The online video platforms market is expected to register a cagr of 16% over the forecast period of 2020 - 2025. The increase in the online advertisement due to the gain in popularity of online videos has aided the growth of the online video platforms market over the forecast period.
- The use of online video platforms is catching trends among brands and enterprises who use it for the awareness of their products and offerings among their target market to generate revenue and for marketing.
- Online video platforms are also used for educational purposes too. For eg., Kaltura provides broadcasts classrooms where it helps staff as well as students to create, upload, edit, manage, publish, and deliver educational video to any device live or on-demand.
- According to Kaltura's survey this year (2019), 1400 people shared their thoughts on the importance of the online video platform. Out of this, 99.5% say video skills are necessary for today's workplace. 86% of respondents think its the educator's job to help students to acquire video skills that could be needed in the near future.
- Congestion on video or slow streaming of video can be a hindrance for the market since live streaming video need high internet speed.
Scope of the Report
The online video platform is a video hosting service that helps users to upload, view, store, and stream the video contents over the internet. Videos generally get uploaded via hosting services sites or any mobile or desktop applications. The platform could be used for E-learning, communication, advertisements, and video surveillance, among others.
Key Market Trends
Media & Entertainment Holds the Significant Market Share in the Industry
- Since the traditional method of viewing content is getting outdated such as billboards, print advertisings, tv commercials, and others; due to which popularity of online media is getting into limelight due to its extensive reach to the viewers and availability of the open sources has driven the growth of online video platform in media and entertainment market.
- Due to the massive shift in the online advertisement, the online video platform service providers have started investing more in video analytics that is used by advertisers so that they can keep track of their online content and extract the relevant data from it. For, e.g., find the reach of the content, manage a large volume of video, pattern recognition, etc.
- However, considering a slow internet connection could be a factor that can affect the growth of the market. Also, the low awareness and acceptance of the technology could be a possible challenge in the market.
North-America Holds the Major Market Share
- North America holds the largest market share due to the presence of established companies in the region, like Vimeo, YouTube, Brightcove, and Kaltura, among others. The United States holds the largest market for the online video platform market.
- The rapid growth of the cloud-based service in the North American region is a significant factor for being the largest market for the online video platform market.
- Asia-Pacific is the fastest-growing industry due to the emerging market in the IT & Communication sector, also the increase in the penetration rate of the smartphone has an emerging impact on the video platform market in the coming years. China, Japan, India, and South Korea are significant contributors to the market in the region.
The online video platforms market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. Some of the major players include Vimeo, YouTube, Brightcove, Dailymotion, Panopto, Kaltura, Vidyard, TW player, Kollective, and Wistia, among others. The market concentration will be high since the market is competitive since these significant players with prominent market shares are focusing on expanding their customer base across foreign countries.
- October 2019 - Brightcove launched a new version of its software where attributes were not adequately recognized for loop, muted, and plays inline before, but now they can. Also, they updated the software to Http-streaming 1.11.1, which means Http based adapts bitrate for better streaming.
- February 2019 - Kaltura launched a new video technology marketplace that allows customers to extend their video experiences by leveraging partner products and technologies already integrated with the Kaltura platform.
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