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The Video as a Service (VaaS) market has witnessed significant growth and evolving trends in recent times. As businesses increasingly embrace digital communication and collaboration tools, the demand for VaaS solutions has surged. One prominent market trend is the widespread adoption of video conferencing services across various industries. The COVID-19 pandemic accelerated this shift as remote work became the norm, prompting organizations to rely heavily on video communication platforms for meetings, presentations, and collaboration.
Moreover, the VaaS market has seen a rise in the integration of advanced technologies such as artificial intelligence (AI) and machine learning. These technologies enhance the user experience by providing features like automatic transcription, facial recognition, and real-time language translation, making virtual interactions more efficient and accessible globally. As businesses prioritize seamless communication, the incorporation of AI-driven capabilities in VaaS solutions has become a key differentiator among service providers.
Another notable trend is the increasing emphasis on hybrid work models, where organizations blend in-person and remote work. This has led to a growing demand for flexible and scalable VaaS solutions that accommodate both physical and virtual meeting spaces. Service providers are adapting to this trend by offering solutions that support hybrid collaboration, enabling teams to connect regardless of their location or preferred work environment.
The VaaS market is also witnessing a shift towards cloud-based solutions. Cloud-based VaaS platforms provide scalability, accessibility, and ease of deployment, making them attractive to businesses of all sizes. This trend aligns with the broader industry movement toward cloud computing, as organizations seek cost-effective and scalable solutions without the need for extensive on-premises infrastructure.
Security and privacy concerns have become critical considerations in the VaaS market. As the frequency and importance of virtual meetings increase, the need for robust security features has become paramount. Service providers are investing in encryption, secure authentication methods, and compliance certifications to address these concerns and build trust among users.
Furthermore, the VaaS market is experiencing consolidation and partnerships among key players. This is driven by the desire to offer comprehensive solutions that encompass a wide range of features and capabilities. Collaborations between VaaS providers and other technology companies are becoming more common, leading to integrated ecosystems that cater to diverse business needs.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Obesity in children, healthier and more balanced diets |
| Market Dynamics | Increase in health difficulties and worries, leading in costly operations |
Video as a Service Market Highlights:
Video as a Service Market Overview
Video as a Service Market is projected to grow from USD 1.69 Billion in 2024 to USD 2.59 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.48% during the forecast period (2024 - 2032). Additionally, the market size for Video as a Service was valued at USD 1.59 billion in 2023.
The advent of remote work and virtual meetings has raised demand for remote communication and collaboration solutions are the key market drivers enhancing the market growth.
Figure 1: Video as a Service Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Video as a Service Market Trends
Growing use in real time video is driving the market growth
Market CAGR for video as a service is being driven by the rising use in real time video. The video-as-a-service (VaaS) market is expanding due to its capacity to raise productivity, promote engagement, and keep remote workers connected. Furthermore, there is increased demand for real-time and remote access internet video services and rapid growth of high-speed communication infrastructure among organizations. As a result of these factors, the video-as-a-service industry is predicted to grow. In the aftermath of the COVID-19 epidemic, the shift to remote workflows has produced significant challenges, notably in the media and entertainment industries, and organizations are increasingly seeking real-time video service (ott video) to restart production remotely. Many video conferencing service providers have used various tactics to better serve their consumers. Solution providers are focused on providing tailored solutions to match the unique needs of various enterprises. Furthermore, using cloud-based solutions and investments in new technologies like artificial intelligence (AI), voice and face recognition, high-definition audio and video, and immersive telepresence is expanding considerably. Introducing new VaaS solution providers will likely increase competition and accelerate SME adoption of cost-effective hybrid cloud-based VC and collaboration solutions. Consultants and freelancers also use VC solutions to communicate with customers in various countries.
Cloud-based venture capital capabilities have allowed businesses to better collaboration across offices situated all over the world. Companies with a workforce and network are the early adopters of VaaS solutions, and they are more likely to employ video as a service to facilitate effective communication across multiple teams situated in different locations. Many businesses have used virtual reality as a trip alternative, saving time and money on travel expenses. Companies are concentrating on incorporating VC into their Unified Communication (UC) infrastructure as its popularity grows. They are attempting to expand video conferencing to mobile and distant users using desktop and cellular communication devices to allow VC for numerous users across multiple geographies. Most technological improvements may be more efficient when they are cloud-based. 5G, with low to zero latency, increases that integration, resulting in better connections. Improved mobile broadband will provide a consistent, high-quality experience for cloud video services, including conferencing, recording, and storage. Lowering the cost per bit will result in more inexpensive and limitless mobile data packages better suited to intensive media consumption. Furthermore, innovative technologies like facial recognition and live transcripts powered by Al and ML will accelerate the adoption of video conferencing over 5G. The evolution of 5G still needs to realize its full transformative potential, providing a significant growth opportunity for video as a service sector. Thus, driving the Video as a Service market revenue.
Video as a Service Market Segment Insights
Video as a Service Application Insights
The Video as a Service market segmentation, based on application includes corporate communications, training & development, and marketing & client engagement. The corporate communications segment dominated the market, accounting for 45% of market revenue . Corporate communication has changed as a result of the market's availability of superior alternatives like as video conferencing, zoom cloud recording, and live chat. According to research done by 3M Visual Systems Division (US), humans comprehend and recall visual material better than written content. Text-heavy modes of communication need a significant amount of time and effort to transmit the required information, and the odds of the message being heard and delivered accurately are significantly reduced.
Video as a Service Cloud Deployment Insights
The Video as a Service market segmentation, based on cloud deployment includes public, private, and hybrid. The hybrid segment dominated the market. The significant transition to a hybrid approach that matches with the nature of diverse workloads can be ascribed to the high share. Organisations can keep their external capabilities with major public cloud providers while maintaining relatively minor workloads in a private cloud hosted in-house or on-premises using the hybrid cloud deployment strategy.
Figure 2: Video as a Service Market, by Deployment, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Video as a Service Vertical Insights
The Video as a Service market segmentation, based on vertical, includes BFSI, IT & telecommunications, healthcare, media & entertainment, government, others. The BFSI category generated the most income. The usage of business video in the telecom and IT industries is quickly expanding. It helps to connect distant locations, reducing the complexity of organizational communication. Employees may exchange fresh ideas with one another in a pleasant and engaging way by using videos.
Video as a Service Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Video as a Service market area will dominate this market; North America's market for video conferencing and other cloud-based communication solutions is mature. The regional market has grown because of the exponential demand for continuous access to visual meetings and high-quality internet.
Further, the major countries studied in the market report are The US, Canada, German, India, Australia, France, the UK, Italy, Spain, China, Japan, South Korea, and Brazil.
Figure 3: VIDEO AS A SERVICE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe has the second-largest market share for Video as a Service. A wide variety of video collaboration solution providers are available. The region's enterprise and commercial markets are expanding. Furthermore, the German Video as a Service market dominated, while the UK Video as a Service market was the fastest expanding in Europe.
From 2023 to 2032, the Asia-Pacific Video as a Service Market will develop at the quickest CAGR. The severe transition to remote working infrastructure has increased demand for video conferencing equipment, collaboration tools, and accessories, supporting regional market growth. Furthermore, China's Video as a Service market had the highest market share, while India's Video as a Service market was the fastest expanding in the Asia-Pacific region.
Video as a Service Key Market Players & Competitive Insights
Leading market companies are making significant R&D investments to diversify their product offerings, which will drive the Video as a Service market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants also engage in several strategic actions to increase their worldwide presence. The market for Video as a Service industry is becoming more competitive. Therefore, it needs to offer reasonably priced products to grow and thrive.
Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers employ in the worldwide Video as a Service industry to assist customers and expand the market sector. The market for Video as a Service industry has recently provided some of the most important benefits. Major players in the Video as a Service market, including Lumen, Sony Semiconducctor and others, are attempting to increase market demand by investing in research and development operations.
Sony Semiconductor Solutions Group is creating a device solution business centered on image sensors, including micro-displays, different LSIs, semiconductor lasers, etc. In May 2020, Sony Semiconductor Solutions and Microsoft have collaborated to increase consumer access to Al-powered smart cameras and video analytics solutions. As part of this collaboration, both firms will install Microsoft Azure's Al capabilities on Sony's intelligent vision sensor IMX500, which extracts relevant information from pictures in smart cameras and other devices.
Lumen is inspired by the notion that when technology enhances the way we live and work, mankind is at its finest. We provide the quickest, most secure platform for apps and data to enable enterprises, governments, and communities to offer extraordinary experiences, with almost 450,000 route fiber miles and clients in over 60 countries. In November 2020, Zoom Video Communications collaborated with Lumen to make Zoom available as part of Lumen's Unified Communications and Collaboration Suite. This will improve the user experience for the Unified Communications and Collaboration Suite and Zoom's customer reach.
Key Companies in the Video as a Service market include
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Microsoft (US)
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Adobe (US)
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Zoom Video Communications, Inc. (US)
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Avaya Inc. (US)
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Cisco Systems, Inc. (US)
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Google (US)
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Amazon Web Services, Inc. (US)
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Plantronics, Inc. (US)
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LogMeIn, Inc. (US)
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RingCentral, Inc. (US)
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Zoho Corporation Pvt. Ltd. (India)
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Premiere Global Services, Inc. (US)
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Wickr Inc. (US)
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Pexip AS (Norway)
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StarLeaf (UK).
Video as a Service Industry Developments
Prime Video signed an agreement with Sony Pictures Television (SPT) in February 2024. Sony Pictures Stream is offering users an introductory annual membership fee of Rs. 399 to access SPE’s extensive collection of movies and series through Prime Video Channels.
Amazon intends to launch Matter Casting, a revolutionary function akin to Apple AirPlay and Google Cast, in January 2024. Thanks to Matter Casting, Amazon televisions can stream iPhone and Android users’ videos and other content without freezing during the broadcast process. As a possible alternative to Apple or Google-owned technologies, this feature simplifies transmission of video content from iOS/Android devices onto Amazon devices like Fire TV boxes & sticks as well as Echo Show 15 smart displays.
The International Boxing Association (IBA) formed a strategic partnership with OTTera at the IBA Men’s World Boxing Championships in Tashkent in May 2023. This partnership aims to enhance the watching experience for boxing lovers, globally promoting boxing while using IBA-OTTera’s combined expertise.
In July 2022 - New Calling was unveiled by Zhejiang Mobile, Jingyou Technology, and Huawei − a brand-new calling solution. To redefine current call services and present them in audio/video format aimed at both individual users and business clients, this solution involves a “1 platform + 3 capabilities + N services” architectural model. The New Calling system allows three competitive calling capabilities—UHD video calling, intelligent video calling, and interactive video calling—by creating the New Calling Platform and Unified Media Function on top of the core voice network.
ZTE Corporation is a leading global provider of telecommunications equipment & network solutions; it also offers mobile internet-related products and services for enterprises/customers across the globe (March 2022). Development of its Premium Video Platform 2.0 (PVP2.0) big video solution has been announced by ZTE Corporation (“ZTE”, or “the company”). For the “New Ecosystem”, the PVP2.0 solution can provide an operator-centric ATV launcher, where operators can adopt their preferred service display styles to cater to specific needs. Operators may need to quickly incorporate third-party features and apps like Google Assistant and Google Ads.
Tesla confirmed in November 2022 that its drivers will be able to make video calls using the Zoom app while driving a Tesla vehicle. The Zoom call app would be directly accessed on Tesla’s central touchscreen infotainment system. This software employs the car’s rearview mirror camera.
Video as a Service Market Segmentation
Video as a Service Application Outlook
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Corporate Communications
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Training & Development
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Marketing & Client Engagement
Video as a Service Cloud Deployment Outlook
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Public
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Private
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Hybrid
Video as a Service Vertical Outlook
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BFSI
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IT & telecommunications
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Healthcare
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Media & Entertainment
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Government
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Others
Video as a Service Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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