Video As A Service Market Size Worth $32.24 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, Sept. 6, 2021 /PRNewswire/ -- The global video as a service market size is expected to reach USD 32.24 billion by 2028, growing at a CAGR of 39.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. The demand for video communications among organizations has been accelerating, which has enabled the market to gain momentum. The demand for high-quality conferencing and the networks to support it on an array of devices continues to grow. Data is stored in the cloud, and equipment is simplified into touchscreen interfaces while managed service vendors supply software applications and push hardware manufacturers into partnerships roles. All such factors are contributing to the growth of the video as a service (Vaas) market.
Key Insights & Findings:
Read 170 page market research report, "Video As A Service Market Size, Share & Trends Analysis Report By Vertical (BFSI, Education), By Cloud Deployment Mode (Public, Hybrid), By Application, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research.
Moreover, multiparty or point-to-point conferencing solutions have given access to vast amounts of data about meeting habits. A conferencing platform aided with Artificial Intelligence (AI) and machine learning has allowed the video collaboration platform to optimize and increase the efficacy of meetings by deploying facial recognition technologies and virtual assistants. AI in VaaS solutions has enabled organizations to determine the optimal length of a forum, the best time of the day to hold a meeting, and the ideal number of participants. In addition, voice recognition has helped the enterprises analyze the content of the sessions, draw a comparative analysis between conferences in the organization, and offer suggestions about connections among people with complementary skills.
The growing demand for VaaS owing to the globalization of businesses is expected to emerge as a significant driver for market growth. VaaS is also likely to find more applications in the corporate, education, healhcare, government, and media & entertainment end-use segments. The rapid growth in telemedicine and online education in the emerging economies of Asia Pacific is anticipated to play a pivotal role in driving the demand for VaaS solutions. However, high initial investments in the purchase and deployment of Video Conferencing (VC) solutions and concerns related to the privacy and security of information are significant restraints of the market growth. The high cost of delivering video services can be attributed to high-quality video communication devices, data security software solutions for the secure transmission of data, and the training of employees.
Grand View Research has segmented the global video as a service market based on application, cloud deployment mode, vertical, and region:
List of Key Players of Video As A Service Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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