Clinical trials are typically performed in
three stages. A phase I study is typically done with a small number of healthy volunteers to determine the dosing of the drug (i.e. what is the highest dose that can be tolerated without an unacceptable level of side effects). Next, researchers will administer the drug to actual patients in a a phase II study to determine whether the drug looks like it will have any effect on the disease. In the case of
vaccine research, these studies help determine the optimal preparation, dose and dosing schedule. Finally, a phase III study is done on an even larger number of patients to provide efficacy and safety data to inform the decision of whether to approve the drug for use in humans. Testing a large number of individuals in the phase III is important to try to find rare side effects, especially if the aim is to administer the vaccine to billions of people. A severe side effect that occurs in 1 in 1,000 cases might seem rate, but when administering vaccine to a billion people, that means it the side effect (such as
Guillain–Barré syndrome) could potentially affect millions. Together, the phase II and III studies would provide a good amount of data on whether the vaccine helps to prevent disease (or at least make the disease less severe).
All vaccines would not be expected to provide the same amount of protection. There are a huge number of companies developing vaccines and many are based on fundamentally different technologies. Several companies are developing vaccines based on new, untested technologies (e.g. Moderna's mRNA vaccine technology or the
adenovirus-based vaccines being developed by CanSino, Johnson and Johnson, or Oxford + AstraZeneca). These approaches have not yet proved they can yield safe and effective vaccines. Other companies are developing vaccines based on existing technologies (e.g. inactivated viruses or protein subunit vaccines), though it is slower to develop vaccine using these traditional techniques. Still, there are many ways where vaccine development can go wrong. For example, for vaccines there is often a trade off between designing a vaccine that stimulates the immune system too much (potentially causing problematic side effects) or too little (potentially providing little protection). There are many small details requiring careful opitimization that can also affect efficacy as well (e.g. choice of adjuvant).
Here's a nice (though long) post explaining issues surrounding the development of COVID-19 vaccines:
https://blogs.sciencemag.org/pipeline/archives/2020/04/15/coronavirus-vaccine-prospects
Here's a good resource tracking the vaccines currently in development (also with a nice explainer of the testing process):
https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html