LONDON, March 14, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the video-as-a-service (VaaS) market forecasts the global video-as-a-service (VaaS) market size to grow from $3.7 billion in 2022 to $4.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 20.6%. The video-as-a-service (VaaS) market size is then expected to reach $10.2 billion in 2027, at a CAGR of more than 22%.
The growing number of internet users around the world is expected to drive the video-as-a-service (VaaS) market. Video-as-a-service (VaaS) provides internet users with live streaming, home security, on-demand video, and other tools that enhance professional and personal interactions. For instance, according to a report by the International Telecommunication Union (ITU), a United Nations specialized agency for matters related to information and communication technologies, during the COVID-19 pandemic, Internet users climbed from 4.1 billion in 2019 to 4.9 billion in 2021. Therefore, the increasing number of internet users around the world is driving the growth of the video-as-a-service (VaaS) market.
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Technological advancement is a key trend in the video-as-a-service (VaaS) market. Major market players are focusing on research and development for technological advancements such as end-to-end encryption (E2EE), which could provide better solutions and strengthen their market position. For instance, in October 2020, Zoom Video Communications Inc., a US-based company operating in communications technology and video-as-a-service (VaaS), introduced end-to-end encryption (E2EE) in video conferencing to provide more secure meetings. Zoom’s E2EE offers 256-bit AES-GCM encryption that secures Zoom meetings by default, and users who enable E2EE for their meetings have access to the encryption keys used to encrypt the meeting.
Major players in the video-as-a-service (VaaS) market are Amazon Web Services Inc., Avaya Holdings Corp., BlueJeans, Cisco Systems Inc., Huawei Technologies Co. Ltd., GoTo (LogMeIn Inc.), AVI-SPL, Zoom Video Communications Inc., Microsoft Corporation, Google LLC, Adobe Inc., Poly Inc., Zoho Corporation, Vidyo Inc., Applied Global Technologies, Premiere Global Services Inc., Kaltura, and Lifesize.
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North America was the largest region in the video-as-a-service (VaaS) market in 2022. 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, and Africa.
The global video-as-a-service (VaaS) market is segmented by type into managed services, broadcasting video communication, video conferencing, video content management, real-time video monitoring, professional services, consulting, system integration, support and maintenance; by deployment model into private cloud, public cloud, hybrid cloud; by enterprise size into large enterprises, small and medium enterprises; by applications into corporate communications, training and development, marketing and client engagement; by industrial vertical into banking, financial services and insurance (BFSI), information technology (IT) & telecom, healthcare and life sciences, education, media and entertainment, government and public sector, retail and consumer goods, other industrial vertical.
Video-As-A-Service (VaaS) Global Market Report 2023 –Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides video-as-a-service (VaaS) market statistics and video-as-a-service (VaaS) market analysis on the video-as-a-service (VaaS) market size, video-as-a-service (VaaS) market segments, video-as-a-service (VaaS) market trends, drivers and restraints, video-as-a-service (VaaS) industry major competitors’ market positioning, revenues and video-as-a-service (VaaS) market share.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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