Video as a Service Market to Hit US$ 15.47 Billion by 2030, Growing at a CAGR of 18.3%

According to the new research report on "Video as a Service Market Size and Forecast (2020-2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the market is expected to reach US$ 15.47 billion by 2030 and register a CAGR of 18.3% from 2022 to 2030.

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The global video as a service market is projected to exhibit a notable growth rate during the forecast period of 2023 to 2030. The high growth potential in the video as a service market attracts several new players to enter in the video as a service market with cloud-based solutions. Existing market players have increased their focus on developing new features and capabilities for enhancing the functionality of their video as a service solution. Moreover, the growing adoption of cloud-based collaboration solutions among consumers is driving the video as a service market. These solutions are highly flexible, scalable, and cost-effective, which is bolstering the video as a service market growth. Pertaining to the risk of customer loss, end users are increasingly focusing on procuring and deploying advanced technologies in the existing system to gain customer satisfaction by smoothly managing their video meetings and conferences. All these factors are anticipated to fuel the video as a service market in the coming years.

Video as a Service (VaaS) plays a significant role in the IT & Telecom industry by providing a platform for video communication, collaboration, and content delivery. VaaS enables employees in the IT & Telecom industry to conduct remote meetings and collaborate in real-time, fostering efficient communication among teams, even if they are geographically dispersed. Video conferencing facilitates seamless collaboration, allowing teams to share screens, documents, and ideas in a virtual environment. In the Telecom sector, VaaS is employed for virtual customer support, enabling representatives to assist customers through video calls, improving issue resolution and customer satisfaction. Telecom companies use video services to conduct product demonstrations, showcasing new offerings and features to customers is fueling the video as a service market. The increasing use of Video as a Service in the IT & Telecom industry enhances communication, collaboration, and operational efficiency, ultimately contributing to improved customer service, employee engagement, and market outreach.

The video as service market in Germany is projected to expand at a significant rate in the future due to the growing adoption of remote and hybrid working models. Numerous companies are providing work from anywhere opportunities to their employees, which increases the demand for cloud-based solutions among consumers. SAP allowed approximately one lakh employees to decide their working location or select remote working for entire year of 2021, increasing the adoption of video as a service among employees for connecting their teams through video conferencing. Further, the presence of strong IT industries that develop existing video conferencing software drives the video as a service market growth in Germany.

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Key Findings of Study:
Based on industry vertical, the video as a service market is segmented IT & telecom, healthcare, retail & e-commerce, BFSI, education, media & entertainment, government & public sector, and others. The healthcare segment is projected to grow at a highest CAGR of the global video as a service market during the forecast period. Healthcare providers use VaaS to conduct remote consultations with patients. This includes video appointments for routine check-ups, follow-up visits, and consultations with specialists. There are several benefits, such as it improves accessibility to healthcare services, allows for timely consultations, reduces the need for in-person visits, and supports patients in remote or underserved areas.

VaaS platforms facilitate medical training and education by enabling live or on-demand streaming of medical lectures, training sessions, and surgical procedures. Also, healthcare professionals can use VaaS for collaborative case discussions, allowing specialists from different locations to review patient cases, share insights, and make informed decisions. Thus, by incorporating VaaS into healthcare and life sciences practices, organizations can improve patient care, streamline communication, and promote collaboration among healthcare professionals, researchers, and stakeholders. It also contributes to the ongoing evolution of telemedicine and digital healthcare solutions.

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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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This release was published on openPR.