As per the report published by Fior Markets, the global Video as a Service market is expected to grow from USD 49 billion in 2020 and to reach USD 184.1 billion by 2028, growing at a CAGR of 18% during the forecast period 2021-2028.
The Video as a Service market is witnessing significant growth in the past years. This growth is attributed to the rising trend for work from home due to Covid-19, the high adoption rate for video services, low capital requirements, and technological innovations such as blockchain technology and artificial intelligence to enhance video quality.
Video as a Service (VaaS) is a managed service provider’s deployment of multiparty or point-to-point video conferencing capabilities via an IP network. A video conference is a live, visible link that allows two or more people who live in separate locations to communicate. At its most basic, video conferencing allows for the communication of static images and text between two zones. At its most sophisticated, it can transmit full-motion video images and high-quality audio between several locations. The online video platform (OVP) of a video hosting service allows users to upload, encode, store, and stream video content via the Internet, typically through a well-organized, large-scale system that may generate revenue. Users frequently upload video content using the hosting service’s website, mobile or desktop app, or other interfaces (API). The provided video footage might range from minutes to full-length TV programs and blockbusters. The video provider maintains the video on its server and allows users to enable various embed codes or links that allow others to see the video content.
The global Video as a Service market is expected to witness significant growth, owing to technological innovation and advancements, increasing service providers, broad use of digital media across several industrial segments, and the rising popularity of video conferencing for collaboration and communication amongst the population. The factors restraining the market growth are cybersecurity and breach issues, privacy concerns, difficulties with confidential data leaks, and the danger of abuse. The emergence of 5G will provide market growth opportunities.
The prominent players in the global Video as a Service market include Zoom Video Communications, Google, Microsoft, Adobe, Cisco, Avaya, AWS, LogMeIn, RingCentral, and Poly. To gain a significant market share in the global Video as a Service market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Microsoft and Zoom Video Communications are some of the key manufacturers operating in the Video as a Service market.
- In September 2020, Zoom Video Communications teamed with Lumen to integrate Zoom into Lumen’s Unified Communications and Collaboration Suite. This project will enhance the Unified Communications and Collaboration Suite’s user experience and Zoom’s client reach.
- Microsoft and Sony Semiconductor Solutions collaborated to make AI-powered smart cameras and video analytics solutions more available to consumers in May 2020. Both firms will incorporate Microsoft Azure’s AI capabilities on Sony’s intelligent vision sensor IMX500, which pulls meaningful information from pictures in smart cameras and other devices, as part of this collaboration.
- In August 2019, Cisco bought Voicea, a meeting and speech expert, for its Webex’ game-changer.’ Cisco would use Voicea’s technology to augment its Webex product portfolio with a vital transcription tool to improve cooperation in meetings and conversations. Voicea’s solution would be a game-changer for Cisco Webex users, allowing them to hold more productive and actionable meetings.
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Marketing & Client Engagement segment dominated the market and held the largest market share of 41.29% in the year 2020
Based on application, the global Video as a Service market is segmented into Corporate Communication, Marketing & Client Engagement, and Training & Development. Marketing & Client Engagement segment dominated the market and held the largest market share of 41.29% in the year 2020. This growth is attributed to the effectiveness of video conferencing for marketing reasons, beneficial in engaging audiences, more efficient and productive communication process, and extended scope for the business.
BFSI segment dominated the market and held the largest market share of 22.5% in the year 2020
Based on verticals, the global Video as a Service market is segmented into BFSI, IT and telecommunications, Healthcare, Media and entertainment, Public Sector, Retail and Trade, Education, and Others. BFSI segment dominated the market and held the largest market share of 22.5% in the year 2020. This growth is attributed to providing enhanced internal communication within the company, improving information sharing, and increased investment in the sector.
Cloud Engagement segment dominated the market and held the largest market share of 57.9% in the year 2020
Based on deployment type, the global Video as a Service market is segmented into Cloud and On-Premises. The cloud Engagement segment dominated the market and held the largest market share of 57.9% in the year 2020. This growth is attributed to the cloud computing advancements capable of processing massive amounts of substantial data and providing a better viewing experience.