Online Video Platforms Market size is set to surpass USD 3 billion by 2026, according to a new research report by Global Market Insights Inc.
Growing digitalization across a variety of business sectors across the world is driving the online video platform industry growth. The rising need to manage content delivery through digital channels across multiple platforms is contributing to the market demand. These platforms help in identifying quality-rich content and providing enterprises with flexibility in managing video content from multiple digital channels.
Increasing demand for video on demand services and live streaming across internet users
High-speed internet penetration and upsurge in the adoption of video streaming services is anticipated to boost the online video platforms market revenue. These cloud-based platforms help enterprises from the market to monetize and launch video content across live streaming channels and Video on Demand (VoD) platforms. With increase in demand for live streaming services, the demand for online video platform across enterprises to deliver video content over cloud infrastructure is expected to grow significantly.
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Transition from traditional video content delivery channels to live streaming to foster the market expansion
The live streaming segment is projected to see above 24% CAGR till 2026. The growth is attributed to the increased demand to deliver buffer-free video content with enhanced latency availability. Due to technological evolution, the online video platforms are rapidly innovating and advancing to offer the innovative online video experience to users. The video content managers are leveraging these advanced video platforms to stream videos simultaneously across social platforms. Additionally, advanced capabilities including cloud transcoding, adaptive bitrate streaming protocols, and security are fueling the demand across media enterprises.
Browse key industry insights spread across 250 pages with 248 market data tables and 25 figures & charts from the report, “Online Video Platform Market Size By Type (Video Analytics, Video Hosting, Video Content Management, Mobile Video, Live Streaming, Others), By Business Model (User-generated Content (UGC), Software-as-a-Service (SaaS)), By Application (Content Creator, Brand and Enterprise), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Extensive cloud penetration to propel the demand for SaaS-based video platforms
The SaaS model segment of online video platforms market is anticipated to register growth rate of over 16% CAGR through 2026. It is accessed primarily over a cloud infrastructure through pre-built cloud interfaces. This model eliminates the additional maintenance and installation requirements for hosting video events. The video content is primarily stored on service provider’s cloud storage. Moreover, it allows limited customizations in source code for business needs. The increased popularity of Software-as-a-Service platform is likely to spur the industry statistics.
The brand & enterprise application is set to achieve more than 20% gain during 2020 to 2026 on account of enterprises in the media sector that are leveraging the online video platform. For instance, in July 2020, Brightcove Inc. offered its Beacon, an OTT video management platform, to TN Marketing. TN Marketing leveraged Brightcove’s Beacon platform to expand its customer base with connected TV devices beyond mobile and desktop devices. This also helped the company to drive extended brand awareness and deliver 20 connected TV applications for the client base in the market.
Asia Pacific to observe exponential growth
Asia Pacific online video platforms market size is estimated to expand at a CAGR of nearly 23% through 2026 owing to the extensive digitization and adoption of electronic media across industry verticals. For instance, in July 2020, Afcons, a division of the Shapoorji Pallonji Group, leveraged Brightcove’s cloud-based Online Video Platform to enhance communications with employees and customers through short-form videos that highlight the company’s key projects. This helped the company to ensure efficient stakeholder management with distribution of short-term videos for highlighting key infrastructure across the market. Furthermore, growing smartphone penetration in the region is the prime factor augmenting the demand.
Focus on inorganic growth strategies by key players
Some of the key players operating in the online video platforms market include Akamai Technologies, Brightcove Inc., Cincopa, Comcast Technology Solutions, Dacast, Endavo, Ensemble Video, Frame.io, Inc., Kaltura Inc., Limelight Networks Inc., MediaMelon, INC., MediaSilo, Niche Video Media, Ooyala, Inc., Panopto, Pixability, SpotXchange, VideoBloom, and YouTube. Companies are emphasizing on the development of advanced solutions to provide improved event hosting capabilities.