The global cloud-based video streaming market size was USD 14.08 Billion in 2022 and is likely to reach USD 23.54 Billion by 2031, expanding at a CAGR of 20.51% during, 2023–2031. The market growth is characterized by the growing adoption of cloud-based video streaming technologies across various sectors such as education, government, and media & entertainment.
A cloud-based video streaming service provides a platform for consumers to stream, store, and access video data from cloud storage platforms as per their requirements. A secure, reliable, and scalable cloud-based video streaming service hosts the video content reliably and reaches wide audiences.
The world population is increasingly consuming lots of video content for a variety of purposes such as entertainment, education, infotainment, accessing important information, and other range of purposes. Video hosting infrastructure has evolved to meet this rising demand for quality video content by scaling up its service offerings.
In cloud-based video streaming, video creators produce content and upload it to the cloud servers of a video-streaming service provider. The cloud service provider encodes the video into an easy and universally accessible format with the help of high-quality streaming technologies.
Video-streaming service providers streamline the distribution of videos with the help of cutting-edge streaming technologies such as video transcoding and content delivery network (CDN). New-age video streaming technologies ensure that buffering time and latency rates of the videos are reduced to a minimal level.
These features help cloud-based video streaming service providers to stream videos uninterruptedly to ensure smooth video playback by caching the video. In the caching mechanism, the videos are temporarily stored in a group of connected servers that stores copies of videos in order to deliver them instantly to the consumers without any delay.
The market report finds that the COVID-19 pandemic boosted the market as a result of the growing adoption of cloud-based video streaming services by consumers for entertainment and work-related activities.
As outdoor activities were minimized owing to lockdowns, an increasing number of individuals relied on OTT platforms for entertainment and infotainment. The subscription rates for OTT platforms increased significantly during the pandemic period.
Cloud-Based Video Streaming Market Dynamics
Major Drivers
Growing use of smartphones and internet services by consumers to access video content is expected to drive the market. Consumers are adopting smartphones and internet services to access online video content for entertainment and educational purposes.
The younger generation Gen-Z and Millennials prefer to create and access user-generated content on social video-sharing platforms for the purpose of entertainment, interaction, and education. Public institutions such as administrative departments or healthcare establishments rely on cloud-based video streaming services for administration, education, and training purposes.
Existing Restraints
The high cost of content creation and piracy concerns are likely to hinder the market. The content creators emphasize producing content that is engaging and immersive to increase traction. The cost of engaging manpower and infrastructure required to create high-quality content is high. Moreover, the potential risks such as piracy of video content or leakage of videos due to cyberattacks is likely hamper the market.
Opportunities
The emergence of 5G technology and the cost efficiency provided by cloud-based video streaming services are likely to create significant opportunities for the market. Consumers prefer cloud-based video streaming services due to flexibility, cost-efficiency, and convenience.
The 5G technology provides a robust and efficient telecom infrastructure to consumers and video streaming providers, thus, boosting the adoption of cloud-based video streaming services.
Scope of Cloud-Based Video Streaming Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cloud-Based Video Streaming Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Component (Video On Demand, Video Hosting, and Live Streaming), Deployment (Private Cloud and Hybrid Cloud), and Vertical (Education, Government, Media & Entertainment, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Vimeo.com, Inc.; IBM; uStudio, Inc.; VIDIZMO LLC; MediaPlatform; SPROUTVIDEO; Buildscale; Brightcove Inc.; Ravnur Inc.; and Haivision
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Cloud-Based Video Streaming Market Segment Insights
Component Segment Analysis
Based on component, the cloud-based video streaming market is divided into video on demand, video hosting, and live streaming. The live streaming segment is expected to expand at a significant growth rate during the projection period owing to the rising popularity of streaming live sports and events.
Live streaming includes real-time content delivery and interactive features, which can be accessed with a subscription or non-subscription basis on any digitally connected device. Live streaming services are also used for educational and training purposes in organizations or institutions.
Deployment Segment Analysis
On the basis of deployment, the global market is bifurcated into a private cloud and hybrid cloud. The hybrid cloud segment is projected to register a considerable CAGR during the forecast period due to the diversity and utility provided by hybrid cloud services. Hybrid cloud services provide video data from various sources such as private clouds, public clouds, edge locations, and on-premises data centers.
Vertical Segment Analysis
Based on vertical, the cloud-based video streaming market is segmented into education, government, and media & entertainment. The media & entertainment segment is expected to register a robust growth rate during the forecast period owing to the cost-efficiency and feasibility provided by the cloud-based video streaming platforms.
The rising popularity of OTT content and live streaming of shows and concerts is driving the cloud-based video streaming adoption in the media & entertainment industry.
Regional Analysis
In terms of region, the global cloud-based video streaming market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period due to the rising adoption of cloud-based video streaming services by the entertainment industry in the region.
The significant rise in OTT content creation by major studios and social platforms in the Asia Pacific region is influencing the growing consumer preferences for viewing online video entertainment. Further. the popularity of OTT platforms and live streaming of shows and concerts is driving the market in the region.
The market in North America is projected to expand rapidly during the forecast period. The presence of key players from the video and technology industry in the region is likely to fuel the market growth.
Consumers in North America are widely relying on online streaming over conventional video forms owing to the convenience and availability of popular content instantly. The major players from the media and entertainment space are launching new content and platforms to cater to the rising audience for mobile-friendly content.
Segments
The cloud-based video streaming market has been segmented on the basis of
Component
- Video On Demand
- Video Hosting
- Live Streaming
Deployment
- Private Cloud
- Hybrid Cloud
Vertical
- Education
- Government
- Media & Entertainment
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Vimeo.com, Inc.
- uStudio, Inc.
- IBM
- VIDIZMO LLC
- MediaPlatform
- SPROUTVIDEO
- Buildscale S
- Brightcove Inc.
- Ravnur Inc.
- Haivision
Competitive Landscape
Key players competing in the global cloud-based video streaming market are Vimeo.com, Inc.; IBM; uStudio, Inc.; VIDIZMO LLC; MediaPlatform; SPROUTVIDEO; Buildscale; Brightcove Inc.; Ravnur Inc.; and Haivision
These companies in the cloud-based video streaming market adopted development strategies including diversifying product portfolios, acquisitions, mergers, collaboration, partnerships, product launches, and production expansion to expand their consumer base worldwide. For instance,
- In March 2022, uStudio, a leading cloud-based video streaming platform services provider announced the integration of enterprise podcasting including video and audio content into Microsoft 365. uStudio consumers can access enterprise video and audio podcast content through Microsoft SharePoint, Search, and Teams applications.
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