New York, USA, Aug. 02, 2022 (GLOBE NEWSWIRE) — According to a report by Research Dive, the global video as a service market is planned to collect $11,557.3 million in turnover and growth at one 15.6% CAGR over the analysis period.
Growing demand for real-time video services due to its ability to increase productivity, improve engagement, and keep remote teams connected is expected to fuel the market growth over the period, according to our analysts. analysis. Additionally, the rapid expansion of high-speed communication infrastructure within enterprises is further expected to drive the market growth over the analysis period. In addition, growing technological advancements by enterprises to gain competitive advantage and meet changing end-user needs are expected to sustain the growth of the video as a service market throughout the estimated time frame. However, data privacy and security concerns along with high acquisition & integration expenses and high acquisition & integration expenses may hamper the market growth during the forecast period.
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Video as a Service Market Segments
The report has divided the market into segments based on company size, application, verticals and region.
Company size: the small business sub-segment will be the most lucrative
The small business sub-segment is expected to generate $1,893.2 million in revenue and is expected to experience the fastest market growth over the analysis period. Rising adoption of video communication in SMBs to enhance customer relationship and launch the new product remotely is the factor expected to bolster the growth of the video as a service market sub-segment during the forecast period.
Application: the corporate communications sub-segment will be the most productive
The corporate communications sub-segment is expected to generate revenue of $4,369.5 million and is expected to hold the largest market share over the estimated period. This is mainly due to the rapid transformation of business communication by adopting superior alternatives such as video conferencing or live chat. Additionally, the growing trend of using films for business communication to deliver best practices and capture new ideas is further expected to augment the growth of the market sub-segment throughout the forecast period.
Verticals: Telecommunications and IT sub-segment will be most beneficial
The telecommunications and IT sub-segment is expected to generate a revenue of $2,592.3 million during the analysis period. This is mainly due to the increasing use of corporate video in the telecommunications and IT industry. Furthermore, the effectiveness of using video communication to exchange knowledge in an engaging manner and increase productivity are the major factors expected to drive the growth of the video as a service market sub-segment over the course of the forecast period.
Region: The Asia-Pacific region is expected to have huge growth opportunities
The Asia-Pacific region is expected to generate revenue of $3,581.6 million during the forecast period. This is major due to the growing government initiatives to develop digital infrastructure. In addition, the increasing collaboration of service providers with solution providers in this region to improve and customize products according to the business needs of local customers is further expected to boost the regional growth of the market over the analysis period.
Specific granular research on video as a service market segments or regions and availability of amazing discount
Impact of Covid-19 on the video as a service market
The outbreak of the Covid-19 pandemic has triggered many unprecedented events in several sectors. Due to strict containment measures and strict government guidelines, there has been a disruption in the supply chain and production levels. However, there is a significant increase in the video as a service market due to the growing preference for cloud-based virtual meetings in many companies to expand their customer base during the crisis. Additionally, the increasing effort by governments for remote operation of businesses and increasing investments in virtual meeting technologies have further bolstered the growth of the market during the pandemic.
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Video as a Service Market Key Players
Major market players include
- Amazon Web Services (AWS) Inc.
- Avaya Inc.
- Cisco Systems Inc.
- Huawei Technologies Co., Ltd.
- Zoom Video Communications Inc.
- LogMeIn Inc.
- Plantronics, Inc. and many more.
These players are extensively working on developing new business tactics and strategies to achieve the leading positions in the global industry. – But the full report here
For instance, in January 2019, Verizon, a leading US wireless network operator, announced a collaboration with Zoom Video Conferencing, a renowned US communications technology company. With this collaboration, the companies aim to offer a new solution for next-generation teamwork and an attractive opportunity for unified communications.
Besides, the report also presents other important aspects such as SWOT analysis, latest strategic developments, financial performance of major players, and product portfolio.
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