Increasing Need for Real-Time Communications Services is Expected to Boost the Market Growth in Video as a Service Market During the Forecast Period
Video as a service (VaaS),also referred to as video conferencing as a service (VCaaS),is a service platform that operates in the Software as a Service (SaaS) model where a software application is executed at a hosted IT infrastructure facility such as the software developer’s end or at a third-party service provider such as a data center. This IT infrastructure includes the high-end servers to serve the queries received,a set of enterprise software applications, a vast database, among others. However, the front-end side of VaaS is accessible to users, usually accessed through a web browser over their computing device by paying a monthly/yearly subscription to the service provider.The online video conferencing service provides the infrastructure that is required for linked communication that maintains a host communication channel between all endpoints or parties involved without downloading & installing the application over their computing devices as it is catered over the cloud infrastructure.
Video-as-a-service lies under the software-as-a-service (SaaS) umbrella sector. As a result, the demand for VaaS has increased in the recent past contributing to the overall SaaS market growth. For instance, the first quarter of 2020 reported 34% of the share of the entire SaaS market.
Video as a service software enables organizations to create a more collaborative digital environment for employees to connect virtually regardless of their locations and devices.Additionally, it helps teams connect and share documents via video/audio conferencing, screen sharing, andinstant messaging features. This helps large workforce stay connected during remote working environments while increasing their productivity, faster decision-making, videos stored over a single location, employee engagement over video platform, effective learning activity, collaboration of training videos, team meetings recordings, and others.
Additionally, these cloud-based video services enable organizations to deploy video conferencing at a faster pace with few or no infrastructural upgrades. As a result, organizations with large numbers are turning towards the adoption of VaaS platforms and services for seamless employee collaboration and services without worrying about the number of conference participants and networks & technological infrastructure.
Some of the factors that drive the video as a service market include a rapid increase in the number of Internet users, an increasing need for real-time communications services, and the rising use of cloud-based solutions and services. In contrast, the rising concerns over data security and privacy issues are hampering this growth. However, the growing BYOD trend among SMEs is expected to create a growth opportunity for the vendors in the global market.
By application, the global video as a service market has been divided into corporate communications, training & development, and marketing & client engagement.
By cloud deployment, the global video as a service market has been separated into public, private, and hybrid.
Based on vertical, the global video as a service market has been segmented into BFSI, IT & telecommunications, healthcare, media & entertainment, government, among others. IT and telecommunications, healthcare, media & entertainment, and education are among the top adopters of video as a service technology.
The video as a service market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Regional Analysis
By region, the video as a service market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa,and South America. Asia-Pacific is expected to report the highest CAGR mainly due to the rising adoption of VaaS platforms across industry verticals due to the rapid digital transformation.Additionally, the Indian sub-continent is expected to register the highest CAGR compared to the other country-level markets in the region.
Key Players
The key players in the global video as a service market are Microsoft (US), Zoom Video Communications, Inc. (US), Cisco Systems, Inc. (US), Adobe (US), Avaya Inc. (US), Google (US), Amazon Web Services, Inc. (US), Plantronics, Inc. (US), LogMeIn, Inc. (US), RingCentral, Inc. (US), Zoho Corporation Pvt. Ltd. (India), Premiere Global Services, Inc. (US), Wickr Inc. (US), Pexip AS (Norway), and StarLeaf (UK).