Video as a service is a mode of delivery in which the point-to-point video conferencing service is outsourced to service providers over an IT network. Video as a service is a reliable alternative for business organizations that do not want to have the infrastructure for corporate video communication services. It offers the transmission of high-quality full-motion video and audio across several locations.
The surging demand for remote and real-time access to video services globally is likely to escalate the growth of the global video-as-a-service (VaaS) market significantly during the forecast period. Furthermore, the growing adoption of cloud-based services by organizations will also complement the growth. Business cloud service platforms are difficult to install and also need expensive ownerships. Traditionally business organizations had to hire an infrastructure team for executing in managing the cloud infrastructure on their own servers. The VaaS has helped organizations to reduce the investment in developing the infrastructure. Cloud vendors own their service platform and offer services on their servers. Hence, organizations pay only for the resources they need to utilize the existing video conferencing services. The emergence of 5G technology is likely to transform the cloud computing world. 5G will enhance integration with zero latency facilitating smooth communication. However, mobile broadband will deliver a high-quality seamless experience for cloud video services like storage recording and conferencing.
The global video-as-a-service (VaaS) market can be segmented into verticals, deployment modes, applications, and regions.
By verticals, the market can be segmented into retail & consumer goods, government & public sector, media & entertainment, education, healthcare, life sciences, IT & ITES, banking financial services, & insurance (BFSI), and others. The BFSI segment accounts for the largest share in the global video-as-a-service (VaaS) market.
By cloud modes, the market can be segmented into hybrid private and public clouds.
By applications, the market can be segmented into marketing & client engagement, training & development, corporate communication, and others. The marketing & client engagement segment holds the largest share in the global video-as-a-service (VaaS) market.
Asia Pacific accounts for the largest share in the global video-as-a-service (VaaS) market due to the ongoing technological advancements. Also, the growing government initiatives to encourage the digital infrastructure in the region will also drive the growth of the regional market. Several startups and small-medium organizations are stepping into the market to explore the untapped potential of video as a service solution in the region.
North America is expected to be the fastest-growing religion in the global video-as-a-service (VaaS) market due to the wide adoption of video as service solutions in the region. Also, the presence of the key companies in the region will also accentuate the growth of the regional market.
Some of the significant players in the global video-as-a-service (VaaS) market are Bluejeans Network Inc., Avaya Inc., Adobe Systems Inc., Vidyo Inc., International Submarine Engineering, Applied Global Technologies LLC., Interoute communication limited., Polycom Inc., Cisco Systems Inc., and Huawei Technologies Co. Ltd. To cite, Cisco in Jan 2019 announced to acquire Singularity Networks. The Cisco Crosswork Network Automation software portfolio will assist the service providers to effectively automate their networks.