Video As A Service Market Potential Growth, Demand and Analysis of Key Players 2028
Video As A Service Industry Overview
The global video as a service market size was valued at USD 2.13 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 39.7% from 2021 to 2028.
Owing to the high growth potential, several new players are entering this market with solutions similar to the existing ones. Therefore, the existing companies are now focusing on developing new features and capabilities to enhance the functionality of their VaaS solutions. There is also a visible shift in the demand from on-premises Video Conferencing (VC) and collaboration solutions to cloud-based solutions owing to the high scalability, flexibility, and cost-effectiveness offered by the cloud architecture. The prominence of cloud-based solutions has bolstered the growth of the video as a service (VaaS) market.
Gather more insights about the market drivers, restrains and growth of the Global Video As A Service Market
Different video conferencing solution providers have adopted different strategies to better serve their customers. Solution providers are focusing on offering customized solutions to meet the specific requirements of multiple businesses. Furthermore, the adoption of cloud-based solutions and the investments for including new features, such as Artificial Intelligence (AI), voice & face recognition, HD audio & video, and immersive telepresence, is increasing significantly. The entry of new VaaS solution providers is expected to intensify the competition and drive cost-effective hybrid cloud-based VC and collaboration solutions by Small & Medium Enterprises (SMEs). Consultants and freelancers are also using VC solutions to interact with clients located in different regions.
Cloud-based VC capabilities have enabled companies to improve collaboration among offices located across the globe. Companies with a worldwide workforce and network are the early adopters of VaaS solutions and are more likely to deploy video as a service to enable effective communication among different teams located in various countries. Many companies have implemented VC as a travel substitute, saving time and associated travel costs. As the adoption of VC increases, companies are focusing on integrating it into their Unified Communication (UC) architecture. They are trying to extend the video conferencing facility to mobile and remote users through desktop and cellular communication devices to facilitate VC for multiple users across various regions.
With the increasing globalization of businesses worldwide, there is a need to set up a cost-effective, flexible, and scalable communication network to facilitate team collaboration, better communication, and decision-making capability. Since VaaS involves visual data-sharing, it enables organizations to discuss business strategies and provide employee training effectively to achieve business objectives and enhance productivity. Hence, companies are increasingly adopting video as a service to help facilitate strategic as well as routine corporate communications.
Browse through Grand View Research’s Communication Services Industry Research Reports.
- Unified Communications Market: The global unified communications market size was valued at USD 78.33 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2021 to 2028.
- Customer Experience Management Market: The global customer experience management market size was valued at USD 8.79 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.1% from 2022 to 2030.
Market Share Insights
- September 2020: Zoom Video Communications, Inc. signed a partnership agreement with Lumen Technologies, a U.S.-based enterprise technology platform provider, to allow the latter company to offer its services as part of the Unified Communications and Collaboration Suite.
Key Companies profiled:
Some of the prominent players in the global video as a service market include:
- Adobe
- Alphabet, Inc.
- Amazon Web Services, Inc.
- Avaya, Inc.
- Cisco Systems, Inc.
- LogMeIn, Inc.
- Plantronics, Inc.
- RingCentral, Inc.
- Zoho Corporation Pvt. Ltd.
- Zoom Video Communications, Inc.
Order a free sample PDF of the Video As A Service Market Intelligence Study, published by Grand View Research.