LOS ANGELES, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Online Video Platform Market (By Type: Video Analytics, Video Hosting, Video Content Management, Mobile Video, Live Steaming, Others; By Application: Video Sharing, Commercial Video platforms, Others; By End User: Individual, Content creator, Brand and enterprises ) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027
The global online video platform market is anticipated to grow at a CAGR of around 17.5% during the forecast period 2020 to 2027 and to reach around US$ 19.7 Bn by 2027.
The market in North America is expected to account for significant revenue share in the global market due to increasing consumer preference for online platform. Consumers are inclining towards online and live video watching. According to Consumer Technology Association, in 2019 U.S. consumers are expected to spend a combined US$26 billion on music and video subscription services. According to 2018 survey, in the US 90 percent of internet users in the United States accessed YouTube to watch online video. Facebook was ranked second with a 60 percent market reach. In the United States, 85 percent of online users watch online video on a weekly basis.
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Major players approach towards business expansion through strategic acquisition in order to enhance the business presence this is expected to augment the growth of target market.
- In 2019, Brightcove Inc. a global provider of cloud services for video acquired Ooyala, a provider of cloud video technology. This acquisition is expected to help the company to enhance the business process and increase the customer base.
In addition, major players focus on enhancing the business presence and focus on attracting new customer through introduction of effective solution is another factor expected to support the growth of target market in this region.
- In 2020, Qumu a leading provider of cloud-based Enterprise Video technology launched Qumu Cloud Build and Price Tool. The tool is expected to allow users to quickly customize an annual cloud video subscription based on parameters like storage and bandwidth needs, distribution requirements, authenticated user limits and more. This is expected to help company to enhance the customer base.
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The market in Asia Pacific is expected to witness faster growth in the target market due to rising penetration of internet and smartphone. Consumer’s perception towards entertainment is changing preference for online video platform is increasing.
Players focus on tracking the untapped market in emerging economies along with focus on attracting new customers through providing services that enables users to upload, convert, store and play back video content on the internet this is expected to impact the growth of target market in this region.
Rising consumer’s preference for online entertainment and high expenditure by major players in online advertisement are major factors expected to drive the growth of global market.
Major players focus on strategic business decisions that are expected to enhance the profit ratio is expected to augment the growth of target market.
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Market for Video on Demand (VoD) is expected to grow at a CAGR of around 17.9% from 2020 to 2027 and expected to reach the market value of around US$ 141.3 Bn by 2027
Video Analytics Market is expected to grow at a CAGR of around 21.3% from 2020 to 2027 and expected to reach the market value of around US$ 16,358.7 Mn by 2027
Media (Video) Processing Solutions Market is projected worth US$26,350.2 million by 2026 and the market is projected to showcase 14.0% CAGR during the forecast period
- In 2020, Brightcove Inc. a global provider of cloud services for video partnered with Cvent a provider of leading meetings, events, and hospitality technology. The partnership is focused on offering Brightcove video solutions as part of Cvent’s newly-launched Virtual Attendee Hub. This is expected to help the company to enhance the business presences.
- In 2020, the company launched Brightcove Virtual Event Experiences, a solution that allows organizations to deliver high-quality virtual events featuring bold, interactive experiences. This is expected to help the company to enhance the customer base and increase the revenue share.
- In 2020, Revry a global streaming network company partnered with Brightcove Inc. in order to deliver upon consumers’ shifting viewing preferences which include access to more live TV content through Brightcove Beacon. This is expected to help the company enhance the customer base.
However, factors such as availability of free open-source and free online video platform and issues related to network congestion are expected to hamper the growth of global market.
High investment by major players and focus on adoption of analytics in order to provide service according to customers need are factors expected to create new opportunities for players operating in the global market over the forecast period.
Players operating in the global online video platform market Kaltura Inc., Panopto, Brightcove Inc., Frame.io, Inc., Limelight Networks Inc., YouTube, Ooyala Inc., MediaMelon Inc., Akamai technologies, and Comcast Technology Solutions.. The market is highly competitive due to presence of large number of players operating on global level.
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