Online Video Platforms Market Outlook 2031
The Gloobal Online Video Platforms Market size was USD 8.35 Billion in 2022 and is likely to reach USD 34.31 Billion by 2031, expanding at a CAGR of 17% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing number of Smartphones.
An online video platform (OVP) allows users to access, convert, store, and play back video content on the Internet, usually through a structured, large-scale infrastructure that generates revenue. It is generally a paid a software or app, which allows live video streaming and also simultaneously broadcast the live shows. Handheld devices such as smartphones and tablets are gradually becoming key components of online video services, allowing them to play live or pre-uploaded video content at any time and in any place.
Online Video Platforms Market Trends, Drivers, Restraints, and Opportunities
- Rising preference for online videos and upsurge demand for conventional video entertainment content are key driving factors for the market.
- Increasing penetration of sophisticated cellular telecom networks and fast internet connectivity in populated regions are driving the widespread adoption of online video platforms (OVP). For example, 4G network has empowered the world to access high quality video content impeccably.
- Rapid development and wide adoption of 5G networks is projected to boost the demand for video content usage on streaming platforms. This is projected to fuel the market.
- The COVID-19 outbreak has pushed the growth of the OVP market. Emergency lockdown and restriction of movement of people across the globe have significantly pushed to increase the number of OVP viewers. Netflix, a major OVP platform has increased its customer base more than 50 percent due to the pandemic.
- Wide adoption of the platform in the education Sector as it constantly helps to grow E-learning programs to facilitate teaching during the pandemic times.
Scope of The Online Video Platforms Market Report
The report on the global online video platforms market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Online Video Platforms Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Components (Solution and Services), Streaming Types (Live Streaming and Video on Demand), End-users (Media & Entertainment, BFSI, Retail, Education, and IT & Telecom)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Akamai Technologies, Brightcove Inc., Comcast Cable Communications Management, LLC, Endavo Media, Frame.io, Inc., Kaltura, Inc., Limelight Networks, Longtail Ad Solutions, Inc. (JW PLAYER), MediaMelon Inc., Ooyala Inc. (Telstra), Panopto, SpotX, Inc., and Wistia Inc.
Online Video Platforms Market Segment Insights
Video on demand segment to account for a large revenue share
Based on streaming types, the global online video platforms market is divided into video on demand and live streaming. The video on demand segment is expected to account for a key share of the market in the coming years owing to the ease accessibility of online videos using the cloud platforms, which allows for real-time video streaming from any venue.
Another trend for the video-on-demand growth is the rising opportunity to maximize ad sales by providing more accurate ad copy based on consumer interest. However, the live streaming segment is anticipated to expand at a rapid pace during the forecast period as the number of sports streaming events with personalized chat room features are drawing the attention of more viewers.
Service segment is expected to grow at a rapid pace
On the basis of components, the market is divided into solution and service. The solution segment held a market share of approximate 55% in 2020 and is projected to exhibit a high CAGR during the forecast period. The segment growth is due to increase in demand for subscription-based video services on OTT sites, as well as a steady increase in demand for live streaming video platforms.
Whereas, the service segment is anticipated to grow significantly over the projected period due to increase in demand for specialist and regulated video streaming network services. Data security risks in tandem with the proliferation of cloud-based video content, however, is a major concern that can challenge the segment expansion.
North America to account for a key share
In terms of regions, the global OVP is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to account for a high market share during the forecast period. With the launch of advanced 5G network infrastructure, which makes online video platform (OVP) even faster and more agile, the regional market development is possible.
Furthermore, growing number of cloud computing businesses in the US is acting as key platform for using online video channels to advertise their goods and services in order to strengthen their brand identity.
The global online video platforms market has been segmented on the basis of
- Video on Demand
- Live Streaming
- Media & Entertainment
- IT & Telecom
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Akamai Technologies
- Brightcove Inc.
- Comcast Cable Communications Management, LLC
- Endavo Media.
- Frame.io, Inc.
- Kaltura, Inc.
- Limelight Networks
- Longtail Ad Solutions, Inc. (JW PLAYER)
- MediaMelon Inc.
- Ooyala Inc. (Telstra)
- SpotX, Inc.
- Wistia Inc.
Some of the key players competing in the global online video platform market are Akamai Technologies, Brightcove Inc., Comcast Cable Communications Management, LLC, Endavo Media, Frame.io Inc., Kaltura, Inc., Limelight Networks, Longtail Ad Solutions, Inc. (JW PLAYER), MediaMelon Inc., Ooyala Inc. (Telstra), Panopto, SpotX, Inc., and Wistia Inc. Akamai, a content network solution provider based in the US focused on working on watermarking technology, which is a technology that helps broadcasters to detect pirated networks.
The solution would assist broadcasting companies in preventing unauthorized redistribution of content including unauthorized broadcasters re-streaming live sports events.