According to a new market research report “Video as a Service Market by Application (Corporate Communication, Training and Development, and Marketing and Client Engagement), Cloud Deployment Mode, Vertical (Healthcare and Life Sciences and BFSI), and Region ─ Global forecast to 2026″ published by MarketsandMarkets™, the global VaaS 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. The rapid growth of the VaaS Market can be attributed to the growing demand for work-from-home and online classes due to the COVID-19 pandemic. Moreover, increasing number of companies investing more on adoption of cloud platforms is further driving the growth of the VaaS Market.
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By Cloud Deployment mode, the Public cloud segment to hold the largest market size during the forecast period
The Public Cloud segment is expected to account for the largest market share among the cloud deployment modes. Public cloud services are offered free and based on pay-per-usage modes, depending on the requirements of end users. In public cloud platforms, services can be accessed by multiple clients as they share the same infrastructure. Public cloud platforms are mainly preferred by organizations that are less expected to need the level of infrastructure and security offered by private cloud platforms. Due to cost flexibility and scalability, the public cloud segment holds a higher share of the market than private cloud.
By Vertical, the Health Care and Life Sciences segment to record the highest growth rate during the forecast period
The Health Care and Life Sciences vertical is expected to grow at the highest CAGR during the forecast period. The healthcare and life sciences vertical deals with diverse clinical, administrative, and educational content daily. Thus, there is increasing requirement for video solutions to enhance clinical collaborations, staff training, medical education, and healthcare communication. VaaS solutions enable healthcare professionals to offer enhanced patient care by providing them with improved communication options.
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By region, North America to account for the largest market size during the forecast period
North America is expected to hold the largest market share share in the VaaS Market. North America is the most mature market in terms of VaaS adoption due to various factors such as the well-developed economy, penetration and adoption of innovative technologies, and increased competitiveness. The market in this region is already at a mature stage, and therefore, it is expected to witness slower growth compared to other regions. The presence of some of the top market vendors such as Microsoft, Zoom, Cisco, Adobe, and Avaya has propelled the adoption of latest VaaS offerings in the region.
Market Players
Major vendors in the Video as a Service Market include Microsoft (US), Zoom (US), Cisco (US), Adobe (US), Avaya (US), Google (US), AWS (US), Poly (US), LogMeIn (US), and RingCentral (US).
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