Video-as-a-Service or VaaS is the delivery of point-to-point and mutual video conferencing capabilities over IP network and servers that are managed by service providers. VaaS is a process through which an individual or an organization can view live video coverage in a particular location. Besides, Video-as-a-Service falls under Software as a Service (SaaS), and is also called as Video Conferencing as a Service (VCaaS), providing the infrastructure needed for connected communications between all the endpoints.
Moreover, VaaS can enhance the workplace flexibility in remote work platforms, by allowing members of a team to connect with each other, for developing video-based applications such as video chat tools, live streaming platforms, and video hosting sites.
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COVID-19 Impact on Video-as-a-Service (VaaS) Market
The outbreak of COVID-19 across the globe has favorably impacted the global video-as-a-services (VaaS) market growth. The positive VaaS market growth is majorly due to the increasing usage of video conferencing for communication and collaboration during the lockdown period. Besides, the coronavirus pandemic has affected the employee productivity and global corporate efficiency. Thus, the adoption of VaaS solutions and services has dramatically increases during the pandemic, boosting the video-as-a-service (VaaS) market growth.
Moreover, many businesses around the world are now preferring cloud-based virtual meetings in order to expand their customer base. Governments are also taking efforts toward remote company operations. All these factors are responsible for the progressive VaaS market growth in the pandemic period.
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Video-as-a-Service (VaaS) Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global video-as-a-service (VaaS) market, which is predicted to drive the global video-as-a-services (VaaS) market growth in the upcoming years.
For instance, in July 2020, Avaya, an American multinational technology company, and an Australian ICT distributor, VExpress signed a Master Agent agreement in order to enable channel partners to rapidly progress the operational recovery efforts of the midmarket organizations and SMEs in Australia with the help of collaboration solutions and cloud communications from Avaya.
In February 2021, Motorola Solutions, a leading provider of mission-critical communications & analytics around the world, announced a new Video-as-a-Service (VaaS) offering combining of body-worn cameras, cloud-based support, and digital evidence management software for law enforcement agencies. This service plays a crucial role in helping law enforcement to promote accountability and transparency with no straight capital investment, which helps to keep communities and officers safe.
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Forecast Analysis of Global Market
The global video-as-a-service (VaaS) market is projected to witness an exponential growth over the forecast period, mainly because VaaS market participants are increasingly adopting advanced AI-based VaaS in order to provide an autonomous way to monitor as well as improve video content service in real-time. Conversely, the high acquisition & integration expenses and the growing privacy concerns are expected to hamper the market growth in the projected timeframe.
The growing demand for remotely accessible and real-time video services across the globe are the significant factors and video-as-a-service (VaaS) market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global video-as-a-service (VaaS) market is expec0-+ted to garner $11,557.3 million during the forecast period (2021-2028). Regionally, the Asia-Pacific video-as-a-service (VaaS) market is estimated to observe the rapid growth by 2028, owing to the measures taken by governments to develop digital infrastructure in the region.
The key players functioning in the global market include Amazon Web Services (AWS) Inc., Cisco Systems Inc., Avaya Inc., Huawei Technologies Co., Ltd., Microsoft, Zoom Video Communications Inc., Google, LogMeIn Inc., Adobe, and Plantronics, Inc.
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