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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