TechTECHNOLOGY

Video as a Service Market Competitive Analysis and Opportunities

Video as a Service Market Scope and Overview

The Video as a Service Market was valued at USD 4.84 billion in 2023 and is expected to reach USD 10.22 billion by 2032, growing at a projected CAGR of 8.66% from 2024 to 2032.

The Video-as-a-Service (VaaS) market is flourishing due to several factors. A key driver is the rise of remote and hybrid work models. A 2023 study by Upwork found that 38% of the global workforce now freelances, highlighting the need for seamless video communication. Compared to traditional systems, Video-as-a-Service offers a cost-effective solution that eliminates initial infrastructure investments. Businesses like Zoom and Cisco WebEx cater to this by offering pay-as-you-go plans. Additionally, cloud-based VaaS allows for scalability, letting companies adapt video conferencing needs as they grow. Integrations with existing tools like CRMs further enhance workflows. Finally, the growing popularity of video content, from marketing to telehealth, is driving demand for VaaS solutions that support high-quality video production and delivery. This is evident in the recent launch of Centriq Studios in April 2023, a platform that provides creators with video production support. These combined factors position VaaS as a key player in the future of communication and collaboration.

Video as a Service Market

Video as a Service Market Segmentation Analysis

By applications, the marketing and customer engagement segment will be the largest segment in the Video as a Service Market during the forecast period 2024-2032. The video marketing and customer engagement segment is expected to grow faster during the forecast period. By using video conferencing for marketing purposes, organizations can easily engage their audience, communicate with them more effectively, and expand their reach. VaaS solutions increase customer engagement by enabling more interaction with customers, which fosters better relationships with businesses.

Based on verticals, the BFSI segment will dominate the market during the forecast period. In the video as a service market, solutions enable banking, finance, and insurance (BFSI) companies to transform branches into sales and service channels without additional on-site staff. These solutions facilitate internal communication, information sharing, and investor relations. In real-time or via on-demand video, these companies can make announcements about executive communications and policies, investor relations, external communications, and collaboration among their geographically dispersed teams.

Market Segmentation and Sub-Segmentation

On The Basis of Application

  • Corporate Communications
  • Training & Development
  • Marketing & Client Engagement
  • Broadcast Distribution
  • Content Creation & Management
  • Others

On The Basis of Cloud Deployment Mode

  • Public Cloud
  • Private Cloud
  • Hybrid Cloud

On The Basis of Vertical

  • BFSI
  • Healthcare & Life Sciences
  • Retail & E-Commerce
  • IT & Telecom
  • Education
  • Government & Public Sector
  • Media & Entertainment
  • Others

Regional Analysis

By region, Asia Pacific will witness the highest growth rate during the forecast period 2024-2032 in the Video as a Service Market. Government initiatives to promote digital infrastructure are driving the deployment of VaaS solutions in this region. Several technology service providers in the region are partnering with solution providers to enhance and deliver customized offerings based on the business requirements of local customers. APAC countries have a huge untapped market for video service providers. Leading manufacturers in the APAC VaaS market include China, Japan, ANZ, and the rest of APAC.

Competitive Landscape

  • Google: Offers free and paid video conferencing solutions with ease of use and integration with other Google services like Gmail and Calendar. They target businesses seeking a cost-effective and user-friendly option.
  • Zoom and Cisco WebEx: Constantly innovating and adding features like AI-powered noise reduction, real-time transcription, and post-meeting analytics to enhance user experience.
  • Join.me: A user-friendly platform with a focus on instant meetings, offering a convenient solution for quick video communication needs.

Major Players Studied in the Video as a Service Market Report

  • Amazon Web Services
  • Avaya
  • Blue Jeans Network
  • Cisco Systems
  • Huawei Technologies
  • LogMeIn
  • Plantronics
  • Premiere Global Service
  • RingCentral
  • Zoom Video Communications
  • Others

Recent Developments in the Video as a Service Market

In November 2023, Amazon Web Services (AWS) expanded its partnership with VMware and other participants in the EdgeAI project. The network integrates infrastructure and services from AWS, VMware Multicloud Telco Platform, OGA Network Nodes, Deutsche Telekom Connectivity Services, and ISVs for network operations.

Key Takeaways

  • The rise of remote and hybrid work models has fueled the Video as a Service Market as businesses seek efficient solutions for video conferencing, training, and communication across geographically dispersed teams.
  • Video as a Service Market offers cost advantages compared to traditional on-premise video solutions. Businesses can eliminate upfront infrastructure investments and pay only for the resources they utilize.
  • Cloud-based deployment is dominant in the Video as a Service Market due to its scalability, flexibility, and ease of access. This trend is expected to continue as businesses prioritize cloud-based solutions.
  • A wide range of vendors, from established players like Cisco and Zoom to innovative startups, cater to the Video as a Service Market with diverse feature sets and pricing models. CDNs ensure smooth video streaming and playback by geographically distributing content, optimizing performance for users across locations.

Table of Contents

  1. Introduction
  2. Industry Flowchart
  3. Research Methodology
  4. Market Dynamics
  5. Impact Analysis
    • Impact of Ukraine-Russia war
    • Impact of Economic Slowdown on Major Economies
  6. Value Chain Analysis
  7. Porter’s 5 Forces Model
  8. PEST Analysis
  9. Video as a Service Market Segmentation, by Application
  10. Video as a Service Market Segmentation, by Cloud Deployment Mode
  11. Video as a Service Market Segmentation, by Vertical
  12. Regional Analysis
  13. Company Profile
  14. Competitive Landscape
  15. Use Cases and Best Practices
  16. Conclusion

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