According to a recent report published by Allied Market Research, the global video-as-a-service (VaaS) market size was valued at $4.27 billion in 2020 and is projected to reach $14.65 billion by 2030, growing at a CAGR of 13.2% from 2021 to 2030.
The rapid increase in demand for real-time and remote access video services and the surge in adoption of video conferencing solutions by large enterprises to support global operations drive the growth of the global video-as-a-service (VaaS) market.
Video-as-a-service (VaaS) provides a wide range of services such as broadcasting video communication, video conferencing, video content management, and real-time video monitoring. Furthermore, the global video-as-a-service (VaaS) industry is in its nascent phase and exhibits high growth potential.
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In addition, the non-feasibility of surveillance professionals to manually track & detect suspicious incidents from a large number of video data produced, the growth in concerns over safety & security, and the need to obtain actionable insights from the huge amounts of video data generated from multiple video sources are expected to propel the video-as-a-service (VaaS) market growth during the forecast period.
By deployment model, the public cloud segment dominated the video-as-a-service (VaaS) market in 2020, and is projected to maintain its dominance during the forecast period. The increase in the adoption of public cloud is majorly driven by rising in the need for elasticity in the services.
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Additional expenses of the firms can be slashed by using public clouds, as it is possible to pay only for those resources, which are being utilized by the company. This benefit acts as a driving force for public clouds in the video-as-a-service (VaaS) market forecast period.
Region-wise, North America dominated the market in 2020, and is expected to maintain this video-as-a-service (VaaS) market trend during the forecast period. The growth in demand for public safety and the increase in the need for actionable insights contribute toward the growth of video-as-a-service (VaaS) in this region.
However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, due to a surge in population, an increase in internet penetration, a rise in the proliferation of video cameras for surveillance & security reasons, and strong economic growth in emerging economies.
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Demand for video-as-a-service (VaaS) has increased considerably during the COVID-19 pandemic. The rise in the number of patients across the globe has led to a significant increase in the video-as-a-service (VaaS) market size, owing to the closing of workplaces & industries such as manufacturing.
Furthermore, many companies are preferring cloud-based virtual meetings to increase their customer base and enhance their market share. As a result, these major factors propelled the growth of the video-as-a-service (VaaS) industry during the pandemic situation.
The key market players analyzed in the global Video-as-a-Service (VaaS) market report include Avaya Inc., Blue Jeans Network, Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd., LogMeIn, Inc., Plantronics, Inc., Zoom Video Communications, Inc., Premiere Global Service, Inc., Amazon Web Service, Inc., and RingCentral, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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