[Research Report] The video as a service market is expected to grow from US$ 4.02 billion in 2022 to US$ 15.47 billion by 2030; it is estimated to record a CAGR of 18.3% from 2022 to 2030.

Analyst Perspective:

Growing demand for video-based communications among consumers, a shift from full-time on-site work to a remote or hybrid working model, rising use of video conferencing services in the healthcare industry, increasing investments in video conferencing solutions, and growing adoption of cloud technology drive the video as a service market growth. However, growing data privacy and security concerns due to the lack of cybersecurity measures hinder the growth of video as a service market. The population in developed and developing countries increasingly adopt and implement advanced technologies in various systems. Demand for a technologically advanced video as a service is growing to enhance work efficiency and reduce infrastructure costs of business operations, which supports growth of the video as a service market. Moreover, the rising demand for advanced technologies, including 5G, artificial intelligence (AI), augmented reality, virtual reality, and data analytics, is expected to create opportunities for the global video as a service market during the forecast period. Further, a few benefits of video as a service software such as real-time visibility, simplified business operations, and engaging customer communication propel the global video as a service market growth.

Market Overview:

Video as a service (VaaS), also known as “video conferencing-as-a-service (VCaaS),” is a hosted service that allows customers to use a provider’s infrastructure for making video calls. Video call communication takes place between two individuals or more than two people and devices (multipoint) in different locations (point-to-point). The service is typically hosted in the cloud, which eliminates the need for downloading an application to use the service. VaaS allows end-use orgnizations to focus on their core functions by reducing the time and effort required to build and maintain their video conferencing infrastructure. This cloud-based service offers significant benefits to the users, including scalability, access to technical support, lower investment costs, and reduced need for in-house specialists, which increases the adoption among industries. Also, cost-saving benefits associated with VaaS services boost the video as a service market growth.

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Video as a Service Market: Strategic Insights

Video as a Service Market

• 
  CAGR (2022 - 2030)

  18.3%
• Market Size 2022
  US$ 4.02 Billion
• Market Size 2030
  US$ 15.47 Billion

Market Dynamics

GROWTH DRIVERS

• Growing Demand for Video-based Communications among Consumers
• Increasing Adoption of Remote Working Model
• Rising Use of Video Conferencing Services in the Healthcare Industry

FUTURE TRENDS

• Growing Video Marketing and Selling Trends

OPPORTUNITIES

• Integration of Artificial Intelligence to Revolutionize Video as a Service Market

Key Players

• Cisco Systems, Inc.
• Zoom Video Communications, Inc.
• Microsoft Corp
• Amazon Web Services Inc.
• BlueJeans by Verizon
• Avaya Holdings Corp
• Google LLC.
• RingCentral Inc.
• Adobe Inc.

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Deployment Mode

• Public Cloud
• Private Cloud
• Hybrid Cloud

Industry Vertical

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

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Market Driver:

Growing Demand for Video-Based Communications Among Consumers Drives Video as a Service Market Growth

Video conferencing and communication services have grown consistently in recent years. Increasing globalization of companies and growing need for cost-effective and scalable communication solutions among consumers drive demand for video as a service software. WebinarCare data of September 2023 shows that more than 76% of individuals use video calls to work remotely. This allows employees to deliver productivity in their work by maintaining a better work-life balance. Growing use of video calls raise the demand for video as a service among consumers. Video as a service has many features such as screen sharing, calendar scheduling, file sharing, cross-platform messaging, password protection, meeting recordings, waiting rooms, meeting reminders, and contact channels. These features support users to handle and manage daily business activities by increasing overall operational productivity and maintaining data privacy, which is fueling the demand for video as a service solution.

According to Quixy, the demand for virtual meetings grew from 48% to 77% between 2022 and 2022, which increases the demand for video as a service among consumers to streamline the collaboration between employees. This service supports individuals to increase their focus on projects or tasks assigned by their superiors. Video as a service also helps the user to effectively work and conduct a brief discussion over a video call. Rise in virtual meeting activities increases the demand for video as a service among consumers to maintain a smooth flow in their daily activities.

Report Segmentation and Scope:

The video as a service market is segmented on the basis of deployment mode and industry vertical. Based on deployment mode, the video as a service market is segmented into public cloud, private cloud, and hybrid cloud. In terms of industry vertical, the video as a service market is categorized into IT & telecom, healthcare & life sciences, retail & e-commerce, BFSI, education, media & entertainment, government & public sector, and others. By region, the video as a service market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Segmental Analysis:

Based on deployment mode, the video as a service market is segmented into public cloud, private cloud, and hybrid cloud. The public cloud segment held a larger video as a service market share in 2022 and is anticipated to grow during the forecast period. Cloud platforms offer extensive storage capabilities for video content and powerful processing units for video encoding, decoding, and analysis. Public cloud services have a global presence, with data centers distributed worldwide. This enables the efficient delivery of video content to users across different geographic locations. Public cloud providers integrate with CDNs to optimize the delivery of video content. This is crucial for reducing latency and ensuring a smooth streaming experience. The integration of public cloud services with VaaS enhances the agility, scalability, and accessibility of video applications. It allows businesses to focus on building innovative video solutions without the need to manage complex infrastructure components, promoting a more efficient and cost-effective approach to video-related services.

Regional Analysis:

North America held the largest video as a service market share in 2022. The North America video as a service market is segmented into the US, Canada, and Mexico. The region contributes a noteworthy share to the global video as a service market owing to high adoption and investments in cloud technology and growing number of industries in the region. Video as a service allows organizations to conduct remote video meetings by fostering collaboration among partners and team members from different locations. The video as a service market in North America is anticipated to expand in the future owing to the presence of a large number of well-established players such as Cisco Systems, Inc.; Zoom Video Communications, Inc.; Microsoft; Google; Adobe; and others. The market players continuously develop and expand their service portfolio to attract new customers. In October 2023, Zoom Video Communications, Inc. partnered with Swoogo to modernize hybrid events by bringing larger and more engaged audiences. Through this partnership, both companies are integrating their technology into a virtual platform that focuses on engagement and high-quality production and scale. The integration can support customers to use Zoom Events or Swoogo for sharing video data between platforms and is expected to be commercially available in early 2024. Market players operating in the region are raising awareness about the benefits provided by video as a service to SMEs, which fuels the video as a service market growth in the region. Moreover, the growing adoption of video conferencing and other cloud-based communication services drives the video as a service market in North America. In addition, the demand for high-quality internet and continuous access to visual meetings among organizations contributes to regional growth of video as a service market.

The presence of major players, such as Cisco Systems, Inc., Zoom Video Communications, Inc., Microsoft, Google, and Adobe, is driving the video as a service market in the US. These players are engaged in developing new innovative technologies to support enterprises for better engagement and interactions during video conferences. For instance, in September 2023, Zoom Video Communications, Inc. launched Zoom AI Companion across the Zoom platform. Zoom AI Companion is a new generative AI assistant that stores the overall content of the meeting and allows users to ask specific questions related to the meeting content. It also empowers users by helping them to be more productive, improve their skills, connect and collaborate with teammates, and provide additional language support, which increases its demand among consumers. Thus, driving the video as a service market in the region.

Key Player Analysis:

Cisco Systems Inc, Zoom Video Communications Inc, Microsoft Corp, Amazon Web Services Inc, Avaya Holdings Corp, Google LLC, Adobe Inc, RingCentral Inc, Dekom AG, and BlueJeans are among the key video as a service market players profiled in the report.

Video as a Service Market Report Scope

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Recent Developments: 

The video as a service market players highly adopt inorganic and organic strategies. A few recent key market developments are listed below: 

• In June 2023, Sony Electronics Inc. announced that Zoom Video Communications Inc. will be coming to BRAVIA TVs, compatible with BRAVIA CAM1. This partnership will allow users to easily connect with family, friends, and colleagues through video calls and meetings from the comfort of their living room. Sony's BRAVIA is the first TV brand to support the Zoom for TV app on Google Play Store.
• In April 2023, Adobe introduced industry-first innovations Premiere Pro to its family of video applications, Premiere Pro involves AI-powered text-based video editing and automated color tone-mapping capabilities with GPU acceleration and dozens of workflow enhancements that makes it fastest version of Premiere Pro ever released. The company also celebrating 30 years of After Effects, the world’s most popular motion design software for video professionals, consistent color support, adding a context-sensitive Properties Panel for enhanced user productivity, and performance optimizations.
• In August 2022, RingCentral, Inc. announced the availability of AI-powered video capabilities, along with extended browser support for RingCentral MVP and RingCentral Video customers.
• In July 2022, Cisco introduced a new Webex Wholesale Route-to-Market (RTM) to fulfill the growing needs of small and medium service provider partners. The new Webex Wholesale Route-to-Market (RTM) model includes a self-service platform and single commercial agreement with each partner to deliver managed services for Webex, as well as the scalability, agility, and flexibility to create their own co-branded offers.