Online Video Platforms Market size worth over $3 Bn by 2026
Published Date: September 23, 2020 Authors: Preeti Wadhwani, Smriti Loomba
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 platforms industry. 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.
Growing demand for video on demand services and live streaming across internet users
The online video platforms market growth is attributed to extensive high-speed internet penetration and upsurge in the adoption of video streaming services. 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 grow significantly over the forecast period.
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Transition from traditional video content delivery channels to live streaming will augment the market growth
The live streaming segment is projected to grow exponentially at more than 24% CAGR from 2020 to 2026 impelled by increasing 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 for online video platforms 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 is expected to propel the demand for SaaS-based video platforms
The SaaS model is anticipated to achieve 16% growth rate through 2026. The SaaS-based online video platform 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. In addition, it allows limited customizations in source code for business needs. However, the increased popularity of Software-as-a-Service platform is expected to propel the market growth.
Need to enhance brand awareness and content delivery pipeline to fuel brand & enterprise application
The online video platforms market for brand & enterprise application is poised to witness at a CAGR of 20% from 2020 to 2026 driven by 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 is expected to grow exponentially
Asia Pacific online video platforms market is projected to grow at a CAGR of 23% from 2020 to 2026 due to the extensive digitization and adoption of electronic media across industry verticals. Furthermore, growing smartphone penetration in the region is the prime factor driving the demand for online video platforms.
Focus on inorganic growth strategies by key players to augment market share
Companies operating in the online video platform market are emphasizing on the development of advanced solutions to provide improved event hosting capabilities. For instance, in June 2020, Brightcove Inc. launched an advanced virtual event management solution, Brightcove Virtual Event Experiences that provides enhanced virtual event hosting capabilities along with content customization. This launch helped the company to provide enterprises in market with a solution to improve event engagement.
Some of the key players 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.