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Wednesday, 22 May 2024
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Video as a Service Market is expected to reach US$ 15.47 billion by 2030

The video as a service market size is projected to grow at a CAGR of 18.3% during 2022-2030, to surpass US$ 15.47 billion by 2030, from US$ 4.02 billion in 2022.

By The Insight Partners

Technological Advancements to Revolutionize Video as a Service Market During 2022–2030

According to our latest market study on "Video as a Service Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component Mode and Industry Vertical" the market was valued at US$ 4.02 billion in 2022 and is expected to reach US$ 15.47 billion by 2030; it is estimated to record a CAGR of 18.3% from 2022 to 2030.

Technological giants across the world are highly engaged in developing and integrating new innovative technologies such as artificial intelligence and augmented reality, which fuels the adoption of advanced technologies in various industries such as healthcare, BFSI, IT & telecom, government, education, manufacturing, and other industries. AI technology is positioned at the core of the next-generation software technologies in the video as a service market. It predicts and delivers the information, enabling an efficient, fast, and personalized experience with customers and boosting employers’ profitability. AI also helps users customize videos, live video conferencing anytime and anywhere, record video for future usage, and detect specified events for users. AI-based video as a service supports employers in their marketing activities by targeting the right customers at the right time, which fuels the video as a service market in the near future.

Video as a Service Market — by Geography, 2022

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00006179

Source: The Insight Partners Analysis

SpotCam Co., Ltd.; vCloud.ai; Comcast Cable Communications Management, LLC; and other developers focus on developing and implementing AI technology with cloud-based videos to streamline interactions between customers and service providers. The AI-based video as a service allows providers to serve customers at their convenience, thereby increasing customer satisfaction and driving the video as a service market. In January 2022, Comcast Cable Communications Management, LLC launched a VideoAI service for content providers, operators, and advertisers. The VideoAI is a software-as-a-service (SaaS) that helps companies understand and analyze video (live and on-demand), audio, and closed captions for creating actionable metadata around content assets. VideoAI can also generate and manage new content, streamlining business operations and improving advertising efficiency. Thus, the integration of AI to revolutionize the business is likely to fuel the video as a service market growth in the coming years.

Cisco Systems Inc, Zoom Video Communications Inc, Microsoft Corp, Amazon Web Services Inc, Avaya Holdings Corp, Google LLC, Adobe Inc, RingCentral Inc, Dekom AG, and BlueJeans are among the key video as a service market players profiled in the report. Several other major video as a service market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The video as a service market report provides detailed market insights, which help the key players strategize their growth.

Europe is technologically advanced, owing to the high adoption rate of advanced technologies in Germany, the UK, France, Spain, Italy, and Russia. According to the Netherlands Ministry of Foreign Affairs, the AI technology used by various enterprises in Europe was 8% in 2021, which has almost doubled by January 2023. In a few industries, 75% of enterprises use AI technology to manage their day-to-day transactions. The growing adoption of advanced technology encourages video as a service market player to implement AI technology in video as a service solution to improve customer satisfaction, which is expected to boost video as a service market during the forecast period. Additionally, increasing spending on cloud technology is expected to create opportunities for the video as a service market growth in the coming years. According to the International Data Corporation (IDC), Europe’s spending on public cloud services is expected to reach US$ 148 billion by 2023 and US$ 258 billion by 2026, which increases the adoption of cloud-based video services among consumers. These services are widely adopted in the hybrid and remote work environment for conducting and managing video calls, conferences, meetings, webinars, and other business activities. Hence, boosting the video as a service market.

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