Video-as-a-Service (VaaS) Global Market Report 2024

The global video-as-a-service (vaas) market has grown exponentially in recent years. It will grow from $4.57 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth observed in the historical period can be attributed to the increased utilization of mobile devices, heightened security and compliance requirements, a surge in remote work practices, the globalization of businesses, cost-saving initiatives coupled with scalability advantages, and improvements in internet connectivity.

The global video-as-a-service (vaas) market is expected to see exponential growth in the next few years. It will grow to $11.95 billion in 2028 at a compound annual growth rate (CAGR) of 21.2%. The anticipated growth in the forecast period can be attributed to the adoption of hybrid work models, the development of vertical-specific solutions, an increased emphasis on user experience, a growing focus on green initiatives and sustainability, and a rise in customization and API development. Key trends in the forecast period encompass integration with unified communications, the widespread use of cloud-based video services, an enhanced focus on security and compliance, the integration of AI-enhanced video capabilities, the popularity of virtual events and webinars, the incorporation of real-time analytics and insights, and a commitment to continuous software updates and feature enhancements.

The surge in global internet users is expected to drive the growth of the video-as-a-service (VaaS) market. Internet users, actively engaged in online communities, benefit from the vast network of interconnected computer networks known as the Internet. Video-as-a-Service (VaaS) facilitates live streaming, home security, video on demand, and other tools that enhance both personal and professional interactions. As reported by the International Telecommunication Union in November 2022, approximately 5.3 billion individuals, constituting 66% of the global population, accessed the internet. This marked a 6.1% increase compared to the previous year, underscoring the escalating number of internet users worldwide and thereby propelling the growth of the video-as-a-service (VaaS) market.

The proliferation of remote work arrangements is a significant driver fueling the expansion of the video-as-a-service (VaaS) market. Remote work, allowing employees to operate from locations other than their employer's physical office, is facilitated by Video-as-a-Service solutions that offer diverse communication and collaboration tools. This trend contributes to heightened efficiency and connectivity among remote teams. According to a February 2022 study by AT&T, the adoption of a hybrid work model, blending remote work and office presence, is projected to increase from 42% in 2021 to 81% by 2024. This substantial rise in remote working practices serves as a driving force behind the growth of the video-as-a-service (VaaS) market.

Prominent market players are heavily investing in research and development initiatives to advance technology, exemplified by AI-powered hybrid video conferencing solutions, thereby fortifying their market presence. AI-powered hybrid video conferencing employs artificial intelligence to optimize virtual meetings in a hybrid work environment. Notably, in February 2023, Qualcomm Technologies Inc., a US-based technology firm, introduced the Qualcomm QCS8250 Video Collaboration Reference Design, an AI-powered video conferencing solution. This innovative technology delivers superior audio and video performance, creating immersive and engaging hybrid video conferencing experiences. Leveraging the Qualcomm AI Suite for Video Collaboration and Video Conferencing, this solution boasts premium features like dynamic group and speaker framing, coupled with noise suppression. Tailored for enterprise conferencing applications, it seamlessly integrates with platforms such as Microsoft Teams and Zoom Rooms, redefining the landscape of video collaboration experiences.

Major players within the video-as-a-service (VaaS) market are directing their efforts toward pioneering tools tailored specifically for dealership service departments, aiming to broaden their customer base and attain a competitive edge. These innovative video and communication tools are meticulously designed for dealership service units, empowering service technicians to capture high-definition videos during vehicle inspections while directly engaging with customers. This technology ensures compliance with manufacturer guidelines and furnishes real-time analytics, ultimately enhancing operational efficiency. An exemplar is CDK Global Inc.'s August 2021 launch of CDK ServiceView, a state-of-the-art video and communication tool seamlessly integrated with TruVideo, strategically crafted for dealership service departments employing CDK Service and Elead Service. This groundbreaking feature equips service technicians with the capability to produce high-definition inspection videos using their smartphones, swiftly delivering them to customers via text messages. CDK ServiceView further facilitates two-way texting for seamless interaction between the service department and customers, enabling discussions on video assessments and facilitating the approval or rejection of proposed vehicle services. Moreover, the tool incorporates internal chat functionality to streamline communication among dealership staff, provides real-time analytics for insights into tool usage and customer sentiment, and ensures adherence to escalating manufacturer requirements, emphasizing the integration of video as a pivotal component in enhancing the consumer experience.

In a significant move in September 2021, Microsoft Corporation, a prominent US-based entity specializing in computer software, including video-as-a-service (VaaS), acquired Clipchamp for an undisclosed sum. Microsoft's strategic acquisition aims to leverage Clipchamp's user-friendly web application combined with the extensive computing capabilities of a PC, complemented by graphics processing unit (GPU) acceleration. Clipchamp, a US-based suite specializing in video creation and editing, holds expertise in video services, aligning with Microsoft's objective to enhance its VaaS capabilities and broaden its suite of offerings in the digital video domain.

Major companies operating in the video-as-a-service (vaas) market report are Amazon Web Services Inc., Avaya Holdings Corp, BlueJeans Network Inc., Cisco Systems Inc., Huawei Technologies Co. Ltd., Zoom Video Communications Inc., Microsoft Corporation, Google LLC, LogMeIn Inc., Lifesize Inc., Adobe Inc., Arkadin SAS, AT&T Inc., BroadSoft Inc., BT Group plc, Fuze Inc., InterCall, Kaltura Inc., Level 3 Communications LLC, Orange SA, Polycom Inc., Premiere Global Services Inc., RingCentral Inc., StarLeaf Ltd., Tata Communications Ltd., Vidyo Inc., Vodafone Group plc, West Corporation, ZTE Corporation, GoToMeeting by LogMeIn Inc.

North America was the largest region in the video-as-a-service (VaaS) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video-as-a-service (vaas) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the video-as-a-service (vaas) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of Video-as-a-service (VaaS) encompass managed services, broadcasting video communication, video conferencing, video content management, real-time video monitoring, professional services, consulting, system integration, and support and maintenance. Managed services are employed to provide clients with remote surveillance solutions, configuring cameras and Customer Premises Equipment (CPE) devices within an organization to deliver video services. This practice involves outsourcing the responsibility for maintaining and anticipating the needs of an organization to ensure smooth operations. Video-as-a-service (VaaS) deployment options include private cloud, public cloud, and hybrid cloud models. VaaS finds application across large, small, and medium enterprises for corporate communications, training and development, as well as marketing and client engagement. Its usage spans various industrial verticals, including BFSI, IT and telecom, healthcare & life sciences, education, media & entertainment, government & public sector, retail & consumer goods, and other industrial sectors.

This report provides video-as-a-service (VaaS) market statistics, including video-as-a-service (VaaS) industry global market size, regional shares, competitors with a video-as-a-service (VaaS) market share, detailed video-as-a-service (VaaS) market segments, market trends and opportunities, and any further data you may need to thrive in the video-as-a-service (VaaS) industry. This video-as-a-service (VaaS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The Video-as-a-service (VaaS) market includes revenues earned by entities by video conferencing capabilities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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