USD 14,650.73 Million, Video-as-a-Service (VaaS) Market Trends, Top Companies and Growth at a 13.2% CAGR by 2030

According to the report published by Allied Market Research, the global Video-as-a-Service (VaaS) market was estimated at $4.27 billion in 2020 and is expected to hit $14.65 billion by 2030, registering a CAGR of 13.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.

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Video-as-a-service (VaaS), which is also referred to as video conferencing as a service (VCaaS), offers the provision of point-to-point video conferencing functionalities through an Internet Protocol (IP) network. Furthermore, a video conference represents a real-time, visual connection connecting two or more individuals situated in different places to facilitate communication. Furthermore, video conferencing enables the exchange of still images and text between two locations, as well as the transmission of full-motion video footage and high-quality audio among multiple locations.

Rapid increase in demand for real-time and remote access video service and surge in adoption of video conferencing solutions by large enterprises to support global operations drive the growth of the global video-as-a-service (VaaS) market. Video-as-a-service (VaaS) provides wide range of service such as broadcasting video communication, video conferencing, video content management, and real-time video monitoring.

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Furthermore, the global video-as-a-service (VaaS) industry is in its nascent phase, and exhibits high growth potential. In addition, non-feasibility of surveillance professionals to manually track & detect suspicious incidents from large number of video data produced, growth in concerns over safety & security, and need to obtain actionable insights from huge amount of video data generated from multiple video sources are expected to propel the video-as-a-service (VaaS) market growth during the forecast period.

By deployment model, the public cloud segment dominated the video-as-a-service (VaaS) market in 2020, and is projected to maintain its dominance during the forecast period. Increase in adoption of public cloud is majorly driven by rise in need for elasticity in the services. Additional expenses of the firms can be slashed by using public clouds, as it is possible to pay only for those resources, which are being utilized by the company. This benefit acts as a driving force for pubic clouds in video-as-a-service (VaaS) market forecast period.

Based on application, the marketing & client engagement segment is expected to exhibit the fastest video-as-a-service (VaaS) market analysis rate during the forecast period.

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Based on enterprise size, the large enterprise's segment contributed to nearly three-fourths of the total market revenue in 2020 and is projected to lead the trail by 2030. The small & medium enterprises segment, on the other hand, would exhibit the fastest CAGR of 15.0% during the forecast period.

The key players operating in the video-as-a-service (VaaS) market analysis include Amazon Web Services, Inc., Avaya Inc., Blue Jeans Network, Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd., LogMeIn, Inc., Plantronics, Inc., Premiere Global Services, Inc., RingCentral, Inc., and Zoom Video Communications, Inc.. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Region-wise, North America dominated the market in 2020, and is expected to maintain this video-as-a-service (VaaS) market trend during the forecast period. The growth in demand for public safety and the need for actionable insights contribute toward the growth of video-as-a-service (VaaS) in this region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, due to surge in population, increase in internet penetration, rise in proliferation of video cameras for surveillance & security reasons, and strong economic growth in emerging economies.

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