Pune, July 03, 2024 (GLOBE NEWSWIRE) -- Online Video Platform Market Size Analysis:
“According to SNS Insider Research, The Online Video Platform Market size was escalated at US$ 9.30 billion in 2023 and is predicted to grow to US$ 50.94 billion by 2032 with an increasing CAGR of 20.8% Over the Forecast Period of 2024-2032.”
The rising popularity of video trends and online content will drive the Online Video Platform Market growth.
Rising use of online content to reach the targeted audience in developing economies is the key factor influencing market demand. A recent study explained that subscriptions to Netflix have increased by 12.01%. Also, the rising interest of people for the OTT platforms is projected to be high during the forecasted period, ultimately making the market more attractive. Another trend which will be acting as an essential factor is the rise of live streaming. For instance, a 93% YoY increase has been recorded for the hours watched in Q1 2023.
Online Video Platforms Market will be a key driver in changing the overall landscape of Media consumption and entertainment. Moreover, industry experts have stated that online video platforms can also play a major role in changing the overall ecosystem of education and learning.
There will be several challenges associated with this, i.e., the infrastructure the high cost and the lack of skilled labour. Despite these challenges, SNS Insider predicts the growth of the market because of the rising government investments and the plans to improve the overall landscape and make it possible for the access element to improve.
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Major Players Analysis Listed in this Report are:
- Akamai Technologies, Inc.
- Alphabet, Inc.
- Brightcove, Inc.
- Comcast Corporation
- Frame.io, Inc.
- Kaltura, Inc.
- Limelight Networks, Inc.
- MEDIAMELON, INC.
- Ooyala, Inc.
- Panopto
- Other Players
“E-Rate Program”, initiated by the U.S. government highlights the growth adoption of the online video platform market.
The major role of this program is to provide discounts to schools on internet connectivity and libraries. This has resulted in a 78% rise in overall adoption of online video platforms across schools and colleges in the United States. The reason behind mentioning this is to focus on the fact that how the implementation and the support from the government can improve the overall growth of end users. The same can be considered for emerging economies, for instance, governments in the APAC region have started investing heavily in implementing strategies to increase access to online video platforms. This thus highlights several untapped opportunities for the players operating in the online video platforms market.
A clear challenge the Video Platform market will be facing is related to content moderation and accessibility.
According to official federal report 42% of federal agencies lack clear guidelines for content moderation on their online video platforms. Equal access to government information regarding closed captioning and other accessibility features will be the major threat and barrier. Another challenge the market is facing currently is related to subscriber cutting back. Most of the customers who are considering online video platforms are cutting back, a survey stated that 32% of US household consumers are considered to cut back for several reasons. So, the major challenge for the players will be to retain viewers.
Online Video Platform Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 9.30 Bn |
| Market Size by 2032 | US$ 50.94 Bn |
| CAGR | CAGR of 20.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The need for video monetization platforms is increasing. • Professional and managed services are increasingly being implemented. |
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VOD sub-segment holds the dominant share in On the Basis of Streaming Type Segment
Video On Demand sub-segments held approximately 80% of the market share in the streaming-type segment. The rising demand for movies, TV Shows, User-generated content and others is said to be the major driving factor for this sub-segment. The VOD sub-segment is holding the maximum share in the online video platform market but the major focus will be on the live streaming type sub-segment. The rising awareness and adoption of watching online sports and other activities will be driving the growth for this subsegment over the forecast period. Indeed, the Live streaming type will have the highest CAGR over 2024-2032.
Regional Landscape:
North America undoubtedly holds the maximum share, the predicted share for the NA region was 41.05%. The key factor enhancing the market growth in the major marketplaces of NA is that 82% of the users actively watch online videos which thus is positively impacting the audience element for Online Video Platform marketers. As said earlier the rising adoption rates of online video platforms in education institutions is the factor holding the maximum weightage in making the market growth highly intense.
Whereas, APAC will also be contributing highly in leveraging the revenue pockets of the key players. Smartphone penetration has passed 80% in several countries of APAC region. SNS Insider predicts APAC region will be growing at a maximum CAGR over the forecast period.
Key Takeaways:
- The rising awareness of online platforms will be a major factor which will enhance the growth of the Online Video Platform Market.
- Key players are implementing market development strategies, mostly targeting the developing economies of the APAC region.
- Government initiatives will have a major impact on overall market growth as mentioned earlier, in how initiatives from the government can help the end users and ultimately impact the overall online video platform market growth.
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Table of Contents - Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Online Video Platform Market Segmentation, By Component
8. Online Video Platform Market Segmentation, By Type
9. Online Video Platform Market Segmentation, By Streaming Type
10. Online Video Platform Market Segmentation, By End User
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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