What is the global market size of Video as a Service Market?

Video as a Service Market size was valued at USD 2.98 billion in 2021 and is poised to grow from USD 4.16 billion in 2022 to USD 60.39 billion by 2030, growing at a CAGR of 39.7% in the forecast period (2023-2030).

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 News

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 Market Report Snapshots

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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).

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. '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.'

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.

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.

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.

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Video as a Service Market News

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