Drug Development:
Phase I: Safety and biological effect (immune response in this case) in a small number of subjects
Phase 2: Initial efficacy in a larger number of subjects, assurance of the correct dose.
Phase 3: Efficacy and safety in a large number of subjects to justify marketing the treatment.
For rapid developments, Phase 2 and 3 can be run together where the risk/benefit is justifiable. That applies here, at least to the frontrunners.
It's been reported that the Oxford/AstraZeneca Vaccine will publish peer reviewed Phase I data very soon, maybe today. As Phase 2/3 trials have already started, we can expect the results to at least be encouraging enough to justify that investment (and good enough to allow regulators to approve that phase 2/3 trial)
Other developments are at a similar stage but perhaps at least 3 months behind, maybe more.
Phase 3 results depend on sufficient people on the placebo arm going down with the disease - it is "event driven" in the parlance. Only then will you know how much protection the active arm has engendered, by measuring the difference. You also need sufficient subjects exposed to the vaccine to assure its safety. Manufacture is being done "at risk" ahead of the phase 3 readout to reduce lead time if successful.
A description of the Phase 2/3 trial is available here
https://clinicaltrials.gov/ct2/show/NCT04400838
Observers seem to believe an efficacy readout may be available late this year, though this depends on being able to chase the virus around the world - you need to recruit subjects where the virus is active. Of course once proven to work you also need to actually vaccinate the population - a significant logistical effort.
If this one fails, add more time for the next to come through. It may also be active enough to help, but not active enough to solve the problem. And of course, no-one yet knows how long immunity will last if it does work. And no-one can be certain any of these will work, though the very broad range of different approaches to vaccine development being taken is encouraging.
There's quite a bit of noise at the moment about the potential ethics of "challenge" trials, where subjects are vaccinated then deliberately infected with COVID, to reduce timelines. Given the lack of virulence against younger people, and the huge impact on their wellbeing through social distancing, this could be an ethically acceptable way to accelerate things, particularly if the initial trials are negative and timelines stretch out.
How effective a vaccine will be depends both on how good it is biologically, but also on takeup - you need a very large proportion to engender herd immunity. Signs in Western countries on this are rather depressing - terrifyingly large proportions of the population say they wouldn't take a vaccine. Such is the age we live in.
If that's tl;dr then my summary would be
Early results are encouraging but not definitive. It's possible definitive results will be out on the fastest candidate this year, but first vaccinations are unlikely to be before the end of this year. It could be much longer, and is not guaranteed at all, though most scientists are cautiously optimistic.