The global video-as-a-service market size is estimated to be valued at $11,557.3 million by 2028, surging from $3,641.1 million in 2020, at a CAGR of 15.6%.
COVID-19 Impact on the Video-as-a-Service Market
Due to the COVID-19 outbreak, several governments have implemented stringent lockdowns, shutdowns, and mobility restrictions in order to prevent the virus from spreading. The use of audio and video conferencing for collaboration and communication has expanded by more than 100 percent, which has had a beneficial impact on the VaaS market. The pandemic has also affected global corporate efficiency and employee productivity. As a result, the adoption of VaaS solutions and services has accelerated dramatically in the pandemic, boosting market growth. In the post-pandemic era, it is projected that the use of VaaS solutions for collaboration, training, client interaction, and marketing would continue to expand.
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Global Video-as-a-Service Market Analysis
Business cloud service platforms are more difficult to set up and have a higher overall cost of ownership. Previously, businesses had to hire infrastructure teams to manage their cloud infrastructure on their own servers. VaaS allows businesses to spend less money on infrastructure because it is managed by managed services providers (MSPs). The service platforms used by cloud vendors are hosted on their own servers. Organizations upload their data to their platforms and just pay for the resources needed to use video conferencing services. Organizations may lower their total cost of ownership (TCO) and save money on infrastructure, licensing, and support by utilizing shared VaaS infrastructure.
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However, the usage of data security software solutions for safe data transmission accounts for the high deployment cost. Furthermore, data security and privacy of identity and information are anticipated to stymie the market's growth. Over the projection period, the market will be hampered by the restricted functionality given by these solutions, as well as a lack of experience among software engineers and developers.
The cloud computing sector will benefit greatly from 5G technology. This is because most technological advancements are more efficient when they are cloud-based. With its low to zero latency, 5G improves that integration, resulting in better connections. Cloud video services such as conferencing (zoom video conference), recording (zoom cloud recording), and storage will benefit from improved mobile broadband, which will provide a seamless, high-quality experience. Lower bit costs will result in cheaper and really unlimited mobile data packages that are better suited to intensive media consumption. Furthermore, the use of internet video conferencing via 5G will be aided by emerging technologies such as facial recognition and live transcripts powered by AI and machine learning. The entire innovative potential of 5G is yet to be realized, and this presents a significant growth opportunity for the VaaS market.
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Global Video-as-a-Service Market, Segmentation
The global specialty insurance market is segmented based on enterprise size, application, verticals, and region.
Enterprise size:
Based on enterprise size, the market has been divided into large enterprises, medium-sized enterprises, and small enterprises sub-segments of which the small enterprises sub-segment is projected to grow at a faster CAGR during the forecast period. It is predicted that the small enterprises sub-segment shall generate a revenue of $1,893.2 million by 2028, growing from $574.6 million in 2020, with a CAGR of 16.2%.
Adopting an internet video communication solution is a low priority for many SMEs because they have little funds to invest in their business. SMEs are likely to employ video conferencing to improve customer interactions, communication between sales and marketing teams, new product releases from remote locations, and other activities in the future years. As a result, during the forecast period, SMEs are expected to grow substantially.
Application Type:
Based on application, the video-as-a-service market has been segmented into corporate communications, training & development, marketing & client engagement, and knowledge sharing & collaboration of which the corporate communications sub-segment is projected to generate the maximum revenue during the forecast period. The corporate communications sub-segment is predicted to have a dominating market share in the global market and register a revenue of $4,369.5 million during the forecast period.
Corporate communication has changed as a result of the availability of superior alternatives such as video conferencing and live chat on the market. Text-heavy communication takes a lengthy time and effort to give the desired information, and the chances of the message being heard and delivered accurately are significantly reduced. As a result, organizations are increasingly turning to films for corporate communication because they enable them to communicate best practices and quickly seize new ideas.
Verticals:
Based on vertical, video-as-a-service market is divided into healthcare, BFSI, retail, media & entertainment, telecom & IT, and others. Among these, telecom & IT sub-segment is anticipated to hold the maximum share of the global market revenue. The telecom & IT sub-segment is predicted to register a revenue of $2,592.3 million during the forecast period.
Enterprise video is becoming increasingly popular in the telecom and IT industries. It helps connect distant locations and reduces the complexity of organizational communication. Employees can exchange fresh ideas with one another in a pleasant and engaging way by using videos. Videos also allow employees in firms to share their knowledge, which encourages them and increases their productivity. These factors are projected to boost the growth of the sub-segments.
Region:
The market for video-as-a-service (VaaS) Asia-Pacific is expected to be the fastest growing during the forecast period. Asia-Pacific is anticipated to reach $3,581.6 million by 2028, with a CAGR of 16.6%.
The need for video-as-a-service in the Asia-Pacific area is constantly expanding as the number of businesses grows. The expansion of the video-as-a-service market is likely to be aided by an increase in the number of IT companies and the usage of ott video by media & entertainment sub-segment. Moreover, there is a large untapped market for VaaS providers in APAC's developing countries.
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