Hi Ajay,
Great question. First off, I think that both a video sitemap and the correct schema optimizations are extremely important in getting your videos to rank. Personally, I would start off with creating a video sitemap and then branch off into utilizing schema. This is just a matter of preference for me because I like to get the foundational elements done first.
In terms of what tools you can use - I know of a few. If your site is in WordPress the Yoast Video SEO plugin has worked well for me in the past. If not, here are some great posts on Video Sitemaps and the best process for creating them.
https://www.distilled.net/blog/video/creating-video-sitemaps-for-each-video-hosting-platform/
https://moz.com/blog/video-sitemap-guide-for-vimeo-and-youtube
Hope that helps!
Serge