According to a research report "Video as a Service Market by Application (Corporate Communication, Training and Development, and Marketing and Client Engagement), Cloud Deployment Mode, Vertical (Healthcare and Life Sciences and BFSI), and Region - Global forecast to 2026", published by MarketsandMarkets, forecasts the global VaaS market size 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. The VaaS market is fuelled by the growing demand for real-time and remote video services and the rapid growth in the number of internet users around the world. Moreover, the trend of companies investing moe on adoption of cloud platforms and reduced total cost of ownership is driving the adoption of VaaS solutions.
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By Cloud Deployment mode, the Public cloud
segment to hold the largest market size during the forecast period
The Public cloud
deployment mode of the VaaS market is projected to hold a larger market size
during the forecast period. The public cloud deployment mode focuses on
deploying workloads and data on the public cloud as it provides ease to
software developing companies with no management overheads and associated
costs. Cloud resources are owned by third-party cloud service providers. Due to
cost flexibility and scalability, the adoption of public cloud is expected to
surge in the coming five years.
By Vertical, the Health Care and Life
Sciences segment to record the highest growth rate during the forecast period
Under the verticals segment, the
health care and life sciences segment is expected to dominate the market during
the forecast period. The healthcare and life sciences vertical deals with
diverse clinical, administrative, and financial content on a daily basis. This
results in the requirement for channelized content insights and accurate
clinical information that can be consolidated through VaaS solutions. VaaS
collaborations enable healthcare providers in the telemedicine and patient
care, medical education, and healthcare administration applications to offer
enhanced patient care by providing them with improved communication options.
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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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