Video-as-a-Service Market Size

Video as a Service (VaaS) Market size was over USD 4.87 billion in 2023 and is expected to exceed USD 31.35 billion by 2036, growing at over 15.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of Video as a Service is evaluated at USD 5.47 billion. The growth of the market can be attributed to the increasing demand for video conferencing services, backed by growing remote work culture. As work from home culture is gaining prominence, there is a critical need for video conferencing and collaboration skills amongst the employees. In fact, it has been observed that over 33% or one-third of the employees were working remotely across the globe, in 2021. The growing number of employees working remotely, is estimated to primarily drive the demand for video-as-a-service market. In addition to this, VaaS services are also required to improve communication, engagement, and boost productivity for the digital workforce, which is further anticipated to boost the market growth. Along with this, demand for video surveillance systems, is another major factor projected to propel the demand for the global VaaS market. Furthermore, the increasing investment for advancement of video conferencing services, such as, higher quality for video and audio, sharing text along with video, and full-motion video images, along with emergence of new video streaming platform, are estimated to fuel the market growth.