Asia Pacific Video as a Service Market
Published On: Jun 2024
Published On: Jun 2024
At 20.1% CAGR, Asia Pacific Video as a Service Market is Projected to be Worth US$ 3,986.75 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific video as a service market was valued at US$ 920.80 million in 2022 and is expected to reach US$ 3,986.75 million by 2030, registering a CAGR of 20.1% from 2022 to 2030. Increasing adoption of remote working model and growing video marketing and selling trends are among the critical factor attributed to the Asia Pacific video as a service market expansion.
Remote work is becoming the new normal for many organizations and has become a phenomenon in the recent years, especially after the coronavirus pandemic. xTo maintain flexibility in working conditions, organizations implement a remote working model. Adoption of the remote working model increases the demand for cloud-based video communication services among consumers. These services provide an interactive engagement between superiors and subordinates to schedule meetings, conferences, and webinars to achieve business goals and effectively increase operational productivity. Adobe Inc, Deutsche Bank, Google LLC., LinkedIn, Microsoft Corp, SAP SE, Verizon Communications Inc, and numerous companies have already adopted remote working model in their business, which increases the demand for cloud-based video solutions to maintain employee engagement. Video as a service allows organizations to deploy collaboration tools for enhancing their business communication and customer experience by minimizing additional travel costs, which drives the video as a service market. Remote working helps employees to reduce their traveling and maintain a work-life balance. A study conducted by the National Bureau of Economic Research in January 2023 represented that, remote working saved an average of 72 minutes spent by employees on their daily travel to and from their on-site jobs during 2021-2022. Employees prefer a video as a service to conduct work-related meetings at home. Thus, the increasing adoption of remote working models fuels the video as a service market growth.
On the contrary, growing data privacy and security concerns hurdles the growth of Asia Pacific video as a service market.
Based on deployment mode, the Asia Pacific video as a service market is categorized into public cloud, private cloud, and hybrid cloud. The public cloud segment held 66.9% market share in 2022, amassing US$ 616.21 million. It is projected to garner US$ 2,650.29 million by 2030 to expand at 20.0% CAGR during 2022-2030.
In terms of industry vertical, the Asia Pacific video as a service market is segmented into IT & telecom, healthcare & life sciences, retail & e-commerce, BFSI, education, media & entertainment, government & public sector, and others. The IT & telecom segment held 24.8% share of Asia Pacific video as a service market in 2022, amassing US$ 228.49 million. It is projected to garner US$ 995.85 million by 2030 to expand at 20.2% CAGR during 2022-2030.
Based on country, the Asia Pacific video as a service market has been categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.3% share of Asia Pacific video as a service market in 2022. It was assessed at US$ 278.64 million in 2022 and is likely to hit US$ 1,275.63 million by 2030, exhibiting a CAGR of 20.9% during 2022-2030.
Key players operating in the Asia Pacific video as a service market are Cisco Systems Inc, Zoom Video Communications Inc, Microsoft Corp, Amazon Web Services Inc, Avaya Holdings Corp, Google LLC, Adobe Inc, RingCentral Inc, and BlueJeans, among others.
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