The Worldwide Video as a Service Industry is Expected to Reach $6.2 Billion by 2026
DUBLIN, Feb. 12, 2021 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global VaaS market size is expected 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.
Organizations are spending more towards adoption of cloud services due to improved communication among various departments and clients. The increasing number of players in cloud-based video services, reduced travel time and cost, the importance of involving employees in determining strategic goals, and the rising need for virtual meeting rooms have overall increased the spending of companies on cloud-based video services.
By vertical, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
By vertical, the healthcare and life sciences segment is expected to grow at the highest growth rate during the forecast period. VaaS solutions help healthcare and life sciences segment by providing channelized content insights and accurate clinical information. VaaS solutions enable face-to-face interactions between patients, healthcare teams, and family members to discuss various treatment options, located anywhere in the world.
By application, the corporate communication segment to hold the largest market size during the forecast period
The corporate communication applications is expected to hold the largest market size. VaaS solutions assist organizations in functions, such as corporate branding, corporate and organizational identity, corporate responsibility, corporate reputation, crisis communications, internal/employee communications, investor relations, public relations, issues management, media relations, and company/spokesperson profiling. With the help of VaaS solutions, executives can create a more personalized connection with the workforce.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
The Asia Pacific (APAC) market is projected to grow at the highest CAGR during the forecast period. The high growth in the region is mainly due to the presence of large number of regional solution providers, ho provide multiple offerings at attractive pricing packages. There is a huge untapped market for VaaS vendors in the developing countries of APAC, such as Australia and New Zealand (ANZ), Japan, China, Singapore, and India. The region is expected to become a highly potential market for VaaS solutions due to the growing need for robust collaborations and enhanced decision-making within and across organizations.
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