North America Video as a Service Market By Deployment (Public Cloud, Private Cloud and Hybrid Cloud), By Application (Corporate Communications, Training & Development, Marketing & Client Engagement and Others), By Industry Vertical (BFSI, IT & Telecom, Healthcare, Retail & Consumer Goods, Government & Defense, Education, Media & Entertainment and Others), By Country, Growth Potential, Industry Analysis Report and Forecast, 2021 - 2027
The North America Video as a Service Market would witness market growth of 6.9% CAGR during the forecast period (2021-2027).
Video as a service refers to a delivery model wherein companies outsource their multiparty or point to point video conferencing requirements to a VaaS service provider over an IP network. This visual communication service provides numerous features like archiving, recording, calling, and endpoint management, which is attracting more companies towards its adoption. In addition, video as a service provides companies with a reliable and convenient substitute for corporate video communication services that can address their budget and infrastructure problems.
These services include high-quality audio along with the transmission of full-motion video images across several locations. Through such cloud-based video services, companies can rapidly deploy video conferencing solutions with low infrastructure investment. Using VaaS mode, customer-facing services and employee collaboration can be enabled without having to worry about networks and underlying technologies.
The rising number of internet users is leading to the higher popularity of OTT media services that would accelerate the demand for new video content, and hence, fuelling the demand for video production services. In addition, growing internet penetration and the high adoption of the latest technologies is among the key factors bolstering the growth of the regional video as a service (VaaS) market. The introduction of 5G technology is estimated to propel the demand for VaaS over the forecast period.
The US is one of the most badly hit nations due to the outbreak of the COVID-19 pandemic and thus, the region witnessed prolonged lockdown period, which compelled companies to shift their workflow on work from home model. Due to this shift, the demand for VaaS solutions has increased in this region, which is anticipated to support the overall growth of the VaaS market in the coming years.
The US market dominated the North America Healthcare Video as a Service Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $188.5 million by 2027. The Canada market is experiencing a CAGR of 10.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 9.1% during (2021 - 2027).
Based on Deployment, the market is segmented into Public Cloud, Private Cloud and Hybrid Cloud. Based on Application, the market is segmented into Corporate Communications, Training & Development, Marketing & Client Engagement and Others. Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & Consumer Goods, Government & Defense, Education, Media & Entertainment and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google, Inc., Amazon.com, Inc., Microsoft Corporation, Adobe, Inc., Cisco Systems, Inc., Zoom Video Communications, Inc., Avaya Holdings Corporation, Plantronics, Inc. (Polycom, Inc.), RingCentral, Inc., and Zoho Corporation Pvt. Ltd.
Scope of the Study
Market Segments covered in the Report:
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