New York, USA, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global video-as-a-service market is envisioned to garner $11,557.3 million in revenue and rise at a CAGR of 15.6% over the analysis timeframe.
As per our analysts, the increasing demand for real-time video services, owing to its capability to boost productivity, improve engagement, and keep linking the remote teams, is expected to fuel the growth of the market over the analysis timeframe. Moreover, the rapid expansion of high-speed communication infrastructure within businesses is further expected to uplift the growth of the market over the analysis period. Besides, the increasing technological advancements in businesses to gain a competitive advantage and to meet the changing needs of end-users are expected to bolster the growth of the video-as-a-service market throughout the estimated period. However, the privacy concerns and data security as well as the high acquisition and integration expenses and high acquisition and integration expenses may impede the growth of the market over the forecast period.
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Segments of the Video-as-a-Service Market
The report has been divided the market into segments based on enterprise size, application, verticals, and region.
Enterprise Size: Small Enterprises Sub-Segment to be Most Lucrative
The small enterprises sub-segment is expected to generate a revenue of $1,893.2 million and is predicted to have the fastest market growth over the analysis timeframe. The increasing adoption of video communication in SMEs to improve customer relationships and to launch the new product remotely is the factor expected to fortify the growth of the video-as-a-service market sub-segment during the forecast period.
Application: Corporate Communications Sub-Segment to be Most Productive
The corporate communications sub-segment is predicted to generate a revenue of $4,369.5 million and is expected to hold the largest market share over the estimated timeframe. This is mainly due to the rapid transformation of corporate communication by adopting superior alternatives such as video conferencing or live chat. Moreover, the increasing trend of using films for corporate communication to deliver best practices and seize fresh ideas is further expected to augment the growth of the market sub-segment throughout the forecast period.
Verticals: Telecom and IT Sub-Segment to be Most Beneficial
The telecom & IT sub-segment is expected to garner a revenue of $2,592.3 million during the analysis period. This is mainly because of the increasing use of enterprise video in the telecom and IT industry. In addition, the effectiveness of using video communication for exchanging knowledge in an engaging way and increasing productivity are the major factors expected to upsurge the growth of the video-as-a-service market sub-segment over the forecast period.
Region: Asia-Pacific Region Anticipated to Have Huge Growth Opportunities
The Asia-Pacific region is expected to garner a revenue of $3,581.6 million over the forecast period. This is major because of the growing initiatives by the government to develop digital infrastructure. Furthermore, the increasing collaboration of service providers with solution providers of this region to improve and personalize products based on local clients’ business needs is further expected to drive the regional growth of the market during the analysis timeframe.
Covid-19 Impact on the Video-as-a-Service Market
The outbreak of the Covid-19 pandemic has unleashed many unprecedented events across several industries. Due to the stringent lockdowns and the strict government guidelines, there has been a disruption in the supply chain and the production levels. However, there is a significant rise in the video-as-a-service market due to the increasing preference for cloud-based virtual meetings across many businesses to expand their customer base during the crisis. Moreover, the increasing effort by the governments toward remote operation of companies and increasing investment in virtual meeting technologies has further enhanced the growth of the market during the pandemic.
Key Players of the Video-as-a-Service Market
The major players of the market include
- Amazon Web Services (AWS) Inc.
- Avaya Inc.
- Cisco Systems Inc.
- Huawei Technologies Co., Ltd.
- Zoom Video Communications Inc.
- Microsoft
- Adobe
- LogMeIn Inc.
- Plantronics, Inc. and many more.
These players are widely working on the development of new business tactics and strategies to attain the leading positions in the global industry. – But the full report here
For instance, in January 2019, Verizon, a leading American wireless network operator, has announced a collaboration with Zoom Video Conferencing, a renowned American communications technology company. With this collaboration, the companies are aiming to offer a new solution for next-generation teamwork and an enticing opportunity for unified communications.
In addition, the report also presents other important aspects such as SWOT analysis, latest strategic developments, the financial performance of the key players, and product portfolio.
More about Video-as-a-Service Market:
- Partnerships and Product Offerings by Market Players such as Avaya, Motorola Solutions, and Others to Foster the Growth of the Global Video-as-a-Service (VaaS) Market
- 4 Stunning Benefits of Adopting Video-as-a-service in the Modern World
