MarketsandMarkets forecasts the global Video as a Service 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. VaaS solutions are designed to enable seamless video communication experiences throughout an organization (i.e. internal and external stakeholders) for various applications. VaaS solutions are cloud-based video conferencing services used for employee training and development, learning and knowledge sharing, marketing, and client engagement by enabling interactions among the organization members and customers. These video conferencing solutions increase the efficiency of corporate communication through high-quality video conferencing and enabling real-time collaborations thereby, increasing the need for video conferencing solutions.
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.
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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.
The key and emerging market players in the VaaS market include Microsoft (US), Zoom Video Communications (US), Cisco (US), Adobe (US), Avaya (US), Google (US), AWS (US), Poly (US), LogMeIn (US), RingCentral (US), Zoho Corporation (India), PGi (US), Wickr (US), Pexip (Norway), Starleaf (UK), BlueJeans Network (US), Enghouse Systems (Canada), Qumu (US), Sonic Foundry (US), ON24 (US), Lifesize (US), Kaltura (US), Kollective (US), VIDIZMO (US), and VBrick (US). These players have adopted various strategies to grow in the global VaaS market.
Microsoft is a leading vendor in the VaaS market. The company offers a large product portfolio, which includes OS, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft designs, manufactures, and sells devices, such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. The company also offers cloud-based services, support services, and consulting services to its customers. Additionally, Microsoft delivers relevant online advertising to a global audience.
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Zoom Video Communications is a communication solutions provider, offering their cloud platform for video, phone, content sharing, and chat runs across mobile devices, desktops, telephones, and room systems. The company develops a people-centric cloud service that transforms the real-time collaboration experience and improves the quality and effectiveness of communications. Industries served by Zoom Video communications include education finance, government and healthcare. The company’s Meetings and Chat solutions provides HD video, audio, collaboration and chat capabilities, Rooms and Workspaces solution provides video solution for conference rooms, and Video Webinars solutions provide capabilities to conduct full-featured, easy-to-use, and engaging webinars.
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