Online Video Platform Market Demand Surge Linked to Rise in Digital Content Consumption
The global online video platform market size is expected to reach USD 35.15 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 20.7% from 2023 to 2030. The increasing adoption of video content for advertisement and branding activities over traditional marketing campaigns across sectors/industries, such as e-commerce, healthcare, manufacturing, and real estate, is driving the market. For instance, sellers on e-commerce sites such as Amazon and Zappos.com use product videos on their portals to provide customers a 360-degree view of products and help them choose the best match. The increased expenditure on online video advertisements is acting as a major factor driving the growth of the market. For instance, in 2019, SAMSUNG Electronics spent around USD 2.41 billion majorly on an online video campaign to promote its Galaxy series smartphones in the U.S.
The rising participation of the global population in online video streaming activities has been recognized as a significant factor driving the global market growth. Live video streaming is gradually becoming an essential advertisement model for various brands. One of the biggest gainers of this business model is live sports streaming channels. The rising number of sporting events globally and a continuously increasing number of subscribers make online video platforms a lucrative investment opportunity for the media and entertainment industry. Furthermore, the advent of the 5G telecom network is enabling viewers to stream HD video content seamlessly. In addition, The e-learning business has become one of the leading beneficiaries of the live streaming video platform due to the increasing adoption of e-learning in corporate and academic setups coupled with the increased number of mobile learning applications containing analytics that helps track the progress of students.
Gather more insights about the market drivers, restrains and growth of the Global Online Video Platform Market
The outbreak of the novel coronavirus has led to lockdowns across several regions, resulting in a significant rise in the consumption of online video content as people look at indoor entertainment options to pass their idle time. The lockdowns have also resulted in several governments mandating schools and colleges to conduct online classes. The pandemic has played a significant role in increasing the overall share of the education segment in the market. The rise in online classes has resulted in an overall rise in the revenue of many e-learning platforms. Platforms such as KopyKitab, Unacademy, Vedantu, and Byju's, have witnessed revenue growth in the range of 60% to 200% on a week-on-week basis during the pandemic.
Online Video Platform Market Report Highlights
- Based on components, the solution segment accounted for the largest revenue share of 52.3% in 2022. It is attributed to the surging demand for subscription-based video content over the OTT platform and a continuous rise in demand for live-streaming video platforms.
- The video processing segment accounted for the largest revenue share of 37.4% in 2022. Video processing platforms provide features such as efficient IP conversion, high-density transcoding, adaptive bitrate packaging, encryption, and streaming into a modular and visualized solution.
- The video-on-demand segment accounted for the largest revenue share of 73.2% of the total market revenue in 2022.
- The media & entertainment segment accounted for the largest revenue share of 36.2% in 2022.The segment has recorded significant growth due to a surge in internet connectivity on mobile phones and increased investments across the globe in improving the OTT infrastructure.
- North America accounted for the largest revenue share of 36.4% in 2022 in the online video platform market.
- Asia Pacific is expected to expand at the fastest CAGR of 22.8% during the forecast period. The regional market is expected to benefit from the rising scope of video-on-demand and live-streaming videos over online video platforms in the media & entertainment area as internet penetration continues to increase across the region.
List of Key Players of Online Video Platform Market
- Akamai Technologies
- Brightcove Inc.
- Comcast Cable Communications Management, LLC
- Endavo Media.
- io, Inc.
- Kaltura, Inc.
- Limelight Networks
- Longtail Ad Solutions, Inc. (JW PLAYER)
- MediaMelon Inc.
- Ooyala Inc. (Telstra)
- Panopto
- SpotX, Inc.
- Wistia Inc. Inc.
Order a free sample PDF of the Online Video Platform Market Intelligence Study, published by Grand View Research.
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