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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Market Dynamics
Driver: 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 video as a service infrastructure, organizations can
reduce the Total Cost of Ownership (TCO) and can save money on infrastructure,
licensing, and support costs.
Restraint: Data security and privacy concerns
The security and privacy
of the video content shared across various platforms can pose major concerns
for enterprises. Moreover, organizations are also concerned about copyright and
Digital Rights Management (DRM) due to the possibilities of misuse, information
leakages, and data breaches. The healthcare, finance, manufacturing,
information, and public sectors witnessed the highest number of data breach
incidents in 2019. To counter such challenges, enterprises need to restructure
their strategies in employing video conferencing offerings before deploying
these solutions. In the absence of policies and procedures for the proper
management of video content, video conferencing solutions may witness a
sluggish adoption rate. Furthermore, vendors need to offer interoperable and
easy-to-use enterprise-grade video communication solutions that have in-built
security features.
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 video as a service 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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