According to a research report "Video as a Service Market Growing demand for real-time and remote access video services, adoption of cloud-based services by enterprises, increasing number of internet users around, and lower total cost of ownership are expected to be the major factors driving the growth of the VaaS market. Video as a Service Market provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the market - Global Forecast to 2026" published by MarketsandMarkets. The global 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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By Applications, 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.
By Verticals, 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.
Opportunity: 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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By
region, North America to account for the largest market size during the
forecast period
North
America holds a strong position in the global VaaS market, owing to large-scale
investments by organizations for outsourcing VaaS solutions. Countries in North
America have advanced communication infrastructure that help VaaS solution
providers offer quality services to their clients. The major growth drivers for
this region include large-scale investments in the implementation of VaaS
solutions due to the growth of video conferencing applications and the need for
better video quality.
Market
Players
Major
vendors in the VaaS market include Microsoft (US), Zoom (US), Cisco (US), Adobe
(US), Avaya (US), Google (US), AWS (US), Poly (US), LogMeIn (US), and
RingCentral (US).
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