Europe Video as a Service Market Forecast to 2030 - Regional Analysis - by Deployment Mode and Industry Vertical

The Europe video as a service market was valued at US$ 1.14 billion in 2022 and is expected to reach US$ 4.52 billion by 2030; it is estimated to record a CAGR of 18.8% from 2022 to 2030.

Increasing Adoption of Remote Working Model Drives Europe Video as a Service Market

Remote work is becoming the new normal for many organizations and has become a phenomenon in the recent years, especially after the coronavirus pandemic. Remote work is continuously perceived as positive, with almost 65% of full-time employees ready to work remotely, according to Gallup, Inc. report of June 2022. To maintain flexibility in working conditions, organizations implement a remote working model. Adoption of the remote working model increases the demand for cloud-based video communication services among consumers.

These services provide an interactive engagement between superiors and subordinates to schedule meetings, conferences, and webinars to achieve business goals and effectively increase operational productivity. Adobe Inc, Deutsche Bank, Google LLC., LinkedIn, Microsoft Corp, SAP SE, Verizon Communications Inc, and numerous companies have already adopted remote working model in their business, which increases the demand for cloud-based video solutions to maintain employee engagement. Video as a service allows organizations to deploy collaboration tools for enhancing their business communication and customer experience by minimizing additional travel costs, which drives the video as a service market. Remote working helps employees to reduce their traveling and maintain a work-life balance. A study conducted by the National Bureau of Economic Research in January 2023 represented that, remote working saved an average of 72 minutes spent by employees on their daily travel to and from their on-site jobs during 2021-2022. Employees prefer a video as a service to conduct work-related meetings at home. Thus, the increasing adoption of remote working models fuels the video as a service market growth.

Europe Video as a Service Market Overview

Germany, France, the UK, and Italy are among the major countries contributing to the growth of the Europe video as a service market. The cloud-based video as a service is in high demand in the region, as the cloud-based system is easier to use and can be accessed 24/7 from anywhere. Moreover, the total cost of cloud-based video as a service is lower than the on-premise video solutions. The cost-benefit of cloud-based solutions makes it popular among small and medium enterprises, which is would boost the market growth in Europe during the forecast period.

Moreover, increasing funding and significant initiatives taken by the government toward the development of advanced technologies would create opportunities for the video as a service market in Europe in the coming years. In August 2023, the European Commission announced its plan to invest US$ 189.4 million in cutting-edge digital technologies and research. The region also established a Horizon Europe Program to boost collaborative research in artificial intelligence, robotics, and new materials. The evolution of AI-based video as a service solution supports SMEs and large enterprises to enhance efficiency and customer experience.

AI is used to analyze data and predict trends and customers' buying patterns that help enterprises to make better decisions. AI-based video as a service solution offers features such as auto-caption, real-time language translation, and content recommendations that support enterprises to improve overall customer's experience. These features also make video content widely accessible and engaging to diverse audiences at the global level. In Europe, end users of video as a service are specific about vendor selection. A few of the key factors considered by end users before selecting suitable video as a service are brand name, customization level the vendor offers, training services, technical support, and after-sale services. Therefore, any vendor entering the Europe video as a service market needs to strengthen and streamline their business on these parameters to gain profits.

Europe Video as a Service Market Revenue and Forecast to 2030 (US$ Million)

Europe Video as a Service Market Segmentation

The Europe video as a service market is segmented based on deployment mode, industry vertical, and country. Based on deployment mode, the Europe video as a service market is categorized into public cloud, private cloud, and hybrid cloud. The public cloud segment held the largest market share in 2022.

In terms of industry vertical, the Europe video as a service market is categorized into IT & telecom, healthcare & life sciences, retail & e-commerce, BFSI, education, media & entertainment, government & public sector, and others. The IT & telecom segment held the largest market share in 2022.

Based on country, the Europe video as a service market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Germany dominated the Europe video as a service market share in 2022.

Cisco Systems Inc, Zoom Video Communications Inc, Microsoft Corp, Amazon Web Services Inc, Avaya Holdings Corp, Google LLC, Adobe Inc, RingCentral Inc, Dekom AG, and BlueJeans are some of the leading companies operating in the Europe video as a service market.

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