The Global Online Video Platform Market to Witness Unprecedented Growth with a CAGR of 16% during Projected Period of 2020-2026
According to BlueWeave Consulting, the Global Online Video Platform Market worth is anticipated to reach USD 2,015 million in 2026 from USD 713 million in 2019, at a CAGR of 16 % during the projected period 2020-2026. The affordability and accessibility of broadband and mobile network, technological advancements, the growing popularity of online videos over conventional mediums and rise in online video advertising expenditure drive the tremendous growth in Global Online Video Platforms Market. Recently, the trend of live video streaming is also fuelling market growth. Besides, availability of smart devices including smartphones, laptop, desktop, tablets, smart TVs and other gadgets in urban and interior areas and increasing internet-user-base across the globe induce the growth of this market.
Online Video Platforms are widely used by individuals for watching and uploading pre-recorded or live video content at any point in time. They help to manage and attain the seamless delivery of content to the desired audience in a cost-effective way. The Global Online Video Platforms Market comprises content owners, broadcasters and viewers.
The content owners are original creators of content, or they possess the rights of the particular video content. The broadcasters consume, edit and reach the content to the viewers by performing various transitional activities. They securely obtain, syndicate, distribute and monetize the content and analyze the metrics related to viewers’ engagement. The market is booming due to increasing viewership of online video content and diverse applications.
The Global Video Online Platforms Market is segmented into three categories based on Type, Application and End-User. The first category ’Type’ includes segments such as Video Analytics, Video Content Delivery Network, Video Content Management, Mobile Video Live Streaming and Others. The Application category is subdivided into Video Sharing, Commercial Video Platform, and Others, while the End-user category includes Individual, Content Creator, and Brand & Enterprises.
“Video Analytics segment and Brands and Enterprises segments dominate the Global Online Video Platform Market.”
Video Analytics segment in Type category dominates the market due to increased outlay and focus of governing institutions on public safety, need to scrutinize unstructured video content and growing need to leverage business intelligence among enterprises. It is anticipated to register tremendous growth with 19% CAGR during the forthcoming period. The Video Content Delivery Network segment holds the second largest share due to increasing affordability and accessibility of broadband and mobile network and, is predicted to record CAGR of 11.7% during the projected period. In the End-user category, brands and enterprises hold a significant market share and, is anticipated to maintain the same. All the remaining segments are anticipated to experience growth during the forthcoming period.
However, availability of open source and free online platforms for content creators and viewers limit the growth of the Global Online Video Platforms Market as these platforms cannot monetize the benefits and check the quality of content. Besides, early entrants usually dominate the market, leaving less scope for second-best players. Also, the restrictions regarding auto-renew or direct deduction of subscription impede the market growth in some nations.
“The key drivers of the Online Video Platform market are the rising size of young population group, Increased Use of Mobile Devices and A shift of marketers towards digital media.”
Young population across the globe uses more digital devices and consumes online video content. Today’s youth is tech-savvy and prefers to use the digital medium in place of conventional medium like TV. Besides, people across all age-group have increased the use of mobiles and mobiles contribute a lot the broadcasting of videos to the targeted viewers. Also, the marketers are allocating more and more outlays to digital marketing over conventional mediums. All these developments drive the unprecedented growth in Online Video Platform Markets.
“North America is a dominant region in the Global Online Video Platform Market.”
Region-wise, North America holds a larger share in this market due to robust infrastructure, advanced technological developments in every segment, and more viewership currently. It is expected to preserve its dominance with a substantial growth rate in the upcoming period. Besides, Asia-Pacific is also expected to witness highest and fastest growth during the forthcoming period due to rising online content consumption in the countries such as Taiwan, China, Japan, India, South Korea and others.
“The leading players” in the market include Akamai Technologies (US), Ooyala Inc.(US), Kaltura Inc.(US), MediaMelon Inc.(US), Brightcove Inc.(US), Comcast Technology Solutions (UK), Panopto (US), Limelight Networks Inc.(US), YouTube (US) and Frame.io, Inc. (US) and others.