VAAS Market Size & Global Industry Forecast Report 2021-2028

VaaS Market

The global VaaS market size is expected to encounter a growth rate of 8.4% during the forecast period. Rising demand for real-time and distant access video services, acquisition of cloud services by organizations, and surging number of internet users will bolster the Global Video-as-a-Service (VaaS) Market growth.

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VaaS Market Dynamics

The growing demand for real-time and distant access video services, adoption of cloud-based services by enterprises, growing number of internet users and reduced ownership cost are some of the major factors propelling the growth of the global VaaS market. In addition to it, the growing demand for video communications among organizations has bolstered the market growth. The rising demand for VaaS because of the rapid globalization of businesses will emerge as a major driver for market growth. VaaS is likely to be used in education, government, corporate, media & entertainment, which will further raise the market growth. Companies by using VaaS can reduce the Total Cost of Ownership (TCO) and save money on commissioning, infrastructure, and support costs.

The evolution of the coronavirus has persuaded government of several nations to enforce lockdown, mobility stipulation, and shutdowns to evade the spread of the crisis. The VaaS market has experienced a robust growth owing to the greater usage of video conferencing for partnership and connection has increased by over 100%. However, the Global Video-as-a-Service (VaaS) Market report projects that the growing safety concern towards video content shared across various forums is a major factor likely to restrain the market growth. Furthermore, businesses are also worried about copyright and Digital Rights Management (DRM) because of the chances of perversion, information leakages, and data violations.

Application Segment Drivers

Based on the Application, the Marketing and Client Engagement segment is expected to grow at a higher CAGR during the forecast period. The video conferencing in retailing enable companies to easily fascinate audiences, communicate with them more effectively and enlarge their scope. It helps to increase customer engagement by allowing more communication with the clients, thus letting them to have a stronger relationship with the company.

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