Chicago, June 21, 2024 (GLOBE NEWSWIRE) -- The Video Streaming Software Market is expected to grow from USD 13.3 billion by 2024 to USD 29.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period. The increasing demand for OTT services for entertainment is fueling the growth of the video streaming software market.
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Video Streaming Software Market Dynamics:
Drivers:
- Growing penetration of mobile devices with high internet usage
- Increasing demand for VOD streaming
- Rising technological advancements in AI and ML
- Growing requirement for video transcoding
- Rising demand for high-quality videos
Restraints:
- High cost of content creation and issues with piracy
Opportunities:
- Emergence of 5G technology
- Growing demand for real-time video services
- Optimization of network bandwidth
List of Top Companies in Video Streaming Software Market:
- IBM
- Brightcove
- Kaltura
- Edgio
- Vimeo
- Agile Content
- Haivision
- Panopto
- Enghouse
- Akamai
Based on the solutions, the transcoding & encoding solution segment will hold the largest market share during the forecast period.
Transcoding ensures media content is compatible with a broad range of devices and provides flexibility in re-encoding options. For instance, content can undergo further compression, which is particularly beneficial for mobile and lower-end devices with limited bandwidth for streaming. Additionally, transcoding involves converting the audio within a video container. For instance, if 320 Kbps audio is excessive for Bluetooth headphones, a content delivery network may lower the audio bitrate to 128 Kbps in an MP4 to enhance performance. At the same time, video encoding transforms a video file from one format to another. In online streaming, an encoder receives RAW video files directly from the camera and converts them into digital video files. RAW video files are typically large because they encompass every frame captured, including duplicates. The encoder eliminates redundant frames, resulting in the creation of a compact, streamable digital video file. This process enables videos to be accessible across various OTT platforms and devices.
Based on the delivery channel, mobile app delivery will grow at the highest CAGR during the forecast period.
Mobile app delivery is an essential component of the digital entertainment ecosystem, catering to the increasingly mobile-centric lifestyles of consumers worldwide. With the proliferation of smartphones and tablets, mobile apps have become instrumental in delivering high-quality video content to users. Leading streaming platforms such as Netflix, YouTube, Amazon Prime Video, and Disney+ have capitalized on this trend by offering feature-rich mobile apps that enable users to stream a diverse range of content directly to their devices. These apps leverage advanced streaming technologies and user-friendly interfaces to ensure seamless playback and optimal viewing experiences, even on limited bandwidth connections. Furthermore, mobile apps provide additional functionalities such as offline viewing, personalized recommendations, and social sharing, enhancing user engagement and retention. The continued advancements in mobile technology, including the rollout of 5G networks and the emergence of foldable devices, are poised to enhance further the capabilities and accessibility of mobile app delivery for video content.
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The media & entertainment segment will hold the largest market share during the forecast period based on verticals.
Streaming services offer vast libraries accessible across various devices, allowing viewers to break free from rigid broadcast schedules. This convenience factor, coupled with competitive pricing models compared to traditional cable or satellite, has fuelled a surge in user subscriptions. Media companies are responding to this demand and actively leveraging the power of streaming software. It allows for cost-effective content delivery by eliminating the need for physical distribution networks. Streaming platforms transcend geographical limitations, opening doors to global audiences and new revenue streams.
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Furthermore, video streaming software provides valuable data on viewer habits, empowering media companies to personalize content recommendations and user experiences. This data-driven approach fosters deeper audience engagement and targeted marketing strategies. The COVID-19 pandemic further accelerated the adoption of streaming software by facilitating remote workflows in content production. From editing and collaboration to final delivery, streaming platforms ensure media creation can continue even with geographically dispersed teams. Additionally, the cost-effectiveness of streaming subscriptions compared to traditional cable or satellite TV packages attracts budget-conscious consumers, who can access a wide range of content at a fraction of the cost. Technological advancements ensure smooth playback, high-definition video quality, and minimal buffering, enhancing the viewing experience and driving user satisfaction. As streaming services continue to invest in original content and expand their global reach, the adoption of video streaming software in media and entertainment is expected to grow.
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