Video as a Service: Introduction
- Video as a Service (VaaS) is the delivery of point-to-point and multiparty video conferencing capabilities over IP network and servers, which are managed by service providers. Video as a Service is a process through which an organization or individual can view live video coverage in a specified location.
- Beside it, Video as a Service falls under Software as a Service (SaaS), and so is also known as Video Conferencing as a Service (VCaaS) which provides the infrastructure needed for linked communications between all the endpoints.
- Furthermore, Video as a Service can enhance workplace flexibility in remote work platforms, by connecting members of a team among themselves, for developing video-based applications such as live streaming platforms, video chat tools, and video hosting sites.
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Global Video as a Service Market: Dynamics
Global Video as a Service Market: Key Drivers
- Growing acceptance of 3D video conferencing among organizations is expected to enhance the growth of the Video as a Service market.
- Increasing adoption of browser-based video conferencing using Web real-time communication (WebRTC) and rise in focus on mobile video conferencing is expected to fuel the growth of the Video as a Service market.
- Increase in demand for cloud-based Video as a Service platform among enterprises is expected to boost the growth of the market during the forecast period.
- Rising penetration of the internet across developed and developing countries is a major factor which is likely to drive the growth of the Video as a Service market.
- Growth of the cloud-based systems market is expected to trigger the growth of the Video as a Service market.
- Rise of 5G technology by using artificial intelligence and machine learning capabilities is projected to create new opportunities for the Video as a Service market during the forecast period 2021- 2031.
Impact of COVID-19 on the Global Video as a Service Market
The COVID-19 outbreak has been a major challenge for the post-pandemic business environment. Governments of different countries across the world have imposed lockdowns to curb the spread of the disease. Hence, people are adopting Video as a Service to confine themselves at home for a prolonged period. This could have a positive impact on video streaming services’ viewership and engagement. In addition, organizations are adopting Video as a Service during the pandemic outbreak, due to remote work platforms for online video conferencing. Video as a Service is extensively used by organizations across both developed and developing countries during the pandemic outbreak to expand digital operations by eliminating manual processes. This in turn is likely to enhance the growth of the Video as a Service market during the COVID-19 outbreak.
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North America to Hold a Major Share of the Global Video as a Service Market
- In terms of region, the global Video as a Xervice market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global Video as a Service market in 2020. The U.S. is the key market in the region due to the increasing adoption of Video as a Service by companies, for collaboration and communication in real- time. Additionally, presence of well-established players who offer Video as a Service is expected to boost the market in the North American region.
- The Video as a Service market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing initiatives by the governments of China, Japan, Singapore, Australia, and India, to promote digital experiences to customers, and to meet the needs of consumers by adopting cloud Video as a Service platforms.
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Key Players Operating in the Global Video as a Service Market Include:
- Adobe Inc.
- Amazon Web Services Inc.
- Cisco Systems, Inc.
- Google LLC
- Kaltura, Inc.
- Lifesize Inc.
- Microsoft Corporation
- Polycom, Inc.
- RingCentral, Inc.
- TWILIO INC.
- Wistia, Inc.
- Zoho Corporation
- Zoom Video Communications, Inc.
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