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

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.