Video-as-a-Service (VaaS) Market Size Growing at 13.2% CAGR to Hit $14.65 Billion 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) is a cloud-based service model that provides video conferencing, streaming, and other video-related functionalities on-demand. Instead of requiring companies to invest in costly hardware and infrastructure, VaaS solutions offer video services over the internet, making it easy for users to access and utilize high-quality video communications on a subscription basis.

Rise in demand for real-time and remote access video service, increase in adoption of video conferencing solutions by large enterprises to support global operations, and developments in high-speed communication infrastructure drive the global Video-as-a-Service (VaaS) market. On the other hand, high acquisition & integration costs and several data security & privacy concerns impede the growth to some extent. However, use of advanced technologies such as AI & machine learning and the surge in the incorporation of video-as-a-service (VaaS) among SMEs is expected to create multiple opportunities in the industry.

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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 the video-as-a-service (VaaS) market forecast period.

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.

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 increase in needs of 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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Covid-19 Scenerio:

Demand for video-as-a-service (VaaS) has increased considerably during the COVID-19 pandemic. Rise in number of patients across the globe has led to significant increase in the video-as-a-service (VaaS) market size, owing to the closing of workplaces & industries such as manufacturing. Furthermore, many companies are preferring cloud-based virtual meetings to increase their customer base and to enhance their market share. As a result, these major factors propelling the growth of video-as-a-service (VaaS) industry during the pandemic situation.

The key market players analyzed in the global Video-as-a-Service (VaaS) market report include Avaya Inc., Blue Jeans Network, Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd., LogMeIn, Inc., Plantronics, Inc., Zoom Video Communications, Inc., Premiere Global Service, Inc., Amazon Web Service, Inc., and RingCentral, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

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