New York, US, Oct. 28, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Video as a Service Market information by Application, by Cloud Deployment, by Vertical and Region – forecast to 2027” market size to reach USD 6.79 billion, growing at a compound annual growth rate of 8.2% by 2027.
Increasing fall in the cost of the IP cameras makes it cost effective and easier to install security solutions will boost the market growth over the forecast period.
Dominant Key Players on Video as a Service Market Covered are:
- Microsoft (US)
- Zoom Video Communications Inc. (US)
- Cisco Systems Inc. (US)
- Adobe (US)
- Avaya Inc. (US)
- Google (US)
- Amazon Web Services Inc. (US)
- PlantronicsInc. (US)
- LogMeIn Inc. (US)
- RingCentral Inc. (US)
- Zoho Corporation Pvt. Ltd. (India)
- Premiere Global Services Inc. (US)
- Wickr Inc. (US)
- Pexip AS (Norway)
- StarLeaf (UK)
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Rise of 5G Technology to Offer Robust Opportunities
The rise of 5G technology by using machine learning and artificial intelligence capabilities will offer robust opportunities for the market over the forecast period.
Privacy and Security Issues to act as Market Restraint
The privacy and security issues of video as a service may act as a market restraint over the forecast period.
Poor Internet Speed to act as Market Challenge
The poor internet speed will act as a market challenge over the forecast period.
Browse In-depth Market Research Report (90 Pages) on Video as a Service Market:
Segmentation of Market Covered in the Research:
The global video as a service market is segmented based on vertical, cloud deployment, and application.
By application, the corporate communications segment will lead the market over the forecast period. VaaS solutions help organizations in functions like issues management, public relations, customer relations, crisis communications, corporate reputation, corporate branding, employee communications, and others. Through VaaS solutions, corporates can develop a more human connection with the workforce.
By cloud deployment, the public cloud deployment segment will dominate the market over the forecast period as it deploys workloads and data on the public cloud because it offers ease to software developing companies with no management overheads and associated costs. Cloud resources are owned by third-party cloud service providers. Owing to scalability and cost flexibility, the adoption of public cloud is likely to surge in the upcoming years.
By vertical, the BFSI segment will spearhead the market over the forecast period. VaaS solutions allow BFSI enterprises for transforming branches into service and sales channels without employing additional onsite staff. Such solutions help in facilitating improved internal communication, investor relations, and knowledge sharing. On demand or live videos allow these enterprises in carrying out announcements about collaborations, external communication, investor relations, and executive messaging and policies among their geographically dispersed teams.
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North America to Head Video as a Service Market
North America will head the market over the forecast period. Rise in demand for video as a service platform across various end use industry verticals, rising need for video as a service for corporate communications among end use industry verticals such as government, media and entertainment, healthcare, IT and telecommunications, and BFSI, presence of major players, heavy investments in R&D of VaaS platform technology, large scale investments by organizations for outsourcing of VaaS solutions, strong presence of well-established players that offer VaaS solutions, increasing adoption of VaaS by companies for collaboration and communication in real-time, large-scale investments by organizations for outsourcing VaaS solutions, and the growth of video conferencing applications and the need for better video quality.
Europe to Have Admirable Growth in Video as a Service Market
Europe will have admirable growth over the forecast period. Higher adoption from the IT and telecommunications sector mainly for IT service management and automation and configuration management, the benefits offered by video as a service such as control, choice, efficiency, and agility to make the cloud management experience seamless are adding to the global video as a service market growth in the region.
COVID-19 Impact on the Global Video as a Service Market
The global video as a service industry during the pandemic has reported high adoption of different cloud-based solutions for business continuity. It shifted to the new normal of remotely working scenarios from conventional working environments for breaking the chain of spreading the disease infections. The adoption of digital platforms surged during the pandemic situation and is likely to continue until the time of vaccination of every individual sitting at the remote places of the world. Businesses on the contrary are investing and expanding their IT budgets for adapting and catering to customer needs for business continuity. Additionally the end use verticals like government, media and entertainment, healthcare, IT and telecommunication, BFSI, and others are likely to expand with their digital infrastructure spending.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.