According to a research report "Video as a Service Market by Application (Corporate communications, Training and development, Marketing and client engagement), Cloud Deployment mode (Public cloud, Private cloud, Hybrid cloud), Vertical (Banking, Financial services and Insurance, Healthcare and life sciences, Education, Other verticals), Region - Global Forecast to 2026" published by MarketsandMarkets, the market for VaaS market size is expected to grow from USD 3.8 billion in 2020 to USD 6.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period.
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Lower total cost of ownership
Business
cloud service platforms are complicated to install and require a higher cost of
ownership. Earlier, organizations had to appoint infrastructure teams for
managing their cloud infrastructure on their own servers. VaaS enables
organizations to reduce investments in building the infrastructure as it is
taken care of by managed Services Providers (MSPs). Cloud vendors have their
service platforms deployed on their own servers. Organizations get their data
onto their platforms and have to pay only for the resources they require to use
the video conferencing services. By using shared VaaS infrastructure,
organizations can reduce the Total Cost of Ownership (TCO) and can save money
on infrastructure, licensing, and support costs.
Rise of 5G to boost adoption of cloud services
5G
technology will bring major improvements to the cloud computing world. This is
because most technology innovations can be more efficient when cloud-dependent.
5G, in turn, improves that integration with its low to zero latency, making for
smoother communications. Enhanced mobile broadband will deliver a seamless,
high-quality experience for cloud video services such as conferencing,
recording, and storage. Lower cost per bit will bring affordable and truly
unlimited mobile data packages, better adapted to heavy media usage.
Furthermore, newer technologies such as facial recognition and live transcripts
using AI and ML will spur the adoption of video conferencing over 5G. The
evolution of 5G is yet to realize its full transformational potential and provides
a great growth opportunity for the VaaS market.
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Poor internet speed can reduce the quality of
service
The lack of strong
communication tools significantly limits employee productivity. Noise during
video or low-quality video can create misunderstandings or consume more time of
employees. Low quality of video streaming and disturbances during video
conferences can significantly limit effective communication among workers,
especially in the COVID-19 situation. Many people are frustrated due to the bad
quality of video and other disturbances that occur during video conferences.
The Marketing and Client Engagement segment
to have a higher growth during the forecast period
The marketing and client engagement
application of the VaaS market is expected to have a higher growth rate during
the forecast period. With the help of video conferencing for marketing
purposes, organizations can easily engage audiences, communicate with them more
efficiently, and expand their reach. VaaS solutions help enhance customer
engagement by enabling more communication with the clients, thus allowing them to
have a better relationship with the enterprise.
The BFSI segment to dominate the market
during the forecast period
VaaS solutions enable Banking,
Financial Services and Insurance (BFSI) enterprises to transform branches into
sales and service channels without employing additional onsite staff. These
solutions facilitate enhanceed internal communication, knowledge sharing, and
investor relations. Live or on-demand videos enable these enterprises to carry
out announcements regarding executive messaging and policies, investor
relations, external communication, and collaborations among their
geographically dispersed teams.
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Asia Pacific to record the highest growth
during the forecast period
The APAC VaaS market is estimated to
have strong growth in the future. Government initiatives to promote the digital
infrastructure are responsible for driving the adoption of VaaS solutions in
the region. Several technological service providers in this region are partnering
with solution providers to enhance and provide customized offerings as per the
business requirements of local clients. There is a huge untapped market for
VaaS vendors in the developing countries of APAC. The major contributors to the
APAC VaaS market are China, Japan, ANZ, and the rest of APAC.
The
report includes the study of key players offering VaaS solutions and services.
It profiles major vendors in the global VaaS market. The major vendors in the
VaaS market include Microsoft (US), Zoom Video Communications (US), Cisco (US),
Adobe (US), Avaya (US), Google (US), AWS (US), Poly (US), LogMeIn (US), and
RingCentral (US). These players have adopted various strategies to grow in the
global VaaS market.
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