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Video-As-A-Service (VaaS) Global Market 2024 - Industry Trends, Share, Size, Growth, Opportunity And Forecast 2033
Video-As-A-Service (VaaS) Global Market
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According to The Business Research Company's, The video-as-a-service (vaas) market size has grown exponentially in recent years. It will grow from $4.57 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth in the historic period can be attributed to increased use of mobile devices, security and compliance requirements, rise in remote work, globalization of businesses, cost savings and scalability, improved internet connectivity.
The video-as-a-service (vaas) market size is expected to see exponential growth in the next few years. It will grow to $11.95 billion in 2028 at a compound annual growth rate (CAGR) of 21.2%. The growth in the forecast period can be attributed to hybrid work models, vertical-specific solutions, increased focus on user experience, green initiatives and sustainability, customization and api development. Major trends in the forecast period include integration with unified communications , cloud-based video services, focus on security and compliance, ai-enhanced video capabilities, virtual events and webinars, real-time analytics and insights, continuous software updates and feature enhancements.
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Market Drivers and Trends:
The adoption of remote working is significantly contributing to the growth of the video-as-a-service (VaaS) market going forward. Remote working refers to a professional setting where employees are permitted to work from home or any other place other than the actual office of their employer. Video-as-a-Service enhances the remote work experience by offering a range of communication and collaboration tools, ultimately contributing to increased efficiency and connectivity among remote teams. For instance, according to a February 2022 study published by AT&T, a US-based telecommunications company, the percentage of companies adopting a hybrid model of work where workers will do both remote work and work from the office is projected to increase from 42% in 2021 to 81% in 2024. Therefore, the adoption of remote working will drive the video-as-a-service (VaaS) market.
Major companies operating in the market are focused on research and development for technological advancements, such as AI-powered hybrid video conferencing solutions, that could provide better solutions and strengthen their position in the market. An AI-powered hybrid video conferencing solution is a technology that incorporates artificial intelligence (AI) to enhance and optimize virtual meetings in a hybrid work environment. For instance, in February 2023, Qualcomm Technologies Inc., a US-based technology company, released an AI-powered video conferencing solution, the Qualcomm QCS8250 Video Collaboration Reference Design. This technology enhances the future of work by delivering superior audio and video performance, creating more engaging and immersive hybrid video conferencing experiences. The Qualcomm AI Suite for Video Collaboration and Video Conferencing is integral to this solution, offering premium features such as dynamic group and speaker framing, along with noise suppression. This all-in-one solution provides a top-tier video collaboration experience tailored for enterprise conferencing applications, including compatibility with platforms such as Microsoft Teams and Zoom Rooms.
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Major Key Players of the Market:
Amazon Web Services Inc., Avaya Holdings Corp, BlueJeans Network Inc., Cisco Systems Inc., Huawei Technologies Co. Ltd., Zoom Video Communications Inc., Microsoft Corporation, Google LLC, LogMeIn Inc., Lifesize Inc., Adobe Inc., Arkadin SAS, AT&T Inc., BroadSoft Inc., BT Group plc, Fuze Inc., InterCall, Kaltura Inc., Level 3 Communications LLC, Orange SA, Polycom Inc., Premiere Global Services Inc., RingCentral Inc., StarLeaf Ltd., Tata Communications Ltd., Vidyo Inc., Vodafone Group plc, West Corporation, ZTE Corporation, GoToMeeting by LogMeIn Inc.
Video-As-A-Service (VaaS) Market 2024 Key Insights:
• The video-as-a-service (vaas) market size is expected to see exponential growth in the next few years. It will grow to $11.95 billion in 2028 at a compound annual growth rate (CAGR) of 21.2%.
• Global Internet Surge Fuels Expansion Of Video-As-A-Service (VAAS) Market
• Technological Advancements And Security Innovations In The Video-As-A-Service (VAAS) Market
• North America was the largest region in the video-as-a-service (VaaS) market in 2023
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