Global Video As A Service Market by Vertical (Education, BFSI), by Cloud Deployment Mode (Public, Hybrid) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global video as a service market was worth USD 2.13 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 39.7%) between 2021 and 2028. Due to this high growth potential, many new players are entering the market with similar solutions to the ones that exist. The existing players are now working to improve the functionality of VaaS solutions by developing new capabilities and features. Due to the flexibility and cost-effectiveness of cloud architecture, there is a shift in demand for on-premise videoconferencing (VC), and collaboration solutions, as well as a shift in the number of customers. Cloud-based solutions have been a major contributor to the rise of video as a service (VaaS).

Different video conferencing service providers have different strategies in order to better serve customers. To meet the needs of different businesses, solution providers are now focusing on customizing solutions. Cloud-based solutions are becoming more popular and is attracting significant investments in new features such as voice and face recognition, HD audio and video, immersive telepresence and Artificial Intelligence (AI), and Artificial Intuition (AI). New VaaS providers are expected to increase competition and provide cost-effective hybrid cloud-based VC solutions and collaboration solutions for Small and Medium Enterprises (SMEs). Freelancers and consultants are also using VC to communicate with clients in different parts of the world.

Cloud-based VC has enabled companies to increase collaboration between offices around the world. Companies that have a global workforce and network are more likely than others to adopt VaaS solutions. They are also more likely to use video as a service for effective communication between teams in different countries. Many companies use VC to replace travel, which saves time and reduces travel costs. Companies are putting more effort into integrating VC in their Unified Communication architecture (UC). To facilitate VC across multiple regions, they are trying to expand the video conferencing facility to remote and mobile users via desktop and cellular communication devices.

Globalization is driving businesses to establish a cost-effective, flexible and scalable communication network that facilitates team collaboration, better communication, decision-making, and better communication. VaaS allows organizations to share visual data and train employees to help them achieve their business goals and improve productivity. Video is becoming a more popular service for companies to facilitate routine and strategic corporate communications.

Application Insights

In 2020, the corporate communications segment was the dominant market, accounting for 28.7% of global revenue. It will continue to grow at the fastest CAGR in the future years. This is due to increased use of cloud-based services as well as the demand for remote and real-time video services by enterprises. The COVID-19 pandemic disrupted both the productivity and operational efficiency of employees and businesses around the world. The corporate communications sector has seen a positive effect as video conferencing has been implemented for communication and collaboration. This has led to over 100 percent increase in productivity.

VaaS adoption has been a significant contributor to segment growth during the pandemic. Other applications include training and development, marketing and client engagement, broadcast distribution and content creation and management. In 2020, a significant market share was also held by the marketing & client engagement segment. Over the forecast period, content creation and management will see significant growth. In the post-pandemic scenario, VaaS adoption is expected to increase for training & developmental activities, collaboration, marketing & client engagement, and other purposes.

Cloud Deployment Mode Insights

In 2020, the hybrid cloud segment was dominant in the market accounting for 43.7% global revenue. This high share is due to the significant shift to a hybrid model that matches the nature of different workloads. Organizations can retain their public cloud capabilities while maintaining smaller workloads in a private cloud on-premises or in-house. This hybrid cloud deployment model allows them to maintain their external capabilities. This scenario will be the future of infrastructure management.

Deploying a cloud video in a SaaS (Software-as-a-Service) model relieves the enterprise IT teams and the customers of managing the environment. Microsoft is one of the cloud solution providers that offers cloud video-related innovations in order to provide value-added VaaS. The public and private clouds are two other options for cloud deployment. Private cloud deployment is a way for enterprises to host their cloud on-premises. It can also be combined with public cloud services in a hybrid public-private cloud architecture.

Vertical Insights

With a revenue share exceeding 18%, the education segment was the dominant market player in 2020. This high share can be attributed both to the Work-from-Home (WFH), and to distance education policies resulting from the COVID-19 pandemic. Distance education was encouraged at schools, universities, and other educational institutions. They could also access Professional Learning & Development programs and work remotely. The industry's growth has been aided by the adoption of distance education.

Other verticals in the VaaS market are BFSI, healthcare and life sciences, retail, e-commerce IT & telecom, government, media & Entertainment, and others. Due to rapid development of cloud-based collaboration software and other communication software, the IT & telecom segment will experience significant growth during the forecast period. Collaboration software and team collaboration allow teams to work remotely and manage large projects, improve productivity, and streamline business processes. Another promising sector that will see VaaS adoption in the future is government and public sector.

Regional Insights

North America was the dominant market in 2020, accounting for over 43% of the total revenue. The high market share can be attributed largely to the existence of many cloud-based video solution providers within the region. North America's market is well-developed in terms of adoption of video conferencing and other cloud based communication solutions. The regional market has seen a significant increase in demand for high-quality internet and continuous access to video meetings. The growth of the regional market has been aided by the presence of many key players and increasing popularity of BYOD (Bring Your Own Device), solutions.

Asia Pacific will be the fastest growing region market during the forecast period. While the region's business and governing bodies have encouraged innovation in technology before the COVID-19 pandemic hit, the coronavirus epidemic has been a catalyst for the development of high-quality internet infrastructure that allows people to work remotely. This shift towards remote working has increased the demand for video conferencing equipment and collaboration tools as well as accessories, which has helped to boost the regional market growth. The regional market will be boosted by technological advances in mobile broadband technology in India and Japan.

Market Share Insights & Key Companies

Vendors in the market are focused on increasing their customer base and maintaining a competitive edge. They are therefore pursuing strategic initiatives such as partnerships, mergers and acquisitions, collaborations, new product/technology development, and other strategies. Zoom Video Communications, Inc., for instance, signed a partnership agreement in September 2020 with Lumen Technologies, an American-based enterprise platform provider. This allowed the latter to offer its services under the Unified Communications & Collaboration Suite. The partnership was expected to increase Zoom's customer reach and improve the user experience with the Unified Communications and Collaboration Suite. The following are some of the most prominent players in global video as a services market:

• 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.

Up Market Research published a new report titled “Video As A Service Market research report which is segmented by Vertical (Education, BFSI), by Cloud Deployment Mode (Public, Hybrid), By Players/Companies Zoom Video Communications Inc , LogMeIn Inc , Alphabet Inc, Avaya Inc, Plantronics Inc , Cisco Systems Inc , Adobe, Zoho Corporation Pvt Ltd , RingCentral Inc , Amazon Web Services Inc ”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Video As A Service Market Report Segments:

The market is segmented by Vertical (Education, BFSI), by Cloud Deployment Mode (Public, Hybrid).

Video As A Service Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Video As A Service Market

Overview of the regional outlook of the Video As A Service Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Video As A Service Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Video As A Service Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Education

                2. BFSI

                1. Public

                2. Hybrid

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Video As A Service Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Video As A Service Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.