(I-BusinessNews.Com, July 15, 2020 ) According to market research report “Video-as-a-Service Market by Platform (Application management, Devices Management, Network Management), by Services (Broadcasting Video Communication, Video Conferencing, Video Content Management, Real-Time Video Monitoring) – Global Forecast to 2021″, The global video as a service (VaaS) market to grow from USD 390.3 Million in 2016 to USD 1,587.4 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period of 2016 to 2021.
The VaaS market is growing rapidly because of the transformation from traditional Business Intelligence (BI) techniques to advanced analytics techniques and massive surge of structured and unstructured data.
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ÂProfessional services in services segment is expected to have the highest growth rateÂ
The VaaS market is segmented into two major services, managed services and professional services. Managed services, which are more consumer-oriented, include services such as broadcasting video communication, video conferencing, video content management, and real-time video monitoring while professional services include consulting, system integration, and support & maintenance services. The video professional services in the services segment is expected to have the highest growth rate in the overall VaaS market as videos are increasingly becoming important tools of communication and productivity and organizations must find a way to manage the large amount of video data being stored and shared across their networks.
ÂBroadcasting video communication to have the largest market sizeÂ
The market by service has been segmented into managed services and professional services. Managed services include broadcasting video communication, video conferencing, video content management and real-time video monitoring. Professional services include consulting, system integration and support and maintenance. Broadcasting video communication services in the managed services segment is expected to have the largest market size in the overall VaaS service market for the forecast period as the broadcasting video communication services assist organizations in the distribution of video content to all the dispersed audience via any electronic mass communication.
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ÂNorth America to be the highest revenue generating regionÂ
The report has been segmented by region into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America. The North America region is expected to be the highest revenue generating region for VaaS vendors for the next five years, followed by Europe, while APAC is expected to be the fastest-growing region in the market during the forecast period. The market in developing regions such as APAC and MEA is expected to rise considerably due to the massive technological changes in these regions and increase in the overall IT expenditure and investment.
The VaaS market involves a large number of vendors providing tailor-made services such as Cisco Systems (U.S.), Interoute Communication Limited (U.K.), Polycom, Inc. (U.S.), Adobe Systems (U.S.), Huawei Technologies (China), Avaya, Inc. (U.S.), Vidyo (U.S.), BlueJeans Network (U.S.), Applied Global Technologies (U.S.), and AVI-SPL (U.S.).
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