely to increase competition and motivate Small and Medium Enterprises (SMEs) to use affordable hybrid online VC and collaboration solutions. Consultants and contractors are also utilizing VC solutions to engage with clients from various geographies.
Cloud-based VC abilities have helped companies to better collaboration among offices situated all over the world. Companies with a global workforce and network are early adopters of VaaS solutions and are more likely to employ video as a service to enable effective communication across different teams located in different regions. Many businesses have used VC as a trip substitute, saving time and money on travel expenses. Companies are concentrating on integrating VC into their Unified Communications (UC) architecture as VC adoption grows. They are attempting to extend the video conference facility to mobile and remote users using desktop and cellular communication tools in order to facilitate VC for many people across diverse geographies.
Therefore, as companies grow increasingly global, there is a greater need to develop a cost-effective, flexible, and scalable communication network to enable team collaboration, better communication, and decision-making skills. VaaS enables firms to successfully debate company strategy and provide employee training in order to accomplish corporate objectives and boost productivity because it involves the sharing of visual data. As a result, organizations are increasingly turning to video as a service to help with both strategic and routine corporate communications.
US Video as a Service Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Public Cloud
Fastest Growth
Public Cloud
Growth Rate
39.7% CAGR
Global Video As A Service Market ($ Bn)
Country Share for Europe Region (%)
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Video as a Service Market Segmental Analysis
Market is segmented based on application, cloud deployment, vertical, and region. In terms of application, the market is segmented into corporate communications, training & development, marketing & client engagement, broadcast distribution, content creation & management, and others. Based on cloud deployment mode, the market is segmented into public cloud, private cloud, hybrid cloud. Based on verticals, the market is segmented into BFSI, healthcare & life sciences, retail & e-commerce, IT & telecom, education, government & public sector, media & entertainment, and others. Based on region, the global video as a service market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Cloud Deployment Mode
The hybrid cloud segment dominated the market in 2022, accounting for 43.7% of worldwide revenue. The significant transition to a hybrid approach that matches with the nature of diverse workloads can be attributed to the high share. Organizations can keep their external capabilities with major public cloud providers while retaining relatively minor workloads in a private cloud hosted in-house or on-premises using the hybrid cloud deployment strategy. A scenario like this is expected to demonstrate the future of organizational infrastructure management.
The deployment of a cloud video under a SaaS (Software-as-a-Service) paradigm relieves enterprise IT teams and clients of the burden of administering the environment. Some cloud solution providers, such as Microsoft, provide cloud video-related advancements in order to give value-added VaaS. The public and private cloud are two other cloud deployment models projected to attract notable revenues in the forecast period. Private cloud deployment enables businesses to establish their cloud on-premises, which may then be combined with public cloud in a public-private hybrid cloud architecture.
Analysis by Vertical
The education category led the market with a revenue share of roughly 18% in 2023. The high proportion is due to the COVID-19 pandemic's Work-from-Home (WFH) and distance education legislation. Schools, universities, and other educational institutions were encouraged to explore distance learning, engage in Professional Learning & Development (PLD) courses, and function remotely. As a result of the coronavirus outbreak, the usage of distance education and teaching has contributed to the industry's growth.
The IT & telecom section is predicted to increase significantly throughout the projection period because to the rapid progress of the cloud-based communication and collaboration software industry. Team collaboration and communication software enables remote teams to manage initiatives of all sizes, streamline business processes, and increase productivity across the organization. Another prospective industry that is likely to see rapid acceptance of VaaS in the future years is government and public sector.
Global Video As A Service Market By Cloud Deployment Mode
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Video as a Service Market Regional Insights
North America dominated the market in 2022, accounting for more than 43% of all revenue. The presence of multiple cloud-based video service providers within the region can be linked to this high share. In North America, the market for video conferencing and other cloud-based communication tools is mature. The regional market has grown due to exponential development in need for constant access to visual meetings and high-quality internet. Furthermore, the existence of multiple important players, as well as the increasing appeal of BYOD (Bring Your Own Device) solutions, has resulted in widespread acceptance of webcams and headphones, driving regional market expansion.
Asia Pacific is predicted to be the fastest growing region during the forecast period. Despite the fact that the region's political and business organizations had previously encouraged technological innovation prior to the COVID-19 pandemic, the coronavirus outbreak has served as a catalyst for the region's development of high-quality internet facilities allowing people to operate remotely. The rapid adoption of remote working infrastructure has boosted demand for video conferencing equipment, tools for collaboration, and accessories, hence promoting regional market growth. In addition, developments in mobile broadband technologies in Japan and India are likely to promote regional market growth.
Global Video As A Service Market By Region
- Largest
- Fastest
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Video as a Service Market Dynamics
Drivers
Increased Demand for Video Conferencing and Collaboration Tools
- As more businesses adopt remote work and virtual collaboration, the demand for video conferencing solutions has increased significantly. Video as a service (VaaS) provides a cost-effective way for companies to access high-quality video conferencing and collaboration tools without having to invest in expensive hardware and infrastructure.
Restraints
Lack of Reliable Internet Connectivity
- One of the major challenges facing the VaaS market is the lack of reliable internet connectivity in some regions. Poor internet connectivity can result in low-quality video, dropped calls, and other issues that can impact the user experience.
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Video as a Service Market Competitive Landscape
The market players of the video as a service industry are focusing their efforts on increasing their consumer base and acquiring a competitive advantage. As a result, they are exploring a variety of strategic activities, such as partnerships, acquisitions and mergers, collaborations, and new product/technology development. This collaboration was expected to increase Zoom's customer reach while also improving the user experiences for the unified messaging and Productivity Suite.
Top Player’s Company Profiles
- Zoom Video Communications
- Microsoft Corporation
- Cisco Systems Inc.
- Adobe Inc.
- Google LLC
- Amazon Web Services Inc.
- RingCentral Inc.
- LogMeIn Inc.
- BlueJeans Network Inc.
- GoToMeeting
- Lifesize Inc.
- Polycom Inc.
- Arkadin Cloud Communications
- Fuze Inc.
- Vidyo Inc.
- InterCall
- ZTE Corporation
- Huawei Technologies Co. Ltd.
- Videxio AS
- Kollective Technology Inc.
Recent Developments
- In December 2021, Zoom Video Communications announced the acquisition of virtual events platform, Evolphin Software, to enhance its video and virtual event capabilities.
- In October 2021, Cisco Systems Inc. introduced a new video conferencing solution, Webex Suite, aimed at enhancing virtual collaboration and productivity.
Video as a Service Key Market Trends
- Cloud-based solutions are gaining popularity: Cloud-based solutions are becoming increasingly popular in the video as a service market. This trend is driven by the growing need for flexibility and scalability in video conferencing solutions, as well as the cost-effectiveness and ease of deployment of cloud-based solutions.
- Increased adoption of mobile video conferencing: The increasing availability of high-speed mobile networks and the growing trend of remote work are driving the adoption of mobile video conferencing solutions. This trend is expected to continue in the coming years, as more businesses embrace remote work and the need for flexible communication solutions.
- Integration with other collaboration tools: Video as a service providers are increasingly integrating their solutions with other collaboration tools such as messaging, file-sharing, and project management tools. This trend is driven by the need for seamless communication and collaboration across different platforms and devices.
- Rising demand for AI-powered video conferencing: Artificial intelligence (AI) is increasingly being integrated into video conferencing solutions to enhance the user experience and automate certain tasks. AI-powered features such as automatic transcription and translation, virtual backgrounds, and facial recognition are becoming more common in video conferencing solutions.
Video as a Service Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
Our analysis indicates a thriving landscape in the Video as a Service (VaaS) market, attracting a wave of new entrants poised to capitalize on its promising growth trajectory. Established players are intensifying their focus on innovation, aiming to differentiate their offerings with enhanced capabilities and features, thus fortifying their positions in the market. Notably, the pervasive influence of cloud technology is reshaping the industry dynamics, with businesses increasingly gravitating towards cloud-based VaaS solutions due to their scalability, flexibility, and cost-effectiveness compared to traditional on-premises video conferencing and collaboration solutions. This paradigm shift underscores a significant driver behind the industry's expansion, as organizations recognize the inherent advantages of cloud-based deployments in meeting their communication and collaboration needs. As cloud adoption continues to gain momentum across various sectors, the demand for VaaS solutions is expected to further accelerate, driving sustained growth in the market. This evolving landscape presents both opportunities and challenges for industry participants, prompting them to adapt swiftly to changing market dynamics and evolving customer preferences to stay competitive in this dynamic ecosystem.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.16 billion |
| Market size value in 2031 | USD 84.31 billion |
| Growth Rate | 39.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Video as a Service Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Video as a Service Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Video as a Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Video as a Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Video as a Service Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Video as a Service Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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